SAN RAMON (dpa-AFX) - Chevron Corporation (CVX), a petroleum refineries company, said on Friday that it has closed its acquisition of Hess Corporation (HES), an oil and gas producer, to create a premier integrated oil and gas company.
Eimear Bonner, CFO of Chevron, said: 'This accretive transaction is expected to drive significant free cash flow and production growth into the 2030s. We are quickly integrating our two companies and expect to achieve $1 billion in annual run-rate cost synergies by the end of 2025. All of this should enable even higher returns to shareholders over the long-term.'
The combined company's capital expenditures budget is expected to be in the range of $19 billion to $22 billion.
On November 12, Chevron will release updated long-term financial information and guidance to reflect the acquisition of Hess.
CVX was up by 3.75% at $157.19 in the pre-market trade on the New York Stock Exchange.
HES was up by 7.67% at $160.40 in the pre-market trade on the New York Stock Exchange.
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