Chevron to buy Hess in $53 billion deal
TheStreet’s J.D. Durkin brings you the biggest news of the day, including a slew or earnings to look out for, as well as another huge deal in the pool industry
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here is a
00:03 look at what we are watching on the street today.
00:06 Investors are gearing up for a busy week to say the least here on Wall Street with the
00:09 tech giants all set to report quarterly earnings.
00:12 Amazon, Meta, Google parent company Alphabet, as well as Microsoft will all release results
00:17 in the next few days.
00:19 These reports will give investors insight into how the sector fared amid historically
00:23 high interest rates.
00:24 And it's not just tech in focus this week.
00:27 Wall Street will also be paying very close attention to the release of third quarter
00:31 GDP on Thursday as well as a key inflation report on Friday.
00:36 Another news we're following for you this morning.
00:37 The Hess truck is here, but it might not be here for long.
00:41 Rival Chevron has agreed to buy Hess in a $53 billion all stock deal.
00:47 Aside from increasing Chevron's presence in Texas's Permian Basin, the company will now
00:52 take over Hess's ownership stake in what is more than three billion barrels of oil in
00:57 Guyana.
00:59 Chevron has been no stranger to mega deals.
01:01 In 2019, the company bought Anadarko Petroleum for $33 billion in order to increase its shale
01:07 business of the Hess deal.
01:09 Chevron CEO Mike Wirth said, quote, This combination position Chevron to strengthen our long term
01:15 performance and further enhance our advantage portfolio by adding world class assets.
01:21 According to its website, Chevron currently owns more than 8000 gas stations across the
01:25 country and operates five US refineries that combined can process more than one million
01:30 barrels of oil each day.
01:33 The deal between Chevron and Hess comes just weeks after Exxon's $60 billion takeover of
01:38 Pioneer Natural Resources, and there is no word yet about whether either deal will face
01:43 antitrust pushback.
01:45 That'll do it for your daily briefing from the floor of the New York Stock Exchange.
01:47 I am JD Durkin with The Street.
01:49 Thanks for watching.
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