Tag: $Hess Corp

Chevron (CVX.N), will proceed with its $53 billion acquisition of Hess (HES.N), after it prevailed in a landmark legal battle against larger rival Exxon Mobil (XOM.N), to gain access to the largest oil discovery in decades.

Hess Corporation (NYSE:HES) reported first-quarter earnings and revenue that exceeded analyst expectations, while maintaining stable production levels compared to the prior year.

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
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.