Chevron Still Expects to Acquire Hess

Hess' track record for efficiently allocating capital and generating value has been steadily improving. The company has deftly streamlined its portfolio by jettisoning less competitive and riskier positions in Equatorial Guinea, the Danish North Sea, and Libya, and by shifting the focus to more-lucrative oil and gas assets. Today the firm has two major growth assets: its 30% working interest in the Exxon-operated Stabroek block in offshore Guyana, and its acreage in the Bakken Shale play, which is US onshore. Cash flows from its legacy operations in the US Gulf of Mexico and Southeast Asia support Hess' ongoing investment in these regions.