Chevron reports significant losses after Hess acquisition

The US energy giant Chevron announces that it expects losses between 200 and 400 million dollars in the third quarter. These losses are related to the recently completed acquisition of Hess, a 55 billion dollar deal concluded in July after a landmark legal battle against the larger competitor Exxon Mobil. This move enables Chevron to access one of the largest oil discoveries of recent decades. Excluding severance payments and other transaction-related costs, Chevron expects the impact on adjusted earnings in the third quarter to be between 50 and 150 million dollars. Furthermore, Chevron forecasts a net production of oil equivalents in the range of 450,000 to 500,000 barrels per day, taking into account temporary production interruptions. The capital expenditures for the current quarter are expected to amount to a volume between 1 and 1.25 billion dollars.