Chevron completed its acquisition of Hess Corporation, creating a leading integrated oil and gas company with a strong portfolio of assets globally. The merger, approved by the FTC, includes Hess's significant holdings in Guyana and the Bakken shale. Chevron anticipates $1 billion in annual cost synergies by the end of 2025, leading to increased free cash flow and shareholder returns. John Hess will join Chevron's board, pending approval. The combined company expects to achieve double-digit ROCE at mid-cycle prices.

Prepared by Christopher Adams and reviewed by editorial team.