Chevron Buys $2.3 Billion Hess Stake on Merger Confidence

Chevron Corp. bought nearly 5% of Hess Corp. in an unusual move designed to show confidence that it will win the arbitration battle with Exxon Mobil Corp. that has delayed its planned takeover of Hess for more than a year.

Chevron bought the Hess shares at a discount to the price implied by its $53 billion all-stock takeover agreed in 2023, the Houston-based company said in a statement. The purchases were made between January and March this year, and the stake is worth about $2.3 billion at today’s share prices.