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Chevron to Fold Hess Exploration Team Into Its Operations

Chevron has announced plans to bring Hess Corporation’s exploration staff into its own workforce, aiming to spark new ideas and boost discoveries in oil and gas.

CEO Mike Wirth shared the update during an appearance on Bloomberg TV’s Wall Street Week, noting that the combined team will be used to “challenge traditional thinking” in the sector.

The decision comes just weeks after Chevron finalized its $53 billion purchase of Hess. While about 650 jobs will be eliminated as part of the takeover, the exploration division is set to remain a key focus area.

Industry analysts say the merger strengthens Chevron’s position in the upstream market and underscores its strategy to keep exploration central to its long-term growth.