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Chevron to buy Hess for $53 billion as the biggest US oil companies get even bigger_我的网站

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A | Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.Crude prices rose sharply in early 2022 with Russia's invasion of Ukraine and are hovering around $90 per barrel after ticking another 9% higher this year. That has made big drillers cash rich and they are looking for places to invest. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Upward pressure on oil prices are being applied from a number of fronts including the war in Ukraine. Oil markets are being stretched by cutbacks in oil production from Saudi Arabia and Russia, and now, a war between Israel and Hamas runs the risk of igniting a broader conflict in the Middle East. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, “they raise the potential for oil supply disruptions and higher oil prices.”Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Guyana is a South American country of 791,000 people that is poised to become the world’s fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years with oil giants, including Exxon Mobil, China’s CNOOC, and also Hess, squared off in a heated competition for highly lucrative oil fields in northern South America.“This combination is aligned with our objective to safely deliver higher returns and lower carbon,” Chevron Chairman and CEO Mike Wirth said in prepared remarks. “In addition, Hess increases Chevron’s estimated production and free cash flow growth rates over the next five years, and is expected to extend our growth profile into the next decade supporting our plans to increase our peer-leading dividend growth and share repurchases.”=Chevron is paying for Hess with stock. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. Including debt, Chevron valued the deal at $60 billion. And even with alarms being raised over climate change after a summer of record-smashing temperatures, elevated energy prices have driven more exploration and more drilling, and big payouts for investors. There have been a number of acquisitions focused on U.S. shale fields and another round of consolidation in the energy sector began during the pandemic as big producers sought to cut costs. In the summer of 2020, Chevron announced that it was buying Noble Energy for $5 billion. Chevron made the deal when crude prices were down more than 30% in the midst of the coronavirus pandemic. That same year, ConocoPhillips bought shale producer Concho Resources in an all-stock deal valued at $9.7 billion.Last month Britain gave the go-ahead for a major oil and gas project in the North Sea, ignoring warnings from scientists and the United Nations that countries must stop developing new fossil fuel resources if the world is to avoid catastrophic climate change.Chevron said the deal will help to increase the amount of cash given back to shareholders. The company anticipates that in January it will be able to recommend boosting its first-quarter dividend by 8% to $1.63. This would still need board approval. The company also expects to increase stock buybacks by $2.5 billion to the top end of its guidance range of $20 billion per year once the transaction closes.The boards of both Chevron and Hess have approved the deal announced Monday after six months of negotiations, and is targeted to close in the first half of next year. It still needs approval by Hess shareholders. John Hess, the company's CEO, is expected to join Chevron’s board. His family owns a large chunk of Hess. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% Monday. Share of Hess Corp., based in New York City, fell slightly.。 As the Filmfare OTT Awards co-powered by Hyundai and Blenders Pride in association with Amantè, Anna Laxmi and Nirman Greens is all set to take place tonight. The red carpet is expected to be a spectacle of high fashion, glamour and statement-making style. Known for celebrating the finest talent in the digital entertainment space, the event has also become a key fashion moment. Stars bring their most polished looks to the spotlight and bring charm to the glamorous red carpet. The women are expected to dazzle in an array of silhouettes, from flowing couture gowns with dramatic trails. The red carpet is set to witness intricate embellishments and elegant traditional ensembles that highlight Indian craftsmanship tonight as well. Expect a mix of classic elegance and contemporary flair, with sequins, metallic tones, rich jewel colours and structured drapes that take centre stage. The night is set to be a rather memorable and stylish, star-studded evening. View this post on Instagram A post shared by Filmfare (@filmfare) The men’s fashion game is likely to stay sharp and sophisticated. Fans can expect classic tuxedos, tailored suits. Monochrome palettes are likely to dominate. What can be seen dominating the carpet is subtle experimentation through textures, statement lapels and even bold accessories. Whether it is the timeless black-tie looks or modern twists on formal attire, one thing is for sure: the fans are in for a treat. The stars are expected to shine. In the past stars from the industry have showed up in style. From Kareena Kapoor Khan, Alia Bhatt, Jaideep Ahlawat, Vijay Verma to Ananya Panday, all these stars have graced the red carpet. Watch this space for more from the Filmfare OTT Awards 2025. Also Read: Special Throwback: Ananya Panday Recalls Her Win at Filmfare OTT Awards 2024。

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