M&A Deal Summary

Chevron Acquires Magnum Energy

On September 13, 2023, Chevron acquired energy services and equipment company Magnum Energy

Acquisition Highlights
  • This is Chevron’s 3rd transaction in the Energy Services and Equipment sector.
  • This is Chevron’s 15th transaction in the United States.
  • This is Chevron’s 2nd transaction in Utah.

M&A Deal Summary
Date 2023-09-13
Target Magnum Energy
Sector Energy Services and Equipment
Buyer(s) Chevron
Deal Type Add-on Acquisition

Target

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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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 18 of 19
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 8 of 9
State (Utah) 2 of 2
Country (United States) 15 of 16
Year (2023) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 ACES Delta

Delta, Utah, United States

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-23 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.

Buy $60.0B
Mergr

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