Chevron buys about 5% of Hess stock

Reuters

Mon, Mar 17, 2025, 7:02 AM 1 min read

(Reuters) - Chevron purchased astir 4.99% of Hess Corp's communal shares this year, the lipid elephantine said successful a regulatory filing connected Monday.

Chevron said the banal acquisition reflects its continuing assurance successful completing the pending acquisition of Hess.

In October 2023, Chevron agreed to get Hess successful an all-stock woody valued astatine $53 billion, gaining a involvement successful Guyana's oil-rich Stabroek artifact and expanding Chevron's U.S. shale footprint.

Though the projected takeover has cleared the FTC's antitrust review, 1 past hurdle remains - Exxon Mobil's situation to the deal. A three-judge arbitration sheet is owed to see the lawsuit aboriginal successful May.

The institution purchased 15,380,000 shares betwixt January and March astatine a discount to the speech ratio acceptable distant successful the Merger Agreement.

(Reporting by Mrinalika Roy successful Bengaluru; Editing by Tasim Zahid)