Chevron boosts oil and gas reserves by 11% with Hess deal

| By Paul Harris

As Chevron doubles-down on future, sustained oil and gas demand, its acquisition today of Hess Corp. increases Chevron’s proved reserves by 11% to approx. 12.5 billion barrels of oil equivalent, based on latest annual figures available via Evaluate Energy.

Source: Evaluate Energy

Global production of the combined entity is 13% higher than Chevron’s latest production rate, based on Q2 data analysis today by our London team at Evaluate Energy. The new total production worldwide is 3.3m boe/day. Of that, US production will total 1.4m boe/day – a 17% increase for Chevron based on Q2 production.

Source: Evaluate Energy

Chevron’s all-stock deal equates to $53 billion – plus $7 billion of debt for a total enterprise value of $60 billion. It follows ExxonMobil’s recent $64.5 billion deal to acquire Pioneer Natural Resources.

Source: Evaluate Energy M&A 

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