==Hess (HES) to be acquired by Chevron (CVX) for $171 per share

Update: May 28, 24:  Hess receives stockholder approval for proposed merger with Chevron (CVX).

Hess to be acquired by Chevron for $171 per share

• Chevron Corporation (CVX) announced that it has entered into a definitive agreement with Hess Corporation (HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron's closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion.
• The acquisition of Hess upgrades and diversifies Chevron's already advantaged portfolio. The Stabroek block in Guyana is an extraordinary asset with industry leading cash margins and low carbon intensity that is expected to deliver production growth into the next decade. Hess' Bakken assets add another leading U.S. shale position to Chevron's DJ and Permian basin operations and further strengthen domestic energy security. The combined company is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance. In addition, John Hess is expected to join Chevron's Board of Directors.
• The acquisition consideration is structured with 100 percent stock utilizing Chevron's equity. In aggregate, upon closing of the transaction, Chevron will issue approximately 317 million shares of common stock. Total enterprise value of $60 billion includes net debt and book value of non-controlling interest.
• The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2024. The acquisition is subject to Hess shareholder approval. It is also subject to regulatory approvals and other customary closing conditions.

=Hess (HES) reported earnings on Wed 26 July 2017 (b/o)

Hess misses by $0.15, beats on revs; co raises 2017 production guidance, lower CapEx :

• Reports Q2 (Jun) loss of $1.46 per share, $0.15 worse than the Capital IQ Consensus of ($1.31); revenues fell 3.2% year/year to $1.23 bln vs the $1.19 bln Capital IQ Consensus
• Oil and gas production exceeded guidance; total production was 294,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken production was 108,000 boepd
• The Corporation's average realized crude oil selling price, including the effect of hedging, was $45.95 per barrel in the second quarter of 2017, up from $41.95 per barrel in the year-ago quarter
• The average realized natural gas liquids selling price in the second quarter of 2017 was $14.85 per barrel, versus $9.03 per barrel in the prior-year quarter, while the average realized natural gas selling price was $3.19 per mcf, compared with $3.58 per mcf in the second quarter of 2016

2017 Revised Full Year Guidance:

• Net production guidance, excluding Libya, increased to 305,000 to 310,000 boepd, the upper end of previous guidance, even with the loss of 8,000 boepd of production associated with the sale of our enhanced oil recovery assets in the Permian Basin scheduled to close August 1st
• E&P capital and exploratory expenditures are projected to be $2.15 billion, down from original guidance of $2.25 billion