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...“We don’t look at that as a true reflection of the market price,” he said of the Hess deal....
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”....
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”. Read more here...
...And so, the sanctioned company — an arm of the Russian state — gets to keep cash it should not have....
...He added: “A low-probability outcome is one in which an arbitrator rules a [right of first refusal] is applicable, in which case the deal would fail and [Hess] would continue to exist as an independent company...
...But Woods said on Monday that the company had no interest in acquiring Hess itself....
...Hess’s investors appeared to be more concerned, with the difference between the company’s current stock price and the value of Chevron’s offer continuing to widen....
...Hess stock has more than doubled since 2020. The company had previously tangled with activist investor Elliott....
...Hess would then revert to a standalone company, albeit without an embedded takeover premium owing to the confirmed Exxon overhang....
...Exxon has begun an arbitration process against Chevron over the latter’s $53bn deal for Hess, arguing it has the right of first refusal over Hess’s stake in the oil-rich Stabroek Block off the coast of Guyana...
..., with Exxon arguing it has the right of first refusal over Hess’s stake in the Guyanese development.On Monday, Exxon chief Darren Woods insisted the conflict would not undermine the companies’ ability to...
...Hess then would simply revert to a standalone company (and its banker Goldman Sachs would be out a $76mn success fee)....
...“Their strategy was confused and they desperately needed to streamline the company,” said a person who was involved in the campaign, suggesting Hess might not have “made it to the other side” of subsequent...
...Hess’s chief executive John Hess, who is expected to join Chevron’s board, said the merger would create a “premier integrated energy company”....
...But he insisted the Hess announcement had not been influenced by dealmaking elsewhere....
...Toy trucks and boardroom battles: the Hess dynasty tale Hess toy vehicles will keep truckin’ even after the oil dynasty they’re named after sells the company to Chevron for $53bn, John Hess, who inherited...
...The California-based driller is facing operational headaches at two of the company’s most important assets in Kazakhstan and the US — as well as investor concerns over its $53bn deal to buy Hess....
...Chevron has agreed to buy rival oil and gas producer Hess Corporation in a $53bn all-stock deal....
...The move threatens to undermine Chevron’s plans to acquire Hess, my colleagues Jamie Smyth, Myles McCormick, and James Fontanella-Khan report....
...The companies said they expected the deal to close by late 2024 or early 2025....
...In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources....
...An old industry joke about Hess, based according to the New York Times in 1972 on the family patriarch’s work ethic, was that the company name stood for holidays, evenings, Saturdays and Sundays....
...Earlier this year, ExxonMobil announced a $60bn deal to buy shale driller Pioneer Natural Resources, a deal that was followed swiftly by Chevron taking over Hess for $53bn....
...Endeavor’s owners will retain a 40 per cent stake in the combined company....
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