Chevron Corp. has been busily buying up nearly 5% of Hess Corp.’s outstanding common stock at prevailing market prices as the major continues to wait to wrap up its $55 billion acquisition of the independent E&P.

Chevron reported that between January and March 2025 it purchased 15.38 million Hess shares, according to a Securities and Exchange Commission filing. From January through March 17, Hess stock has traded between about $135 and $151 per share.

The purchases were made at prices that represent a discount to the price of shares of Hess common stock “implied in the exchange ratio set forth in the Merger Agreement entered into between Chevron and Hess on October 22, 2023.” The purchases also reflect Chevron’s confidence in the consummation of the pending acquisition of Hess, the company said.

Chevron is awaiting arbitration over claims asserted by Exxon Mobil Corp. and CNOOC over Hess’ interests in the Stabroek Block offshore Guyana. Hess owns a 30% Guyana interest in the block. Exxon Mobil Corp., which holds 45% interest, and CNOOC, which holds 25%, have argued they have a right of first refusal to Hess’ ownership interests.

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