Hess Corporation is an integrated energy company engaged in the exploration, production, refining, and marketing of oil and natural gas. The company operates primarily in the United States and Guyana, focusing on developing its extensive portfolio of assets in both conventional and unconventional resources. Hess is involved in the production of crude oil and natural gas, along with the refining and delivery of petroleum products to consumers. Additionally, the company is committed to sustainable practices and advancing technology to enhance its operational efficiency and environmental stewardship.
Chevron Corporation recently reported its third-quarter 2024 earnings, which beat estimates primarily due to production growth in key regions. Chevron achieved a 7% year-over-year increase in oil-equivalent output.
Chevron and Canadian Natural Resources reached a $6.5 billion deal for Chevron's stake in oil and gas projects, part of Chevron's plan to divest assets.
Oil prices continue to rise on Wednesday, adding to gains from the week driven by potential supply disruptions in the Middle East and fresh warnings out of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
Piper Sandler has increased the valuation of Hess Corporation's Guyana assets from $40.6 billion to $45.6 billion, boosting the per-share value to $149. With potential merger outcomes involving Chevron (CVX), analysts see an attractive risk/reward profile for Hess. Wolfe Research upgraded HES from Peer Perform to Outperform, projecting a fair value of $150 per share even if the merger doesn't proceed.
Chevron and Hess merger clears FTC antitrust review, but Hess CEO John Hess will not join Chevron board. Chevron CEO advocates for increased investment in oil, gas, and renewables for future energy supply. Exxon and CNOOC's arbitration claims delay deal. CVX stock up 0.25%, HES stock up 0.72%.
Chevron's $53B merger with Hess facing delays due to arbitration with Exxon and CNOOC. FTC may approve deal this week, but final decision expected by Sept 2025.
