（彭博社）“雪 佛龙公司”收购赫斯公司。其所做的不仅仅是获得圭亚那沿海世界上增长最快的油田和北达科他州巴肯盆地页岩资产的股份。它还提供了价值丰富的石油独立产品。
资料来源：路透社
虽然全股票交易的规模达到 530 亿美元，这已经是一个令人瞠目结舌的数字，但也许更引人注目的是 Hess 的相对价值。
这些股票的交易市盈率接近 20 倍，远高于行业巨头埃克森美孚公司、康菲石油公司和雪佛龙公司的交易市盈率。此外，Hess 的交易价格约为整个 23 个标准普尔 500 能源指数成分股市盈率的两倍。
虽然估值对于市场时机来说是出了名的糟糕信号，但这些数据确实表明赫斯及其南美资产的潜力非常乐观。收购Hess将使 雪佛龙 拥有圭亚那超过110亿桶当量可采资源30%的所有权，圭亚那主要的新石油生产已使该国经济成为世界上增长最快的经济体。
该交易还增加了墨西哥湾和巴肯盆地的面积，巴肯盆地是美国页岩盆地，比二叠纪盆地要小，而那里的产量似乎已经达到顶峰。
(Bloomberg) – Chevron Corp.’s acquisition of Hess Corp. does more than give it a stake in the world’s fastest-growing oil field off the coast of Guyana and shale assets in the Bakken basin of North Dakota. It also delivers a richly-valued oil independent.
Source: Reuters
While just the size of the all-stock transaction, at $53 billion, is an eye-watering figure, perhaps even more compelling is the relative value of Hess.
The shares have been trading with a multiple near 20 times blended forward earnings, far in excess of where industry behemoths Exxon Mobil Corp., ConocoPhillips and Chevron are all trading. Furthermore, Hess is trading about two times the price-to-earnings ratio of the entire 23-member S&P 500 Energy Index.
While valuations are notoriously bad signals for timing the market, these figures do suggest a lot of optimism in Hess and the potential of its South American assets. Buying Hess will give Chevron 30% ownership of more than 11 billion barrels-equivalent of recoverable resources in Guyana, where major new oil production has transformed the country’s economy into the world’s fastest-growing.
The transaction also adds acreage in the Gulf of Mexico and the Bakken, a smaller U.S. shale basin than the Permian, where production appears to have peaked.