Chevron to acquire Hess in $53B all-stock deal, $171/share, expected close H1 2024

CHEVRON CORP

All-stock transaction valued at $53B ($171/share); Hess holders get 1.0250 Chevron shares per share.
Total enterprise value including debt is $60B; premium of 10.3% based on 20-day average.
Expected to close first half 2024, subject to Hess shareholder and regulatory approvals.
After close, Chevron intends to increase share repurchases by $2.5B to $20B/year; dividend increase of 8% to $1.63/share recommended.
John Hess expected to join Chevron Board of Directors.

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