Chevron Closes Hess Deal
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A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.
Chevron’s imminent entry into Guyana’s rich offshore oilfields solves one of the biggest problems dogging the U.S. major: where its growth will come from beyond the next few years.
Paul Sankey, Sankey Research lead analyst, joins 'Money Movers' to discuss Chevron closing on the Hess acquisition and what it means for the company and on the oil sector.
Chevron won its hotly contested legal battle against rival Exxon Mobil, allowing it to immediately close its $53 billion acquisition of Hess on July 18 and give the Big Oil major access to arguably the biggest oil discovery of the century offshore of sparsely populated Guyana.
Chevron (CVX) gets the green light to move forward with its $53 billion acquisition of Hess (HES), after an arbitration panel rejected ExxonMobil's (XOM) claim in a dispute over assets in Guyana. BP (BP) is offloading its US onshore wind business to LLS Power,
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The U.S. Federal Trade Commission on Thursday reversed bans on the CEOs of takeover targets joining the boards of Chevron and Exxon Mobil that the Biden administration made a condition of clearing the oil giants' deals to buy two oil producers.