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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hess Corporation | NYSE:HES | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 154.61 | 0 | 01:00:00 |
From May 2023 to May 2024
By Colin Kellaher
Hess shares edged higher in premarket trading Monday after the energy company agreed to be acquired by larger peer Chevron in a stock swap valued at about $53 billion.
Chevron shares ticked lower.
Chevron said it would issue 1.025 shares, worth $171 based on Friday's closing price of $166.83, for each share of Hess, a roughly 5% premium to Friday's closing price for the New York company.
Chevron, based in San Ramon, Calif., said the deal carries a total enterprise value of $60 billion, includes net debt and book value of non-controlling interest.
The transaction is slated to close in the first half of 2024.
Hess shares were recently up 2.4% to $166.85 in premarket trading, while shares of Chevron slipped 2.7% to $162.40.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 23, 2023 06:10 ET (10:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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