News wire — Chevron purchased about 4.99% of Hess Corp’s common shares this year, the oil giant said in a regulatory filing on Monday.Chevron said the stock purchase reflects its continuing confidence in completing the pending acquisition of Hess.
In October 2023, Chevron agreed to acquire Hess in an all-stock deal valued at $53 billion, gaining a stake in Guyana’s oil-rich Stabroek block and expanding Chevron’s U.S. shale footprint.
Though the proposed takeover has cleared the FTC’s antitrust review, one last hurdle remains – Exxon Mobil’s challenge to the deal. A three-judge arbitration panel is due to consider the case later in May.
The company purchased 15,380,000 shares between January and March at a discount to the exchange ratio set forth in the Merger Agreement.
Reporting by Mrinalika Roy in Bengaluru; Editing by Tasim Zahid – Reuters
