Exxon and Chevron discussed merger
The CEOs of the two largest American oil companies Exxon and Chevron spoke with each other about a merger last year. That writes The Wall Street Journal.
According to the US business newspaper, the probing talks resulted from the collapse in demand for oil and gas shortly after the corona outbreak.
The talks between Exxon’s oil bosses Mike Wirth and Chevron’s Darren Woods were exploratory in nature, according to The Wall Street Journal. It may just as well be the start of one of the largest corporate mergers ever. Although there is a chance that a deal will not get past the competition watchdog.
A Chevron merger
would reunite the two largest descendants of John D. Rockefeller’s oil monopoly Standard Oil. Standard Oil was split up by US regulators in 1911.
The merged company would have a combined market value of $ 354 billion. Good for the second place after the Saudi state oil company Saudi Aramco. Exxon is worth $ 190 billion, while Chevron is valued at $ 164 billion.