KEY FACTSThe deal values Hess at $171 per share and will provide Hess shareholders with just over 1.02 shares of Chevron for each Hess share at the deal’s closing, according to a joint statement. Chevron will acquire 30% ownership of more than 11 billion barrels of oil equivalent in Guyana, which Hess CEO John Hess called the “world’s largest oil discovery” in the last decade, in addition to 465,000 acres of assets in the Bakken Formation in North Dakota.

Source: The North Africa Journal October 24, 2023 06:29 UTC