Fitch places Hess on positive watch

Fitch Ratings said it placed its BBB ratings for Hess Corp. and its senior unsecured debt on rating watch positive following the announcement that Chevron Corp. agreed to buy the company in a $60 billion deal.

The deal is expected to close in the first half of 2024.

“Hess will become a part of a significantly larger and more diversified oil and gas company after the transaction is completed. Chevron will increase its already large production scale (3 million barrels of oil equivalent in 2Q23) by Hess's volumes (387 thousand barrels of oil equivalent in 2Q23) and improve diversification with the addition of growing offshore Guyana assets, Bakken shale exposure and other assets,” the agency said in a press release.

Fitch said it aims to resolve the RWP once the deal closes.

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