Hess gains on Chevron deal news

Hess Corp (HES.US) is trading 3% higher in premarket today after Chevron (CVX.US) announced that it will buy the company. Chevron said that it has entered into a definitive agreement with Hess Corporation to purchase all of the outstanding shares in the company in an all-stock transaction valued at $53 billion. This values Hess shares at $171 per share based on Chevron's last closing price.

Shareholders of Hess will receive 1.025 shares of Chevron for each Hess share owned. Deal value suggests a rather small, around-5% premium over the last closing price of Hess. Deal has been approved by the Board of Directors of Hess and Chevron and is expected to close in the first half of 2024. This is another major deal in the US oil sector after Exxon Mobil (XOM.US) agreed to buy Pioneer Natural Resources (PXD.US) a few weeks ago.

Hess (HES.US) is trading around 3% higher in premarket, near $168 per share, while Chevron (CVX.US) drop more than 2%. Taking a look at Hess chart at D1 interval, we can see that the company is set to open near recently reached all-time highs.

Source: xStation5

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