Chevron to Buy Hess, Add Bakken Shale to Oil & Gas Holdings

October 24, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--In a move that could reshape the exploration of U.S. shale plays, Chevron Corporation (NYSE:CVX) announced this week it had agreed to acquire all of the outstanding shares of Hess Corporation (NYSE:HES) in an all-stock transaction valued at $53 billion. The jewel in the crown is Hess' assets in the Bakken Shale, which will further complement Chevron's strong hand in the Denver-Julesburg (DJ) and Permian basins.

Industrial Info is tracking more than $5.7 billion worth of active and planned projects in the U.S. Oil & Gas Industry from Chevron, as well as $160 million worth from Hess. The total enterprise value of the transaction (when including debt) is $60 billion. Most of Hess' U.S.-based assets tracked by Industrial Info are in western North Dakota's Bakken Shale and the deepwater Gulf of Mexico.

Other companies featured: Total E&P USA Incorporated (Houston, Texas), a subsidiary of TotalEnergies SE (NYSE:TTE)