Chevron Corp

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• DJ Hess Shareholders Approve $53 Billion Merger With Chevron -- 5th Update, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: XOM, HES, CVX
  
  By Benoît Morenne
  
  Hess's shareholders on Tuesday voted to approve a $53 billion deal to sell the company to Chevron, clearing a hurdle for the companies to combine.
  
  

• DJ Correction to Hess Wins Shareholder Vote for Chevron Deal -- Barrons.com, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: XOM, HES, CVX
  By Avi Salzman Hess shareholders voted on Tuesday to approve a $53 billion merger with Chevron, removing the first of three question marks hanging over the deal. The news is particularly important for Chevron, which is counting on the Hess deal to bulk up its future production. Stocks of both companies reacted mildly to the news, which came just after 2 p.m. ET on Tuesday. Chevron stock rose 0.8% on Tuesday, and Hess climbed 0.4%. Chevron still faces two hurdles -- a review of the deal by the Federal Trade Commission, and a challenge by Exxon Mobil over rights to a major Hess project that could cause the whole deal to unravel. Hess owns a 30% stake in an offshore project in Guyanese waters where Exxon is the operator. Exxon says it has a right of first refusal to buy Hess' stake, and is challenging Chevron's acquisition at the International Chamber of Commerce in Paris, which will decide the case through arbitration. That case is likely to take several months to play out. Chevron said in a statement that it expects the FTC inquiry to move "towards its conclusion in the coming weeks." It also registered confidence that it will prevail in the Guyana arbitration. "We are confident our position on the pre-emption right will be affirmed in arbitration and are working to advance the process on this straightforward matter," Chevron said. "We look forward to completing the transaction and welcoming Hess to our company." The Hess shareholder vote wasn't a sure thing. Some Hess shareholders had said they would abstain from the vote after shareholder advisory group Institutional Shareholder Services recommended they do so. ISS argued that the deal premium was flimsy, among other criticisms. Write to Avi Salzman at avi.salzman@barrons.com This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. Corrections & Amplifications Chevron agreed to buy Hess for $53 billion. An earlier version of this article misstated the amount. (END) Dow Jones Newswires May 28, 2024 17:51 ET (21:51 GMT)

• DJ Hess Shareholders Approve $53 Billion Merger With Chevron -- 4th Update, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: XOM, HES, CVX
  
  By Benoît Morenne
  
  Hess's shareholders on Tuesday voted to approve a $53 billion deal to sell the company to Chevron, clearing a hurdle for the companies to combine.
  
  

• DJ Hess Shareholders Approve $53 Billion Merger With Chevron -- 3rd Update, from 2 hours ago by Dow Jones

  2 hours ago by Dow Jones
  Companies Mentioned: XOM, HES, CVX
  
  By Benoît Morenne
  
  Hess's shareholders on Tuesday voted to approve a $53 billion deal to sell the company to Chevron, clearing a hurdle for the companies to combine.
  
  

• DJ Hess Shareholders Approve $53 Billion Merger With Chevron -- 2nd Update, from 2 hours ago by Dow Jones

  2 hours ago by Dow Jones
  Companies Mentioned: XOM, HES, CVX
  
  By Benoît Morenne
  
  Hess's shareholders on Tuesday voted to approve a $53 billion deal to sell the company to Chevron, clearing a hurdle for the companies to combine.