Deals
Chevron Slump Cuts $6.5 Billion From Deal for Hess Holders
- Chevron among worst-performing stocks Friday on weak earnings
- Deal premium for Hess holders shrinks by more than two-thirds
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Chevron Corp.’s post-earnings selloff shrank the value of its all-stock offer for Hess Corp. by roughly $6.5 billion.
Chevron slumped as much as 5.9% on Friday after posting a massive 66-cent per-share profit miss, largely due to unexpectedly weak overseas refining results. That crimped the returns investors are set to reap from the 1.025 Chevron shares they will receive for each unit of Hess stock.