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Hess Corporation has received a positive rating from UBS, highlighting its strong position in the exploration and production of crude oil and natural gas. In 2023, the company produced 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas daily. Geographically, net sales are distributed as follows: United States (58%), Guyana (33.2%), and Malaysia (8.8%).
Hess Corporation focuses on the exploration and production of crude oil and natural gas, with a daily output of 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas in 2023. Geographically, net sales are distributed as follows: 58% in the United States, 33.2% in Guyana, and 8.8% in Malaysia. UBS has reiterated its buy recommendation for the company.
Chevron reported third-quarter earnings of $4.49 billion, or $2.48 per share, down 31% year-over-year, but exceeded expectations with adjusted earnings of $2.51 per share and revenues of $50.67 billion. The company returned a record $7.7 billion to shareholders, including $4.7 billion in buybacks and $2.9 billion in dividends, while production rose 7% to 3.36 million oil-equivalent barrels per day. Chevron is also pursuing cost reductions and asset sales, amid uncertainties surrounding its $53 billion acquisition of Hess.
UBS O’Connor is betting $4 billion on a revival in the merger-arbitrage market, which has struggled this year due to regulatory challenges. With a third of its portfolio in merger-arb, the firm anticipates a catalyst-rich quarter ahead, driven by the US presidential election and updates on key deals. Despite a slight recovery, merger-arb strategies remain among the weakest in hedge-fund performance, with a 3.5% gain compared to the broader industry’s 8.3%.

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