Exxon and Chevron are making significant acquisitions in the fossil fuel energy sector, with Chevron buying Hess Corp. for $53 billion. This deal is one of the largest in the global oil and gas industry. The appeal for Chevron is Hess's 30% stake in a consortium producing oil offshore in Guyana. However, Chevron's declining stock price may require sweetening the deal with cash. Despite strengthening oil and fuel markets, Chevron's profit fell short of analysts' expectations. These acquisitions by Exxon and Chevron reflect their confidence in fossil fuels despite the energy transition to clean energy.
Heard on the Street: Exxon and Chevron’s deals and results fail to impress investors https://t.co/W78CjOvBFg
Exxon’s $60 billion deal to buy Pioneer and Chevron’s $53 billion tie-up with Hess sends a clear message to investors: The world may be shifting to clean energy, but Big Oil is doubling down on fossil fuel. https://t.co/g5aa1sgSQQ
Chevron's Hess deal shows big oil still banking on fossil fuels despite energy transition https://t.co/GXpNmEbwCw by @ines_ferre
Exxon and Chevron make significant oil acquisitions in the face of uncertain future for fossil fuels https://t.co/NhurElhgGX https://t.co/vz87tOoRYL
WATCH: Chevron is paying $53 billion to buy smaller rival Hess, Ford agreed to a 25% pay rise for factory staff as part of a deal to end a six-week strike, Google-parent Alphabet shares slid 9.6%, and more in a round-up of the big stories in business and finance this week https://t.co/61LoFi0wFQ
Chevron is paying $53 billion to buy smaller rival Hess, Ford agreed to a 25% pay rise for factory staff as part of a deal to end a six-week strike, Google-parent Alphabet shares slid 9.6%, and more in a round-up of the big stories in business and finance this week https://t.co/mLxA4c1CNM
Chevron profit fell short of analysts’ expectations despite strengthening oil and fuel markets https://t.co/n84lrfSQ2N
Chevron profit fell short of analysts’ expectations despite strengthening oil and fuel markets https://t.co/rp4SJk6xsx
On @Breakingviews: Chevron’s $53 billion all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company. But Chevron’s declining stock price may mean the small premium has to be sweetened with cash https://t.co/nS4mm8JuAu
On @Breakingviews: Chevron’s $53 billion deal for Hess is looking underpowered. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company https://t.co/6wzbRIJRqj
From @Breakingviews: Chevron’s all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil giant. But Chevon's falling stock may mean the deal has to be sweetened with cash https://t.co/72EH9cHIOS
On @Breakingviews: Chevron’s $53 billion deal for Hess is looking underpowered. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company https://t.co/N6jpjP067r
On @Breakingviews: Chevron’s $53 billion all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company. But Chevron’s declining stock price may mean the small premium has to be sweetened with cash https://t.co/IIpLAoheJe
🎙️ On @Breakingviews: Exxon and Chevron unveiled deals worth more than $100 billion combined within weeks of each other. Columnists discuss what’s powering the renewed consolidation push – as well as the threats posed to the oil sector by a greener market https://t.co/PZbrmPXHFu https://t.co/ciuw2G2jSw
The Hess family started with a used truck to launch a heating oil delivery business. This week they sold the company to Chevron for $53bn, in one of the biggest deals ever in the global oil and gas industry https://t.co/2j9uuMShS3
It was laziness that Leon Hess said pushed him into the oil game. Nine decades later, his son John sold the company to Chevron for $53bn this week, in one of the biggest deals ever in the oil and gas industry https://t.co/H2uyPHXF3A
Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions https://t.co/VHiomwJqWC
Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions https://t.co/kAkCnIApHR
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. https://t.co/p8uBh4BNqh