By Colin Kellaher

Hess shares edged higher in premarket trading Monday after the energy company agreed to be acquired by larger peer Chevron in a stock swap valued at about $53 billion.

Chevron shares ticked lower.

Chevron said it would issue 1.025 shares, worth $171 based on Friday's closing price of $166.83, for each share of Hess, a roughly 5% premium to Friday's closing price for the New York company.

Chevron, based in San Ramon, Calif., said the deal carries a total enterprise value of $60 billion, includes net debt and book value of non-controlling interest.

The transaction is slated to close in the first half of 2024.

Hess shares were recently up 2.4% to $166.85 in premarket trading, while shares of Chevron slipped 2.7% to $162.40.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 23, 2023 06:10 ET (10:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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