speed bump

Chevron's $53B acquisition of Hess Corp. sees hiccup

Chevron has a new speed bump on the road to a big acquisition. Photo via Chevron

Chevron warned Monday that its pending $53 billion acquisition of Hess may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana.

The disclosure in a filing with the Securities and Exchange Commission raised investor qualms, depressing shares of both Chevron and Hess. Chevron's stock price fell 3% Tuesday morning before rebounding; Hess stock lost 4% of its value but bounced back slightly.

Chevron's acquisition of Hess would add this major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Guyana is a country of 791,000 people that is poised to become the world’s fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years, with oil giants including Exxon Mobil, China’s CNOOC, and Hess squared off in a heated competition for highly lucrative oil fields in northern South America.

Chevron said it's been engaged in discussion with Exxon and CNOOC, aka China National Offshore Oil Co. Both companies hold rights of first refusal for decisions regarding the oil field in question, known as the Stabroek Block. Exxon Mobil operates the Stabroek Block and holds 45% interest. Hess holds 30% interest, and CNOOC holds the remaining 25% interest. Production capacity at the field is expected to reach more than 1.2 million barrels per day by the end of 2027, Exxon said in November.

If those discussions and subsequent arbitration fail to set aside those first refusal rights, Chevron said, “the merger would not close.”

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A View From HETI

Fervo Energy claimed a top 10 spot on Time magazine and Statista’s new list of America’s Top GreenTech Companies of 2025. Photo via Getty Images.

The accolades keep rolling in for Houston-based Fervo Energy, a producer of geothermal power.

Fervo lands at No. 6 on Time magazine and Statista’s new list of America’s Top GreenTech Companies of 2025. The ranking recognizes sustainability-focused companies based on factors such as impact, financial strength, and innovation.

Time notes that Fervo broke ground in 2023 in Utah on what the company claims will be the world’s largest geothermal plant. The plant is scheduled to start supplying carbon-free electricity to the grid next year and to reach its 400-megawatt capacity in three years.

“Technologies like this only make a difference if we deploy them at large-scale in a way that can reduce carbon emissions and increase the reliability of the grid,” Fervo CEO Tim Latimer told Time in 2023.

The startup was named North American Company of the Year by research and consulting firm Cleantech Group for 2025. Fervo topped the Global Cleantech 100, Cleantech Group’s annual list of the world’s most innovative and promising cleantech companies.

Last year, Fervo also made Time’s list of the 200 Best Inventions of 2024. Fervo was recognized in the green energy category for its FervoFlex geothermal power system.

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company exceeds $1 billion. The startup’s valuation is estimated at $1.4 billion. According to PitchBook data, the company raised $634 million in the fourth quarter of 2024.

In all, eight Houston-area companies appear among the top 250 greentech companies ranked by Time and Statista. Other than Fervo, they are:

  • No. 43 Lancium Technologies, an energy storage and distribution company
  • No. 50 Solugen, a producer of sustainable chemicals.
  • No. 56 Quaise Energy, which specializes in terawatt-scale geothermal power.
  • No. 129 Plus Power, a developer, owner and operator of battery storage projects.
  • No. 218 Dream Harvest, which promotes sustainable vertical farming.
  • No. 225 Cemvita, which uses synthetic biology to convert carbon emissions into bio-based chemicals.
  • No. 226 Syzygy Plasmonics, which decarbonizes chemical production.
Vermont-based BETA Technologies claimed the No. 1 spot. The company manufactures electric aircraft.

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