Chevron (CVX) said Friday it has completed its acquisition of Hess (HES).
The deal was closed following what the company described as a "favorable arbitration outcome" regarding Hess' offshore assets in Guyana.
The company also said that the Federal Trade Commission lifted on Thursday an earlier restriction barring Hess Chief Executive John Hess from joining its board.
Under the terms of the merger, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, with Chevron issuing about 301 million shares to Hess shareholders, the company said.
Chevron said it expects the deal to be accretive to cash flow per share into the 2030s and achieve run-rate cost synergies of $1 billion by year-end.
Shares of Chevron and Hess were up 3.6% and 7.7% respectively in recent premarket activity Friday.
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