Transaction Benefits Strong strategic fit :
• Guyana – 30 % ownership in more than 11 billion barrels of oil equivalent discovered recoverable resource with high cash margins per barrel , strong production growth outlook and potential exploration upside .
• Bakken – 465,000 net acres of highquality , long-duration inventory supported by the integrated assets of Hess Midstream .
• Complementary Gulf of Mexico assets and steady free cash flow from Southeast Asia natural gas business .
Accretive to cash flow per share and extends growth into 2030s :
• Expected to be accretive to cash flow per share in 2025 after achieving synergies and start-up of the fourth floating production storage and offloading ( FPSO ) vessel in Guyana .
• Increases Chevron ’ s estimated fiveyear production and free cash flow growth rates and expected to extend such growth into the next decade .
Increases cash returned to shareholders :
• In January , Chevron expects to recommend an increase to its first quarter dividend per share of 8 % to $ 1.63 , which will be subject to the approval of the Chevron Board of Directors .
• Post closing , Chevron intends to
increase share repurchases by $ 2.5 billion to the top end of its guidance range of $ 20 billion per year in a continued upside oil price scenario .
Capital and cost efficient :
• The combined company ’ s capital expenditures budget is expected to be between $ 19 and $ 22 billion .
• With a stronger portfolio after closing , Chevron expects to increase asset sales and generate $ 10 to $ 15 billion in before-tax proceeds through 2028
• The transaction is expected to achieve run-rate cost synergies around $ 1 billion before tax within a year of closing . l FON
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