Chevron, an oil producing company, has completed its $53 billion acquisition of Hess Corporation, having prevailed in an arbitration against ExxonMobil regarding Hess’ offshore Guyana assets, which had delayed the takeover for over a year.
The combined company has one of the most advantaged and differentiated portfolios in the industry, with leading positions in critical energy markets around the world and a high cash margin production profile. In addition, on July 17, 2025, the Federal Trade Commission (FTC) lifted its earlier restriction, clearing the way for John Hess to join Chevron’s Board of Directors, subject to Board approval.
“This merger of two great American companies brings together the best in the industry,” said Chevron Chairman and CEO Mike Wirth. “The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.
“Additionally, I’m pleased with the FTC’s unanimous decision. John is a respected industry leader, and our Board would benefit from his experience, relationships and expertise.”
Former Hess Corporation CEO John Hess, said: “We are proud of everyone at Hess for building one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer.”
“The strategic combination of Chevron and Hess creates a premier energy company positioned for the future,” he added.
“This accretive transaction is expected to drive significant free cash flow and production growth into the 2030s,” added Chief Financial Officer Eimear Bonner. “We are quickly integrating our two companies and expect to achieve $1 billion in annual run-rate cost synergies by the end of 2025. All of this should enable even higher returns to shareholders over the long-term.”
Under the terms of the merger agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share.
As a result, Chevron intends to issue approximately 301 million shares of common stock out of treasury to Hess stockholders in connection with the transaction.