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Chevron to Buy Hess for $53 Billion in Stock. Oil Mergers Are Surging.

Por: MarketWatch Business October 23, 2023

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Hess shares were up 2.4% at $166.85 in premarket trading. Chevron shares were falling 2.7% at $162.40.  The deal values Hess shares at $171 each, based on Chevron’s closing price on Friday. The deal is valued at $53 billion, or $60 billion when including debt. The acquisition is the latest sign of consolidation in the oil-and-gas industry. Earlier this month,  (XOM) confirmed to buy  (PXD) for $64.5 billion, including debt, in an all-stock... + full article



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