Chevron Acquires Hess Corporation to Form Premier Oil and Gas Company

Chevron has completed its acquisition of Hess Corporation, creating a premier integrated oil & gas company with a diversified global portfolio, including Guyana and the US Bakken. The combined company has a high cash margin production profile and is expected to drive significant free cash flow and production growth into the 2030s. Chevron plans to achieve $1 billion in annual run-rate cost synergies by the end of 2025 and expects to drive higher returns to shareholders over the long-term.