（彭博社）“交易员对雪佛龙公司的结果比以往任何时候都更加紧张。”随着委内瑞拉威胁要夺取邻国圭亚那矿产丰富的地区，雪佛龙公司提议以 530 亿美元收购赫斯公司。

随着冲突升级，Hess 股价本周下跌约 5%，雪佛龙股价下跌不到 1%。赫斯公司的股票——去年其近四分之一的收入来自圭亚那——周四的交易价格比这家石油巨头的全股票报价低了近 14 美元，这是自该交易宣布以来的最大差距。Hess 股东每股 Hess 股票将获得 1.025 股雪佛龙股票。 

相关报道：雪佛龙将以 530 亿美元收购赫斯公司，增加圭亚那和巴肯页岩油产量

11 月 28 日，委内瑞拉举行公投，宣布对邻国圭亚那大片地区（包括其海上油田）拥有主权，差价约为 3.50 美元。

两个南美国家之间不断升级的地缘政治紧张局势导致并购套利投资者在评估今年第二大石油合并推迟或瓦解的前景时重新定价交易风险。根据彭博社汇编的数据，赫斯对圭亚那海上油田的投资约占其 2022 年收入的 23%。 

Height Capital Markets 的本杰明·索尔兹伯里 (Benjamin Salisbury) 表示，虽然分析人士表示，发生武装冲突的可能性很低，但委内瑞拉的军事行动威胁可能会“阻碍对圭亚那海上油田的投资”。他在周四的一份报告中写道，该国的生产由埃克森美孚公司领导的财团推动，其中包括赫斯。 

投资者似乎在期权市场上进行了配置，以防止赫斯股价进一步下跌。 

6 月份到期的 115 美元看跌期权中，总共有 16,500 股被买入——赋予所有者在该水平上出售 165 万股股票的权利——而 180 美元看涨期权被卖出了一半。除了看涨期权之外，12 月 15 日到期的 130 美元看跌期权似乎也被出售，这可能有助于为 6 月份的看跌期权融资，同时也冒着持有股票在下周进一步下跌 2.9% 的风险。

与此同时，此次大型合并于周五收到了联邦贸易委员会的第二次请求。反垄断机构正在进行深入的合并审查。

两家公司的目标是在 2024 年上半年完成交易。

(Bloomberg) — Traders are more jittery than ever about the outcome of Chevron Corp.’s proposed $53-billion takeover of Hess Corp. as Venezuela threatens to seize mineral-rich regions in neighboring Guyana.

Hess shares fell roughly 5% this week as the conflict escalated, Chevron slid less than 1%. Stock in Hess — which generated nearly a quarter of its revenue from Guyana last year — traded nearly $14 below the value of the all-stock bid at from the oil giant on Thursday, the widest gap since the deal was announced. Hess shareholders will receive 1.025 shares of Chevron for each Hess share. 

RELATED: Chevron to increase Guyana, Bakken shale production with $53 billion Hess acquisition

On Nov. 28, before a Venezuelan referendum claiming vast stretches of neighboring Guyana — including its offshore oil fields — the gap was around $3.50.

Escalating geopolitical tensions between the two South American countries have caused merger arbitrage investors to reprice the deal risk, as they assess the prospect of this year’s second largest oil merger getting delayed or unraveling. Hess’ investments in offshore oil fields in Guyana accounted for about 23% of its 2022 revenue, according to Bloomberg compiled data. 

While analysts said the chances of an armed conflict are low, just the threat of military action by Venezuela may “discourage investment” in Guyana’s offshore oil fields, according to Benjamin Salisbury at Height Capital Markets. Production in the country is driven by an ExxonMobil Corp.-led consortium that includes Hess, he wrote in a note dated Thursday. 

Investors appeared to be positioned in the options market to protect against a further drop in Hess shares. 

A total of 16,500 of the $115 puts expiring in June were bought — giving the owner the right to sell 1.65 million shares at that level — and half as many $180 calls were sold. Along with the calls, it appeared $130 puts expiring Dec. 15 were also sold, likely to help finance the June puts while risking owning shares on a further 2.9% decline in the next week.

Meanwhile, the mega-merger received a second request from the Federal Trade Commission on Friday. The antitrust agency is running an in-depth merger review.

The companies are targeting to close the deal in the first half of 2024.