Latest news with #Hess
Yahoo
2 hours ago
- Business
- Yahoo
Exclusive-Exxon in talks with Trinidad for seven deepwater blocks, sources say
By Curtis Williams HOUSTON (Reuters) -Exxon Mobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters. The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said. Exxon and partners Hess and CNOOC have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year. Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation. Exxon left Trinidad and Tobago in 2003 after a failed exploration program. Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries. Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its U.S. authorization to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers. According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round. Trinidad and Tobago is in the middle of a deepwater auction that has been extended to close on September 17, and which does not include the blocks Exxon is negotiating for. If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed. The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons why Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July. Moonilal also said Trinidad was open to bids outside of auctions and hinted at the negotiations. "We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added. (Reporting by Curtis Williams in Houston; additional reporting by Sheila DangEditing by Marguerita Choy)
Reuters
2 hours ago
- Business
- Reuters
Exclusive: Exxon in talks with Trinidad for seven deepwater blocks, sources say
HOUSTON, July 22 (Reuters) - Exxon Mobil (XOM.N), opens new tab has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters. The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said. Exxon and partners Hess and CNOOC ( opens new tab have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year. Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation. Exxon left Trinidad and Tobago in 2003 after a failed exploration program. Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries. Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its U.S. authorization to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers. According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round. Trinidad and Tobago is in the middle of a deepwater auction, opens new tab that has been extended to close on September 17, and which does not include the blocks Exxon is negotiating for. If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed. The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons why Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July. Moonilal also said Trinidad was open to bids outside of auctions and hinted at the negotiations. "We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added.
Fibre2Fashion
4 hours ago
- Business
- Fibre2Fashion
Chevron finalises Hess deal, adds Guyana & Bakken assets
Chevron Corporation (NYSE: CVX) announced that it has completed its acquisition of Hess Corporation (NYSE: HES) following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess' offshore Guyana asset. The combined company has one of the most advantaged and differentiated portfolios in the industry, with leading positions in critical energy markets around the world and a high cash margin production profile. In addition, on July 17, 2025, the Federal Trade Commission (FTC) lifted its earlier restriction, clearing the way for John Hess to join Chevron's Board of Directors, subject to Board approval. 'This merger of two great American companies brings together the best in the industry,' said Chevron Chairman and CEO Mike Wirth. 'The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders. Additionally, I'm pleased with the FTC's unanimous decision. John is a respected industry leader, and our Board would benefit from his experience, relationships and expertise.' 'We are proud of everyone at Hess for building one of the industry's best growth portfolios including Guyana, the world's largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer,' former Hess Corporation CEO John Hess said. 'The strategic combination of Chevron and Hess creates a premier energy company positioned for the future.' The acquisition adds world class assets, including Guyana and U.S. Bakken, to Chevron's diversified global portfolio where it is a leader in the Permian Basin, Gulf of America, DJ Basin, Kazakhstan, Eastern Mediterranean and Australia. Chevron now owns a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource; 463 thousand net acres of high-quality inventory in the Bakken; complementary assets in the Gulf of America with 31 thousand barrels of oil equivalent per day; and natural gas assets in Southeast Asia with 57 thousand barrels of oil equivalent per day. 'This accretive transaction is expected to drive significant free cash flow and production growth into the 2030s,' added Chief Financial Officer Eimear Bonner. 'We are quickly integrating our two companies and expect to achieve $1 billion in annual run-rate cost synergies by the end of 2025. All of this should enable even higher returns to shareholders over the long-term.' Under the terms of the merger agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. As a result, Chevron intends to issue approximately 301 million shares of common stock out of treasury to Hess stockholders in connection with the transaction. The 15.38 million shares of Hess common stock (which were acquired in open market transactions) beneficially owned by Chevron immediately prior to the closing were cancelled for no consideration. Chevron expects to achieve the following transaction benefits: Accretive to cash flow per share and extends growth into 2030s Expected to be accretive to cash flow per share in 2025 after achieving synergies and start-up of the fourth floating production storage and offloading vessel in Guyana. Increases Chevron's estimated five-year production and free cash flow growth rates and expected to extend such growth into the next decade. Capital and cost efficient The combined company's capital expenditures budget is expected to be between $19 and $22 billion. After closing, Chevron will target to sustain a double-digit Return on Capital Employed (ROCE) at mid-cycle prices. The transaction is expected to achieve run-rate cost synergies of $1 billion by the end of 2025. Chevron will provide updated long-term financial and operational information and guidance to reflect the acquisition of Hess at its Investor Day in New York City on November 12. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Chevron has completed its acquisition of Hess Corporation, adding key assets in Guyana and the Bakken to its global portfolio. The deal enhances long-term growth and cash flow, with $1 billion in expected synergies by end-2025. John Hess may join Chevron's board following FTC clearance. Hess shareholders receive 1.025 Chevron shares per Hess share. ALCHEMPro News Desk (HU)
Yahoo
9 hours ago
- Automotive
- Yahoo
The Hess Toy Truck, founded in NJ, is back with new mini collection
The Hess Toy Truck, an East Coast icon that originated in Cranbury, is ready to celebrate National New Jersey Day on July 27 with the new 2025 Hess Mini Collection. The 2025 Mini Collection, available now, features a limited production set of detailed, small-scale versions of holiday Hess Toy Trucks. It's sold exclusively at for about $40, with free shipping and batteries included. The collection has over 90 lights, 28 free-rolling wheels, articulating trailers, a pull-back racing motor, chrome accents, and detachable display bases with name plates – including the first red colored display base, a tribute to the "red velvet" Tanker. Among the best-selling toys annually, the Hess Toy Truck is a collectible toy and a holiday tradition since 1964. More: Yankees Manager Aaron Boone, Hess Toy Truck gift Children's Specialized patients This year's set includes: The Miniature 1995 Toy Truck and Helicopter, a flatbed tractor-trailer that doubles as a helicopter landing pad and helicopter with free spinning rotor. The Miniature 1967 Tanker Truck "Red Velvet" Tribute Edition, which pays tribute to the 1967 "Red Velvet" Tanker with a red display base. The Miniature 2016 Toy Truck and Dragster, a motorsport flatbed hauler with six free-rolling wheels and 40 lights and a top-fuel Dragster with pull-back motor. Hess founder Leon Hess grew up in Asbury Park during the Great Depression. In 1933, after finishing high school and unable to afford college, the then-19-year old bought a second-hand 615-gallon oil delivery truck and started a business delivering fuel oil to homes in his hometown. In 1964, four years after opening the first Hess branded gas station, Hess decided to offer families a toy for the holidays — the Hess Toy Truck. Hess wanted a toy truck made with craftmanship and electronics, a concept that endures to this day. The first was a replica of the company's first B61 Mack truck and trailer and had working headlights, taillights controlled by a switch, and a cargo tank that could be filled and emptied with an accompanying funnel and rubber hose. The features were rare for toys of the time. The annual holiday Hess Toy Truck will be released Oct. 20. More details will be announced later this year. Also available is the My Plush Hess Truck: 2025 Farm Tractor. The squeeze-activated soft toy is the sixth in the plush series from Hess, recognized for its lights and sing-along songs. It's safe for kids of all ages and is available at for about $40 with free standard shipping and batteries. email: cmakin@ Cheryl Makin is an award-winning feature, news and education reporter for part of the USA Today Network. Contact: Cmakin@ or @CherylMakin. To get unlimited access, please subscribe or activate your digital account today. This article originally appeared on Hess Toy Truck, founded in Cranbury NJ, back with new collection Solve the daily Crossword
Yahoo
18 hours ago
- Business
- Yahoo
Big Oil's Power Couple Heads to Guyana
Following the completion of Chevron's acquisition of Hess Corporation, the U.S. supermajor will need to overcome a previously strained relationship with its biggest competitor at home, ExxonMobil, and work together as joint venture partners in the hottest oil province in the world, Guyana's offshore oil treasure trove. Chevron's foray into the fastest-growing exploration and production spot globally could also be a sign of what's to come for the biggest international oil and gas majors. Big Oil may be looking to acquire smaller companies with prized assets to boost reserves amid lower spending on exploration within the industry over the past five years. For Chevron, the acquisition of Hess, whose completion was announced last week, means the supermajor is now gaining 30% in Guyana's Stabroek offshore block—where the operator ExxonMobil is leading the production of more than 660,000 barrels per day (bpd) from several projects in the block. Chevron's deal was finalized after a more than a year-long arbitration battle initiated by Exxon, which challenged the Chevron-Hess deal, claiming it had a right of first refusal for Hess's stake under the terms of a joint operating agreement (JOA) for the Stabroek block. Hess and Chevron claimed the JOA doesn't apply to a case of a proposed full corporate merger. The arbitration case has reportedly strained the relationship between the top executives of the two biggest U.S. oil firms. In the legal fight, Chevron had much more to lose than Exxon because Guyana's resources were the key reason for pursuing Hess Corp, more than the reason for adding producing assets in the Bakken shale basin in North Dakota. With the arbitration ruling in favor of Chevron, the company announced the completion of the Hess acquisition, 'following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess' offshore Guyana asset.' 'The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders,' Chevron chairman and CEO Mike Wirth said in a statement. Chevron now owns a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource. Exxon is the operator of the Stabroek block with a 45% stake, and China's state firm CNOOC has the remaining 25% stake. The new shareholding composition of Guyana's prized oil asset means that Exxon and Chevron must put hard feelings aside and cooperate to boost their production and profits from the Stabroek block. The asset has a lot to offer, in terms of resources and money, to a company like Chevron, whose reserves replacement ratio has declined in recent years, and its oil and gas reserves have now reached the lowest level in at least a decade. During the past 10-year period, Chevron's reserves replacement ratio was 88%, it said at the Q4 earnings call in January. A ratio below 100% means that Chevron is depleting reserves faster than it can replace them. So far this year, Chevron has expanded production in Kazakhstan and started up production at the Ballymore oil project in the U.S. Gulf of Mexico. Guyana's offshore oil field is a top-performing asset with the potential to yield even more barrels and billions of U.S. dollars for the project's partners. Both Chevron and Exxon will benefit from Stabroek even at relatively lower oil prices, because the Guyana block is estimated to have a breakeven oil price of about $30 per barrel. Production capacity in Guyana is expected to surpass 1.7 million barrels per day, with gross production growing to 1.3 million barrels per day by 2030, Exxon says. Following the bitter arbitration dispute, Exxon and Chevron now must work together in Guyana, as they do in Kazakhstan and Australia, for example. 'Partnership is one of our core values, and we pride ourselves on being a good partner around the world with many, many different companies,' Chevron's Wirth told Bloomberg last week. 'We partner with Exxon on projects elsewhere in the world and have for many many years, and I'm sure we will find a way to move forward.' Exxon welcomed Chevron to the joint venture in Guyana, signaling that Big Oil will collaborate on multi-billion-dollar projects to maintain a high reserves replacement ratio, production, and profits. By Tsvetana Paraskova for More Top Reads From this article on
