In late 2023, Chevron (NYSE: CVX) made a bold move by agreeing to acquire Hess (NYSE: HES) for $53 billion. The transaction will enhance and extend the company’s production and free cash flow growth outlook into the next decade. Chevron is so confident it will win that it recently bought about 5% of Hess’ stock on the open market, valued at over $2 billion at Hess’ current $46.5 billion market cap.
Yahoo! Finance: HES News
