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Chevron completes acquisition of Hess

KFYR-TV · last updated

BISMARCK, N.D. (KFYR) — A major oil acquisition wrapped up this month involving one of North Dakota’s top producers.

Officials with Chevron say they completed their acquisition of the Hess Corporation as part of a $53 billion purchase.

Hess is among the top-three producers in the Bakken with Continental Resources and Chord Energy.

Department of Mineral Resources Director Nathan Anderson says these mergers can lead to more money for oil and gas development, but not necessarily for the Bakken.

“They have options on where to choose to put their capital investment. We’re certainly hopeful that they choose North Dakota, but also understand that there’s the allocation of capital for these companies,” said Anderson.

Besides the Bakken, Hess also had operations in the Permian Basin, the Gulf of America and Guyana.

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