M&A Deal Summary

Chevron Acquires Hess

On October 23, 2023, Chevron acquired oil/gas exploration company Hess for 60.0B USD

Acquisition Highlights
  • This is Chevron’s 13th transaction in the Oil/Gas Exploration sector.
  • This is Chevron’s largest (disclosed) transaction.
  • This is Chevron’s 15th transaction in the United States.
  • This is Chevron’s 4th transaction in New York.

M&A Deal Summary
Date 2023-10-23
Target Hess
Sector Oil/Gas Exploration
Buyer(s) Chevron
Deal Type Add-on Acquisition
Deal Value 60.0B USD
Advisor(s) Goldman Sachs
J.P. Morgan Securities (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Hess

New York, New York, United States
website
Hess is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. Hess was founded in 1920 and is based in New York, New York.

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Buyer(S) 1

Buyer

Chevron

San Ramon, California, United States

website

Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees43,846
Revenue 235.7B USD (2022)
DESCRIPTION
Chevron office in downtown Houston, Texas.
Chevron office in downtown Houston, Texas.

Chevron is a fully integrated energy company. Its business includes petroleum operations, chemicals, mining operations, power generation and energy services. Chevron's exploration and production operations consists of exploration, development and production of crude oil and natural gas. Chevron was incorporated in 1879 and is based in San Ramon, California.

DEAL STATS #
Overall 18 of 18
Sector (Oil/Gas Exploration) 13 of 13
Type (Add-on Acquisition) 8 of 8
State (New York) 4 of 4
Country (United States) 15 of 15
Year (2023) 3 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
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ACES Delta is a joint venture between Mitsubishi Power and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah. The Advanced Clean Energy Storage project plans to use electrolysis to convert renewable energy into hydrogen and will utilize solution-mined salt caverns for seasonal, dispatchable storage of the energy.

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