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Bond Market News
Chevron Wins Battle against Exxon-Mobil to Acquire Hess
July 21, 2025
Chevron has completed its $53bn acquisition of Hess after securing a decisive win in a year-long arbitration battle with Exxon Mobil and CNOOC. The deal grants Chevron access to the Stabroek Block off the coast of Guyana, which holds an estimated 11bn barrels of oil, making it potentially one of the largest oil discoveries. The acquisition was a decisive part of Chevron CEO Mike Wirth’s strategy to improve the company’s lagging performance in the sector. This is one of the largest energy deals globally over the past decade and could be a strategic asset for Chevron for many years to come, analysts note.
Chevron bonds were mixed following the acquisition. Chevron’s 8% 2027s were trading higher by 1.5 points at 107.547, yielding 3.37%. Hess Corp bonds were up across the board. For instance, Hess Corp 7.3% 2031s were up about 1.4 points, trading at 114.63 yielding 4.51%.
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