M&A · Energy · Petroleum Refining
Chevron Corp to acquire Hess Corp
Announced Oct 23, 2023 · Closed Jul 18, 2025
Deal value$53.00BEV $58.75B
Premium—To unaffected price
EV / Adj. EBITDA11.1x5.4x EV / Revenue
ConsiderationAll stock$171.00 per share
Transaction
- Acquirer
- Chevron Corp (CVX)
- Target
- Hess Corp (HES)
- Buyer type
- Strategic
- Offer price per share
- $171.00
- Enterprise value
- $58.75B
- Status
- Closed Jul 18, 2025
Deal protections
- Break fee (target pays)
- $1.72B · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley, Evercore
- To the target
- Goldman Sachs, JPMorgan
- Goldman Sachs fee
- $80.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 19.9%
- EV / Adj. EBITDA
- 11.1x vs. 8.3x sector median
- Break fee
- 3.2% vs. 2.9% sector median
Timeline
- AnnouncedOct 23, 2023
- Proxy filedApr 26, 2024
- Definitive proxyApr 26, 2024
- Shareholder voteMay 28, 2024
- ClosedJul 18, 2025
Valuation · fairness opinions
Discounted cash flow$135.00$172.00
Future share price$129.00$171.00
Premiums paid$148.00$181.00
Offer $171.00
Implied value per Hess Corp share by analysis, from Goldman Sachs · DCF discount rate 8.5%–10.5%.