Insight
Chevron completes Hess acquisition and closes gap to ExxonMobil
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Chevron originally announced its intent to acquire Hess in October 2023 in an all-equity deal worth US$60 billion. In February 2024, it was revealed ExxonMobil intended to challenge the deal claiming it held right of first refusal (ROFR) at the Stabroek Block offshore Guyana. Following a lengthy period of arbitration, on Friday 18 July 2025, it was announced that the International Chamber of Commerce (ICC) ruled in favour of Chevron and Hess in the dispute.
Table of contents
- Executive Summary
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Chevron's appealing new portfolio
- Chevron-ExxonMobil competition heats up
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Changes to Hess’ portfolio since 2023
- Stabroek/Guyana update
- Bakken
- Gulf of America (Mexico)
- North Malay Basin (NMB)
Tables and charts
This report includes the following images and tables:
- The strategic fit of top international assets
- The Majors' upstream free cash flow 2025-2040
- Weighted average upstream Scope 1 & 2 carbon intensity vs. operating cash margin (2025-2034)
- Dry powder: ability to fund M&A through balance sheet capacity and equity currency
- Pro Forma US Lower 48 cash flow outlook
- Gulf of America (Mexico) blocks and production
What's included
This report contains:
