Group 1 - TD Cowen raised the target price for Hess Corporation from $140 to $155 [1]

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation's offshore oil assets in the South American nation of Guyana, Exxon CEO Darren Woods told CNBC's Becky Quick on Friday.The ruling by the International Chamber of Commerce in favor of Chevron clears the way for the oil major to complete its $53 billion acquisition of Hess Corporation. Chevron shares jumped about 3% in premarket trading. The dispute had created significant uncertainty over whether Chevron's acquisition of Hess would ...

Five things to know ahead of today's opening bell. Recapping the breaking news from Becky at the top of the show. Chevron has prevailed in its mediation with Exxon over the Guyana oil assets.The decision clears the way for Chevron's acquisition of Hess. A look at H stock up 8 and a half% premarket. Chevron up 3.7%.Federal Reserve Chair Jay Powell formerly responding to questions from the White House about renovations to the central bank's DC headquarters. In a letter to the Office of Management and Budget, ...

Hess wins its arbitration battle with Exxon Mobil, clearing the way for it to be bought by Chevron more than 20 months after the $53 billion deal was announced https://t.co/VLQqigF1e5 ...

We've got some breaking news uh to to interrupt us from uh from Becky Quick who joins us on the Squawk Newsline about Exxon Mobile. Becky, must be big. Uh yeah, this is big news, Joe.I actually just got off the phone with Darren Woods, the chairman and CEO of Exxon Mobile and that long awaited news we've been waiting for out of the arbitration with Chevron um and Hest over who owns the rights to the Guyana oil field has come through. Chevron has been successful. Chevron won in this arbitration case.This has ...

Breaking: Chevron can clinch its $53 billion acquisition of Hess, arbitrators ruled, resolving a long-running dispute with Exxon Mobil https://t.co/KsQ4xwyTqe ...

Group 1 - Chevron's stock price increased by 2.4% following a legal victory regarding its oil assets in Guyana, which cleared obstacles for Hess's acquisition [1]

Investment Returns - The total return on the Fund's net asset value for the first half of 2025 was 2.3%, with dividends and capital gains reinvested [1] - The S&P Energy Sector and the S&P 500 Materials Sector had returns of 0.8% and 6.0%, respectively, while the benchmark (S&P 500 Energy Sector 80% and S&P 500 Materials Sector 20%) returned 1.8% [1] - The total return on the Fund's market price for the same period was 3.1% [1] Annualized Comparative Returns - For the 1-year period, the Fund's net asset value (NAV) decreased by 2.2%, while the market price increased by 1.7% [4] - Over 3 years, the NAV returned 10.7% and the market price returned 12.3% [4] - The 5-year returns were 21.2% for NAV and 22.1% for market price, while the 10-year returns were 6.1% for NAV and 6.8% for market price [4] Net Asset Value - As of June 30, 2025, the Fund's net assets were $634.74 million, down from $689.99 million a year earlier [6] - The number of shares outstanding increased to 26,888,697 from 25,453,641 [6] - The net asset value per share decreased to $23.61 from $27.11 [6] Largest Equity Portfolio Holdings - The top ten equity holdings accounted for 62.9% of net assets, with Exxon Mobil Corporation at 22.7% and Chevron Corporation at 11.5% [7] - Other significant holdings included ConocoPhilips (5.3%), Linde plc (4.7%), and EOG Resources, Inc. (3.8%) [7] Industry Weightings - The Fund's net assets were allocated primarily to the energy sector, with Integrated Oil & Gas at 35.1% and Exploration & Production at 19.8% [9] - Other allocations included Storage & Transportation (11.6%), Chemicals (13.6%), and Metals & Mining (3.6%) [10]

Core Viewpoint - A resolution in Chevron's acquisition of Hess Corporation is imminent, with arbitration nearing a decision that could significantly impact Chevron's growth trajectory and cash flow prospects [1][2]. Acquisition Details - The arbitration centers on whether Exxon Mobil and CNOOC have a right of first refusal on Hess's stake in the Stabroek block, which is crucial for Chevron's all-stock deal [3][4]. - The deal has already passed antitrust review and received shareholder approval, indicating strong initial support for the acquisition [2][4]. Potential Outcomes - If the arbitrators rule that the right of first refusal does not apply to a full corporate acquisition, Chevron's deal could close quickly [4]. - Conversely, if the right of first refusal is upheld, only Exxon or CNOOC could acquire Hess's stake, potentially derailing Chevron's plans [5]. Strategic Importance - The acquisition is viewed as transformative for Chevron, significantly increasing production with low-cost oil and expanding its geographic footprint [6]. - It addresses a projected gap in Chevron's project pipeline beyond 2027, fostering free cash flow growth into the early 2030s [6]. Financial Projections - While the merger may initially dilute free cash flow per share, it is expected to outperform Chevron's standalone free cash flow by 2029 [7]. - Chevron is projected to generate over $18 per share in free cash flow by 2028 at $70 Brent, supported by major project ramp-ups [7]. Market Position - Chevron currently trades at an 11% free cash flow yield, higher than Exxon's 9%, indicating potential for a re-rating as clarity on post-2027 growth emerges [8]. - The downside risk for Chevron appears limited, as it offers advantages such as an integrated value chain and a balanced portfolio [9]. Future Considerations - The anticipated organic growth over the next two years could provide Chevron with the flexibility to pursue additional acquisitions, although high-quality targets are becoming scarce [10]. - If the Hess deal does not close, Chevron may redefine its strategic direction based on the resulting clarity [10].

Group 1 - Hess Corporation shares increased by 4.8% to $150.23, with a higher-than-average trading volume, reflecting a 4.9% gain over the past four weeks [1] - The company has significant stakes in oil discoveries offshore Guyana and is a key partner in the ExxonMobil-led consortium in the Stabroek Block, enhancing its long-term production visibility and cash flow potential [2] - The upcoming quarterly earnings are expected to be $1.28 per share, a decrease of 51.2% year-over-year, with revenues projected at $2.67 billion, down 18.1% from the previous year [3] Group 2 - The consensus EPS estimate for Hess has been revised marginally higher in the last 30 days, indicating a potential for price appreciation [4] - Hess currently holds a Zacks Rank of 3 (Hold) within the Oil and Gas - Integrated - United States industry [5] - Calumet, Inc., another company in the same industry, has a consensus EPS estimate of -$0.42, reflecting a 12.5% year-over-year change, and also holds a Zacks Rank of 3 (Hold) [6]