Chevron to buy Hess in $53 billion deal

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including a slew or earnings to look out for, as well as another huge deal in the pool industry

Transcript

00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here is a

00:03 look at what we are watching on the street today.

00:06 Investors are gearing up for a busy week to say the least here on Wall Street with the

00:09 tech giants all set to report quarterly earnings.

00:12 Amazon, Meta, Google parent company Alphabet, as well as Microsoft will all release results

00:17 in the next few days.

00:19 These reports will give investors insight into how the sector fared amid historically

00:23 high interest rates.

00:24 And it's not just tech in focus this week.

00:27 Wall Street will also be paying very close attention to the release of third quarter

00:31 GDP on Thursday as well as a key inflation report on Friday.

00:36 Another news we're following for you this morning.

00:37 The Hess truck is here, but it might not be here for long.

00:41 Rival Chevron has agreed to buy Hess in a $53 billion all stock deal.

00:47 Aside from increasing Chevron's presence in Texas's Permian Basin, the company will now

00:52 take over Hess's ownership stake in what is more than three billion barrels of oil in

00:57 Guyana.

00:59 Chevron has been no stranger to mega deals.

01:01 In 2019, the company bought Anadarko Petroleum for $33 billion in order to increase its shale

01:07 business of the Hess deal.

01:09 Chevron CEO Mike Wirth said, quote, This combination position Chevron to strengthen our long term

01:15 performance and further enhance our advantage portfolio by adding world class assets.

01:21 According to its website, Chevron currently owns more than 8000 gas stations across the

01:25 country and operates five US refineries that combined can process more than one million

01:30 barrels of oil each day.

01:33 The deal between Chevron and Hess comes just weeks after Exxon's $60 billion takeover of

01:38 Pioneer Natural Resources, and there is no word yet about whether either deal will face

01:43 antitrust pushback.

01:45 That'll do it for your daily briefing from the floor of the New York Stock Exchange.

01:47 I am JD Durkin with The Street.

01:49 Thanks for watching.

01:50 [BLANK_AUDIO]

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