Hess Corporation – Oil & Gas 360

Exxon plans large-scale gas project in oil-dominated Guyana

February 19, 2025

(Investing) – GEORGETOWN – U.S. oil major Exxon Mobil (NYSE:XOM) is planning to increase natural gas output and supply in Guyana through a large-scale project announced on Wednesday, following the government’s call for more gas to fuel onshore power and petrochemical projects. The “Wales Gas Vision”, outlined by Exxon’s Guyana head, Alistair Routledge, is set to provide gas for the production of fertilizers

Federal Trade Commission targets another O and G CEO

October 7, 2024

(Oil & Gas 360) – The proposed $50 billion+ merger between Hess and Chevron is attracting the Federal Trade Commission’s (FTC) attention. John Hess, CEO of the Hess Oil Company, is the latest oil and gas CEO to face Federal Trade Commission allegations involving what it contends were improper communications with the Organization of Petroleum Exporting Countries (OPEC). The FTC contends

FTC bars Hess CEO from joining Chevron board following $53 billion deal on OPEC collusion accusations

September 30, 2024

(World Oil) – U.S. regulators will allow Chevron to move forward with its $53 billion acquisition of Hess but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC. The U.S. Federal Trade Commission said in a statement Monday that Hess communicated with members of the group and its allies, encouraging them

BREAKING NEWS: Hess CEO will not join Chevron’s board following $53 billion merger in deal with FTC

September 27, 2024

(World Oil) – Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won’t join the company’s board as part of an agreement with the U.S. Federal Trade Commission, allowing the companies’ merger to proceed, people familiar with the matter said. The condition allows Chevron to move forward with its $53 billion acquisition of Hess, said the

BREAKING NEWS: FTC to greenlight Chevron’s $53 billion Hess acquisition amid ExxonMobil arbitration

September 24, 2024

(World Oil) – The U.S. Federal Trade Commission is expected to greenlight Chevron Corp.’s $53 billion deal to buy Hess Corp., according to Reuters. The FTC could announce the decision as soon as this week, Reuters reported, citing people familiar with the matter. Chevron would still need to win an arbitration case filed by Exxon Mobil Corp. in order to close

Exxon delivers $9.2 billion second-quarter profit, raises output target

August 2, 2024

BOE Report Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Higher profit “was driven by record production both in Guyana and in the Permian,” which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said. Net income was $9.24

BREAKING NEWS- Chevron’s $53 billion Hess merger delayed again as ExxonMobil arbitration drags into 2025

August 1, 2024

World Oil (Bloomberg) – Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year. The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project

Hess beat earnings estimates on robust Guyana output

July 31, 2024

Oil Price Hess Corp. (NYSE:HES) has posted an impressive second-quarter earnings report with its stake in prolific Guyana helping it exceed estimates. Hess reported Q2 2024 non-GAAP EPS of $2.62, beating the Wall Street consensus by $0.07 while revenue of $3.26B was good for a robust 40.5% Y/Y growth although it missed the consensus by $30M. The company saw a large increase in

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

July 22, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not

BREAKING NEWS: FTC to delay $53 billion Chevron-Hess deal until after ExxonMobil arbitration over assets offshore Guyana

July 11, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission plans to delay its decision whether to block Chevron Corp.’s $53 billion takeover of Hess Corp. until after an arbitration case with Exxon Mobil Corp. is settled, according to people familiar with the matter. The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset

Chevron, Hess reach “significant” milestone in ExxonMobil arbitration over assets offshore Guyana

July 3, 2024

World Oil (WO) – According to Reuters, a three-person arbitration panel has been finalized to address ExxonMobil’s claim against Chevron’s $53 billion purchase of Hess Corp over oil-rich assets offshore Guyana. This marks a significant step in resolving the uncertainty surrounding the merger, which Chevron and Hess hoped to complete in early 2024. ExxonMobil filed the claim with the International

Exxon-led Guyana oil group’s net jumps in 2023, margins top Nvidia’s

June 25, 2024

Yahoo Finance GEORGETOWN/HOUSTON – Guyana’s lucrative agreement with an ExxonMobil-led consortium in the South American country last year generated $6.33 billion for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia Corp. The trio’s combined net margin was 56%, greater than the 49% Nvidia earned in its most recent fiscal year. The Stabroek offshore

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