Chevron Remains Confident It Will Close This Needle-Moving Acquisition
Wednesday, 1 May 2024, 08:27
Delayed but still on track
Despite regulatory delays and interpretational differences with Exxon, Chevron is confident in closing the acquisition of Hess. CEO Mike Wirth asserts the deal's progress and dismisses Exxon's objections.
Building a better oil company
- Growth Outlook: Acquiring Hess is projected to double Chevron's free cash flow by 2027, driven by strong prospects in Guyana.
- Portfolio Enhancements: The deal would high-grade Chevron's portfolio by adding key assets in Guyana and enhancing its operational capacities in various regions.
- Asset Sales Strategy: With plans to sell off lower-returning assets post-acquisition, Chevron aims to strengthen its balance sheet and returns to shareholders.
A meaningful catalyst on the horizon - Chevron is optimistic about closing the deal soon, and the acquisition is expected to create substantial shareholder value in the long run.
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