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Hess Shareholders OK $53B Merger Deal With Chevron

A majority voted in favor of the deal during a May 28 special meeting.
Angela Hanson
Logos for Chevron Corp. and Hess Corp.

NEW YORK — Chevron Corp.'s acquisition of Hess Corp. for $53 billion will move forward after receiving the necessary approval of Hess stockholders to close the deal.

During a special meeting of Hess stockholders on May 28, a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the merger agreement, the company announced.

[Read more: ConocoPhillips Inks $17B Deal for Marathon Oil]

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"We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," said CEO John Hess. "Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio and financial resources to deliver significant shareholder value for years to come."

The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K that Hess will file with the U.S. Securities and Exchange Commission after certification by its inspector of election, Hess reported.

Chevron and Hess announced the definitive agreement in October 2023. Per the terms of the agreement, Chevron will acquire all the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron's closing price on Oct. 20.

No approval of Chevron stockholders is required in connection with the merger. Completion of the merger remains subject to other closing conditions.

New York-based Hess is a global independent energy company engaged in the exploration and production of crude oil and natural gas with leading positions offshore Guyana, the Bakken shale play in North Dakota, the deepwater Gulf of Mexico and the Gulf of Thailand.

San Ramon-based Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance the business and the industry. It aims to grow its traditional oil and gas business, lower the carbon intensity of its operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies.

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