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 16th 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
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
Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees45,600
Revenue 196.9B USD (2023)
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 19 of 19
Sector (Oil/Gas Exploration) 13 of 13
Type (Add-on Acquisition) 9 of 9
State (New York) 4 of 4
Country (United States) 16 of 16
Year (2023) 4 of 4
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-13 Magnum Energy

Holladay, Utah, United States

Magnum Energy is multi-purpose integrated energy storage and power generation project that is being developed to serve natural gas liquids, refined products, natural gas, and power markets in the Western United States. Magnum Energy is based in Holladay, Utah.

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