Chevron completes acquisition of Hess

Chevron completed its acquisition of Hess following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess’ offshore Guyana asset. On 17 July the Federal Trade Commission (FTC) lifted its earlier restriction, clearing the way for John Hess to join Chevron’s Board of Directors, subject to Board approval.

Chevron now owns a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource; 463,000 net acres in the Bakken; complementary assets in the US Gulf of Mexico with 31,000 barrels of oil equivalent per day (boepd); and natural gas assets in Southeast Asia, with 57,000 boepd.