Tag: $Chevron

Chevron plans to sell its stakes in oil sands and shale assets to Canadian Natural Resources for $6.5 billion as part of efforts to achieve its divesting goal by 2028.

Hess shareholders on Tuesday approved the proposed $53 billion merger with Chevron that paves the way for the No. 2 U.S. oil company to gain a prize asset and a foothold in rival Exxon Mobil’s massive Guyana discoveries.

Chevron beat Wall Street’s earnings estimates but its profit fell compared with the year-ago period.

Chevron’s quarterly profit fell sharply, hurt by lower oil prices and several charges, but it outpaced analyst estimates.

The race to snap up oil and gas assets is gaining steam on a report that Occidental Petroleum OXY is close to buying a U.S. shale company.

Investors were clinging to a big earnings miss from Chevron -0.72%despite third-quarter revenue that beat expectations, sending shares in the energy giant lower on Friday.

Chevron
said on Monday it agreed to buy Hess
for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil
bid $60 billion for Pioneer Natural Resources
earlier this month.

Chevron CVX said Monday it acquire PDC Energy PDCE in an all-stock transaction valued at $6.3 billion, or $72 a share.