Chevron's Stock Decline Shrinks Value of Hess Acquisition Offer by $6.5 Billion

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Written By Jennifer Joslyn

Chevron's stock decline following an earnings miss has reduced the value of its all-stock acquisition offer for Hess Corp. by approximately $6.5 billion. Chevron shares fell due to weak overseas refining results, affecting the value of the 1.025 Chevron shares that Hess stockholders will receive in the deal. Despite the decrease in deal premium, the acquisition is expected to proceed, with Hess investors receiving a liquid stock supported by a robust buy-back program.

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Jennifer Joslyn
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