12/08/2026 by Jay Hatton
A year on from the deal’s completion, Chevron has reported on the tangible benefits of its acquisition of Hess.
Chevron claims that in just the first year, it has already realised synergies worth $1.5 billion. Not only is this ahead of scheduled by six months, but it is also 50% more value than was originally targeted. There is strong free cash flow originating from the former Hess assets, and they are expected to drive further growth into the next decade. Chevron attributes this to the extensive expertise of the talented workforce from Hess and the combined portfolio’s superior quality.
Eimear Bonner, the chief financial officer at Chevron, was speaking to CNBC in an interview when she said:
“It’s just been a fantastic year. We’re fully integrated… We’ve been able to take the best of what Hess was doing and the best of what Chevron was doing and bring them together.”
Chevron, which makes Texaco products like grease and turbine oil, says the Hess merger is the latest in a series of successful integrations. The company attributes this to a focus on sustaining operational momentum and developing talent.
Two notable elements stand out in the acquisition. First, Chevron inherited Hess’ 30% non-operating interest in the Stabroek Block of Guyana. Some 11 billion barrels of oil equivalent have so far been discovered there. Second, the company has been able to improve the efficiency of Hess’ assets in the Bakken Oilfield of North Dakota thanks to its expertise with shale and tight oil operations.
You may also interested in:
TotalEnergies gets closer to realising Papua LNG
France-based TotalEnergies has made substantial steps towards making a final investment decision (FID) for a liquefied natural gas (LNG) project in Papua New Guinea.
Shell to join BP in exploration opportunities
UK-based oil majors BP and Shell have agreed to partner on opportunities for deepwater exploration in the US Gulf of Mexico and offshore of Brazil.