Integrated Oil & Gas
Case studies in integrated oil & gas.
Chevron and Hess: Is Guyana Worth the Uncertainty?
On February 26, 2024, Chevron and Hess filed their 2023 annual reports. Chevron’s filing described unresolved questions around Hess’s 30% interest in the Stabroek Block offshore Guyana, alongside the pending Federal Trade Commission review of the proposed merger. Read case
ExxonMobil: Capital Allocation Before the Next Plan
On the afternoon of November 15, Exxon Mobil Corporation disclosed that it would present an updated corporate plan on December 6, including capital plans through 2027. The announcement came after the company had signed a large all-stock agreement to acquire Pioneer Natural Resources, while commodity prices, operating cash flows, and regulatory approval remained uncertain. Read case
Occidental Petroleum: What comes after the debt milestone?
Occidental Petroleum had spent years managing the debt and integration consequences of its 2019 acquisition of Anadarko. In January 2026, it completed the sale of OxyChem to Berkshire Hathaway. The transaction narrowed Occidental's portfolio toward oil and gas, midstream, and lower-carbon ventures. It also created the company's largest recent source of cash for debt reduction. Read case