Chevron is at it again

[veteran+]

https://www.reuters.com/markets/deals/c ... 023-10-23/

Will this stuff ever stop?

[jamcool]

You do know the largest oil company in the world is government owned…Saudi Aramco. They also own the largest refinery in the US outside of Houston.

[Alpha8472]

The CEO of Chevron assured the Hess CEO that the Hess toy truck will continue to be sold. It is a collector's item and a very long tradition.

[rwsandiego]

The CEO of Chevron assured the Hess CEO that the Hess toy truck will continue to be sold. It is a collector's item and a very long tradition.

As someone who still has his red toy Texaco truck that his parents bought him as a Christmas gift in 1966 or 1967, keeping the toy truck really is the most important thing!

PS: I can no longer ride on the truck.

[storewanderer]

https://www.reuters.com/markets/deals/c ... 023-10-23/

Will this stuff ever stop?

Chevron is still headquartered in California legally (aren't they?) so this moves additional business into the state?

Or did they move to Texas too?

I think Chevron is one of the better players in this industry. Many good companies but Chevron is definitely one of the best.

Hess divested its stations to Speedway a number of years ago. I'm not surprised to see Hess selling the rest of itself off. Hess supposedly was/is a very well run company but I never followed them so cannot validate that.

[Alpha8472]

Most of the Chevron employees have moved to Texas. Chevron has only a small number of employees left in San Ramon, California at the token corporate office.

[veteran+]

My point is the continuing consolidation of everything around us.

This is not good in any way.

[BillyGr]

My point is the continuing consoliation of everything around us.

This is not good in any way.

Of course, Hess had already sold off their retail locations (to Speedway), but even when those existed I don't think there was much, if anything Chevron in the same areas.

So, a bit different that two chains that have more overlapping areas combining like the supermarket situation

[storewanderer]

My point is the continuing consolidation of everything around us.

This is not good in any way.

If this fossil fuel industry is to go away over the next few decades we are going to see a lot more consolidation as that happens.. big IF.

[buckguy]

My point is the continuing consoliation of everything around us.

This is not good in any way.

Of course, Hess had already sold off their retail locations (to Speedway), but even when those existed I don't think there was much, if anything Chevron in the same areas.

So, a bit different that two chains that have more overlapping areas combining like the supermarket situation

Hess overlapped with Chevron's operations in the mid-Atlantic (derived from Gulf among others). Further North, BP took over most Gulf stations.

Exploration is the more profitable end of the business, so it's not surprising that the consolidation is there, esp. since an existing company with know reserves means you don't have to invest in new reserves (even though there are tax benefits).