Chevron is preparing to finalize its $53 billion acquisition of Hess by aiming for a 48-hour legal completion following the arbitration decision. The oil company has started integration planning according to internal documents and company sources while providing severance packages to Hess employees.
The acquisition depends on the legal decision from ExxonMobil regarding the Stabroek oil block in Guyana because this block represents 30% of the ownership that would transfer to Chevron. The disputed ownership rights form the core of the arbitration dispute.
The sources reveal that Chevron has reorganized its IT department to support the merger process and has conducted town hall meetings with Hess staff and developed operational integration plans to achieve 45-day completion after legal approval.
Hess employees now have the choice between leaving their positions or receiving severance benefits. The company is conducting a major restructuring that involves reducing its workforce by 20% across the board.
The deal’s approval would enable Chevron to gain substantial additional reserves in Guyana which serves as a vital growth driver. The company seeks to execute this energy M&A process at a faster pace than the standard duration of months. A Chevron spokesperson expressed the company’s anticipation to finish the transaction before bringing Hess into their organization.
