Monday, October 23, 2023

Chevron To Buy Hess — October 23, 2023

Locator: 45798CVX. 

Hess is tracked here. Hasn't been updated in over a year.

$53 billion. 

Market cap: $50 billion at close Friday.

Pre-market trading: Hess up one dollar.

Dividend to increase 8% in a couple of months.

Merry Christmas.

Peter Zeihan. Apparently the Bakken is not dead.

Called it.

Offer: 10% premium.

Link here.

*************************
2Q23 Earnings Presentation

Link here.

Guyana: Stabroek Block

  • operated by XOM
  • industry's largest new oil province in the last decae
  • 6.6 million acres = 1,150 GoM blocks
  • 32 major discoveries to date
  • #1 and #2: Liza Phase 1 and Phase 2: production averaged 380,000 bopd in 2Q23
  • breakeven price: $25 - $35 / bbl Brent
  • of the 32 major discoveries:
  • #3: Payara: first oil in early 4Q23; breakeven: $32
  • #13 and #16: startup in 2025 and 2026, respectively; breakeven, $29 / $32 respectfully;

Bakken (see slides):

  • 465,000 acres;
  • EUR: 2.2 billion bbls oil equivalent
  • EUR, yet to produce: 1.7 billion boe
  • net production: 180,000 boepd
  • average IP180: 120,000 bo
  • capex: $1.1 billion
  • average D&C cost: $6.9 million


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