M&A Deal Summary

Hess Acquires Statoil Energy Services

On February 24, 2000, Hess acquired utilities company Statoil Energy Services

Acquisition Highlights
  • This is Hess’ 1st transaction in the Utilities sector.
  • This is Hess’ 2nd transaction in the United States.
  • This is Hess’ 1st transaction in Virginia.

M&A Deal Summary
Date 2000-02-24
Target Statoil Energy Services
Sector Utilities
Buyer(s) Hess
Deal Type Add-on Acquisition

Target

Statoil Energy Services

Alexandria, Virginia, United States
Statoil Energy Services markets natural gas and electricity to industrial and commercial customers, primarily in New York, Pennsylvania, Maryland, Virginia and Washington, D.C.

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Buyer(S) 1

Buyer

Hess

New York, New York, United States
Category Company
Founded 1920
Sector Oil/Gas Exploration
Employees1,545
Revenue 11.3B USD (2022)
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 11
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (Virginia) 1 of 1
Country (United States) 2 of 8
Year (2000) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-14 The Meadville

United States

The Meadville Corporation, an oil company based in Haverford, Pennsylvania. Its retail gas stations were branded as Merit and could be found throughout the Northeastern United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-04-17 SONAHESS

Algeria

SONAHESS engages in the exploration and production of oil and gas. It owns and operates the Gassi El Agreb redevelopment project in central Algeria.

Buy -
Mergr

Product

Company

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