Hess Corp to be Replaced in S&P 500 Index Following Chevron Acquisition
Hess Corp’s stock price has fluctuated in recent days due to uncertainty surrounding the company’s future in the S&P 500 index.
The energy company is set to be replaced by Block Inc. in the benchmark following Chevron Corp’s acquisition of Hess for $53 billion. This deal was finalized after Chevron won a legal battle with Exxon Mobil Corp.
Key details of the acquisition include:
- Acquisition price: $53 billion
- Acquiring company: Chevron Corp
- Acquired company: Hess Corp
- Replacement in S&P 500 index: Block Inc.
The acquisition has led to a significant increase in Hess’ stock price, with shares rising over 7% in pre-market trading. The deal is expected to create a premier integrated oil and gas company, driving industry-leading free cash flow growth and shareholder returns.