Chevron-Hess M&A is a long-short equity strategy opportunity - Steamboat Capital Partners 1Q letter [Seeking Alpha]
Chevron Corporation (CVX)
Last chevron corporation earnings: 5/1 06:45 am
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Source: Seeking Alpha
In his First Quarter Investor Letter, Kiai said that traditional long-short equity had “considerable challenges and saw significant fund outflows over the past several years” but those have been alleviated with positive fund inflows into the category earlier this year. The Chevron Corp. ( CVX ) acquisition purchase price for Hess ( HES ) in an all-stock transaction was deemed as disappointing due to the very small premium for its ownership stake for the oil discovery off the coast of Guyana (an estimated $11B barrels of oil). Now, two developments have caused the gross spread to increase to more than 6%: Venezuela claims that the oil discovery belongs to it, and Exxon Mobil's ( NYSE: XOM ) attempt to block the transaction by asserting right-of-first-refusal to purchasing Hess' stake. The Steamboat Capital Partners team believes Exxon ( XOM ) is wrong, that the deal will only be “slightly delayed” past the second quarter closing estimate, and that it offers “an attractive, uncor
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CVX
Earnings
- 4/26/24 - Beat
CVX
Sec Filings
- 5/14/24 - Form PX14A6G
- 5/13/24 - Form 4
- 5/10/24 - Form SD
- CVX's page on the SEC website