ICYMI: Chevron closes Hess deal, what's next for 2025 upstream M&A?

In this episode of the Oil & Gas Journal ReEnterprised podcast, Mikaila Adams recaps the Chevron-Hess deal and highlight details from a report on global upstream M&A—including deals to look out for.

Mikaila Adams

July 22, 2025

2 min read

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In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, Mikaila Adams, Managing Editor - News, recaps the long-delayed-but-now-closed deal between Chevron Corp. and Hess Corp. and highlight details from a new report on global upstream merger and acquisition activity from Rystad Energy—including potential deals to look out for this year.

References

Hess-operated Tubular Bells platform in the US Gulf of Mexico.

Companies

Chevron to acquire Hess in $53-billion deal lined with production upside

Oct. 23, 2023

Arbitrator rules in favor of Chevron, Hess in Guyana dispute with ExxonMobil (OGJ Online, July 18, 2025)

Global M&A activity slows amid rising valuations and fewer deals, Rystad Energy report

Civitas cuts back on capex, launches $100 million savings push (OGJ Online, May 9, 2025)

Canadian Natural Resources to acquire certain Alberta assets from Chevron for $6.5 billion (OGJ Online, Oct. 7, 2024)

Episode highlights: Chevron, Hess, 2025 upstream M&A

00:01:03	Chevron finalized its $50+ billion acquisition of Hess.
00:01:17	Deal aims to strengthen Chevron’s asset portfolio and long-term growth.
00:01:49	Hess’s global asset breakdown: Bakken, Gulf of Mexico, Southeast Asia.
00:02:15	Stabroek block in Guyana highlighted as the most valuable asset.
00:02:34	Arbitration resolved dispute with ExxonMobil, enabling deal closure.
00:03:38	Rystad report notes 39% drop in global upstream M&A activity early 2025.
00:04:48	Oil price volatility, macroeconomic headwinds as M&A barriers.
00:05:55	Five potential North American deals identified, including Strathcona-Meg, Civitas, and bp.
00:06:50	South America deal watch: SierraCol, Vaca Muerta, and YPF LNG partnership.
00:07:21	Middle East & Asia-Pacific: ADNOC, Eni-Petronas, MidOcean, more.
00:08:03	Chevron expects $10–15 billion in asset sales.
00:08:24	CEO Mike Wirth - shifting capital priorities within Chevron.
00:08:59	Chevron sells Canadian assets; potential sales in UK, Equatorial Guinea.

About the Author

Mikaila Adams

Managing Editor - News

Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.