Business & Investment

Exxon CEO Chevron talked about merger last year

ExxonMobil Corporation and Chevron Corporation CEOs talked about the integration of oil giants last year and, according to people familiar with the talks, tested the waters to see if they could be one of the biggest mergers to date. ..

Chevron
CVX,
-4.29%

CEOs Mike Worth and Exxon
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-2.65%

Shortly after the coronavirus pandemic began, CEO Darren Woods said he had reduced demand for oil and gas and put a huge financial burden on both companies. The discussion was described as preliminary and is not underway, but people said it could come back in the future.

Such a deal would reunite the two largest offspring of John D. Rockefeller’s Standard Oil monopoly, which was disbanded by US regulators in 1911, and reshape the oil industry.

The market value of the merged company could exceed $ 350 billion. Exxon has a market value of $ 190 billion and Chevron has a market value of $ 164 billion. Taken together, they form the world’s second-largest oil company in terms of market capitalization and production, producing about 7 million barrels of oil and gas per day based on pre-pandemic levels, second only to Saudi Aramco. It will be the place.

An enhanced version of this report is posted on WSJ.com.

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Exxon CEO Chevron talked about merger last year

http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D248ACADF11A%7D&siteid=rss&rss=1 Exxon CEO Chevron talked about merger last year

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