Hess Corporation (NYSE:HES) and Chevron Corporation (NYSE:CVX) shares are trading higher on Tuesday.
On Monday, the Federal Trade Commission (FTC) completed an antitrust review of the merger of both companies, satisfying a critical closing condition for the transaction.
To facilitate the merger’s completion, Hess and Chevron have agreed that Hess CEO John Hess will not be on the Chevron board.
Exxon Mobil Corp (NYSE:XOM) and its partner CNOOC Ltd had earlier asserted their right of first refusal to any sale of Hess’ stake in a Guyana oil-producing joint venture. The arbitration panel is expected to hear these claims in May 2025.
Piper Sandler analyst Ryan M. Todd raised the valuation of Guyana (net to HES) from $40.6 billion to $45.6 billion, translating to $132 to $149 per share, due to notable increases in discovered resources and productivity in Guyana.
The analyst estimates Hess’ stand-alone value at around $170 per share with Brent ...