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.

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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