Oil major Chevron will acquire Hess for USD 53 billion in an all-stock deal. Chevron-Hess merger is the second proposed mega-merger after the Exxon-Pioneer merger, earlier this month. The deal will raise the competition between Chevron, and Exxon. The acquisition will give Chevron a significant foothold in Guyana. This deal will make Chevron an unusual partner for the offshore project in Guyana where Hess and China’s CNOOC are collaborating together with Exxon Mobil. 

The merger will upgrade Chevron’s already existing portfolio. John Hess CEO of Hess will join the Chevron Board of Directors. The deal is aimed at boosting the Oil and gas industry in the US. ”This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” chairman and executive Mike Wirth said. 

How does this deal make Chevron a major player in Guyana?

The merger will give Chevron 30% ownership of more than 11 billion barrels equivalent of recoverable resources in Guyana, one of the world's major new oil producers, according to the statement. The deal also adds acreage in the Gulf of Mexico and Bakken. Moreover, the deal will boost Chevron’s estimated five-year production and free cash flow growth rates.

About Chevron

Chevron Corporation is an American multinational energy corporation, that predominantly specializes in manufacturing and selling a range of high-quality refined oil and gas products. It is headquartered in San Ramon, California. Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining marketing, and transport.

Chevron's business includes upstream (exploration and production), midstream (transportation and storage), and downstream (refining and marketing). The company produces crude oil and natural gas, refines petroleum products, and markets transportation fuels, lubricants, and other petrochemicals.

Some notable projects by Chevron include 

• Hebron oilfield in Canada to produce 150,000 barrels per day
• Wheatstone LNG project in Australia to produce 8.9 million tonnes of LNG per annum
• Mad Dog 2 project in the Gulf of Mexico to add 140,000 barrels per day

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