Chevron sees up to $400 million Q3 hit from Hess acquisition
Photo: Reuters
U.S. energy giant Chevron (CVX.N) said on Thursday it expects a $200–400 million loss in the third quarter tied to its recent $55 billion acquisition of Hess Corp (HES.N).
The company completed the takeover in July after a landmark legal victory over rival Exxon Mobil (XOM.N), securing access to one of the largest oil discoveries in decades, News.Az reports, citing Reuters.
Excluding severance and transaction-related costs, Chevron forecast a smaller $50–150 million impact on adjusted earnings for the quarter.
The company also said it expects net oil-equivalent production between 450,000 and 500,000 barrels per day during Q3, with some downtime factored in. Capital spending is projected at $1–1.25 billion.
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