Chevron CEO signals Hess deal will surpass financial targets

[Chevron Reports $8.3 Billion Loss For Second Quarter]
Justin Sullivan/Getty Images News

Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) CEO Mike Wirth told employees this week that the oil giant expects stronger returns than those outlined to investors when it announced the $55 billion acquisition of Hess earlier this year, Reuters reported Wednesday.

When the deal closed in July, Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) projected $1 billion in annual synergies and lifted its 2026 free cash flow forecast from $10 billion to $12.5 billion. Speaking at an internal town hall, Wirth said he is confident the integration of Hess will not only meet but likely exceed those commitments, according to remarks reviewed by Reuters.

A company spokesperson emphasized that Chevron’s (CVX [https://seekingalpha.com/symbol/CVX]) workforce remains central to its long-term success, noting that regular employee engagement helps keep the organization aligned on its strategic mission to deliver affordable, reliable and progressively cleaner energy.

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