Date:	--/--/-- --:--:--
Event Id:	E4Y9B3YK1
Action Type:	ACQUISITION
Action Status:	COMPLETED
Acquirer Symbol:
Target Symbol:	HES
Updated:	--/--/-- --:--:--
Purchase Price Per Share:	171
Price Per Share Currency:	USD
News References:	https://www.businesswire.com/news/home/20250718283439/en/

Action Notes

Chevron Corporation announced today that it has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron's closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2024. The acquisition is subject to Hess shareholder approval. It is also subject to regulatory approvals and other customary closing conditions. The Hess special shareholder meeting to vote on the transaction will be held on 05/28. Hess shareholders approved the transaction on 05/28.Hess Corporation (NYSE: HES) today announced that the Federal Trade Commission (FTC) antitrust review of the Chevron-Hess merger has been completed, satisfying one of the closing conditions for the transaction.Completion of the merger remains subject to the Merger Agreement's closing conditions, including the satisfactory resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement.