23 Oct, 23

No More Oil Hedging For Hess After $53B Chevron Acquisition

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Chevron Corp. will end crude oil hedging following the completion of its acquisition of Hess Corp. in a $53-billion mega deal, Bloomberg reported on Monday.  Chevron announced the acquisitions of Hess, a major feature in Guyana offshore production, on Monday, in the second mega merger announcement this month, following Exxon’s offer of a $59.5-billion all-stock deal for Pioneer Natural Resources.  “We plan to discontinue the use of put options to hedge,” Chevron Chief Executive Officer Mike Wirth told Bloomberg on…

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