Additionally, the development is closely guarded and takes years.
“The highly secretive process of developing the annual toy generally starts between two and three years before it actually goes on sale. And for some of the more complicated toys, it’s been as long as six years from concept to market.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 160.57 | -6.30 | -3.78% |
Chevron announced plans to acquire Hess for $53 billion or $171 per share to beef up the company’s assets, including in the coveted region Stabroek block in Guyana.
“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron Chairman and CEO Mike Wirth in the deal announcement.
Hess CEO John Hess will join Chevron’s board of directors.
The deal is the second mega tie-up in the energy sector this month following Exxon’s $59 billion acquisition of Pioneer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 111.08 | -1.94 | -1.72% |
| PXD | PIONEER NATURAL RESOURCES CO. | 246.64 | -4.36 | -1.74% |
