HES Jun 2024 135.000 put
| Previous close | 0.6500 |
| Open | 0.5000 |
| Bid | 0.5500 |
| Ask | 1.0500 |
| Strike | 135.00 |
| Expiry date | 2024-06-21 |
| Day's range | 0.5000 - 0.6100 |
| Contract range | N/A |
| Volume | |
| Open interest | 1.28k |
Yahoo FinanceConocoPhillips's $22.5 billion deal for Marathon Oil highlights energy M&A wave
US energy consolidation continues with the announcement that ConocoPhillips will buy Marathon Oil for $22.5 billion.
- Yahoo Finance Video
These are the catalysts behind oil industry consolidation
The energy sector is making major moves as ConocoPhillips (COP) is set to acquire Marathon Oil (MRO) in a $17.1 billion all-stock deal. Hess (HES) shareholders have also voted to approve the oil company’s pending $53 billion merger with Chevron (CVX). Sankey Research President and Lead Analyst Paul Sankey joins Catalysts to discuss how the latest news is affecting the oil industry on a larger scale. "This is a capital-intensive business, so the bigger you are, the more efficiencies you gain," Sankey explains, pointing to the $500 million a year in synergies that Conoco's acquisition of Marathon is expected to generate. Sankey believes that these deals will be subject to more regulatory scrutiny, especially in an election year. He adds, "The expectation is that without any great potential to change gas prices at the pump, these deals will be approved over the course of the next six months." The upcoming OPEC meeting this weekend will be a major catalyst for the price of oil. Sankey expects Saudi Arabia to extend cuts, and as the demand for oil increases, he notes that he is not as bullish on the commodity as he is on the expansion in oil company stocks. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Melanie Riehl
Simply Wall St.Could The Market Be Wrong About Hess Corporation (NYSE:HES) Given Its Attractive Financial Prospects?
It is hard to get excited after looking at Hess' (NYSE:HES) recent performance, when its stock has declined 6.4% over...
