Chevron expects Hess acquisition to outperform targets, CEO tells employees
Chevron CEO Mike Wirth expressed confidence that the company's acquisition of Hess will exceed financial targets. Following the $55 billion purchase, Chevron anticipates $1 billion in synergies and has raised its 2026 free cash flow guidance from $10 billion to $12.5 billion. Wirth emphasized the importance of the workforce in achieving these goals and maintaining the company's commitment to providing reliable energy.
HOUSTON, Oct 8 (Reuters) - Chevron (CVX.N) CEO Mike Wirth told employees on Wednesday that he believes the company will outperform publicly-stated financial targets given to investors following the acquisition of smaller oil producer Hess.
Upon closing the $55-billion purchase of Hess in July, Chevron said it expected $1 billion in synergies and raised free cash flow guidance for 2026 from $10 billion to $12.5 billion.
“I fully expect the (Hess) deal will meet and exceed what we’ve committed externally,” Wirth said during an internal town hall meeting, audio of which was heard by Reuters.
“Our talented workforce is an essential part of the ongoing success of our company, and we engage regularly to align on strategic priorities and our shared purpose to safely provide affordable, reliable, ever-cleaner energy that enables human progress,” a Chevron spokesperson said.
