The agreement Chevron signed last year to buy Hess for $53 billion was expected to transform the oil giant, giving it new assets in fast-growing regions of the world. Everything comes down to a Hess shareholder vote on Tuesday. “It’s trading as a coin toss,” said Roy Behren, co-chief investment officer of Westchester Capital Management, which owns 2.1 million Hess shares, worth about $315 million.
Chevron (CVX) and Rhino Resources plan offshore Namibia drilling by late 2024 or early 2025, sparking interest in the hydrocarbon-rich Orange Basin.
It would be wise for investors to monitor three prominent energy companies operating in the Permian, like ExxonMobil (XOM), Chevron (CVX) and Diamondback (FANG).