Chevron buys about 5% of Hess stock, says it is confident of merger

Industry:    1 month ago

Chevron bought about 4.99% of Hess Corp’s common shares this year, reflecting its confidence in completing the planned acquisition of Hess, the oil giant said in a regulatory filing on Monday.

The second-largest U.S. oil producer agreed in October 2023 to buy Hess in an all-stock deal valued at $53 billion to gain a crucial stake in Guyana’s oil-rich Stabroek block.

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