Hess-Chevron Deal Spread Widens as Traders Weigh Guyana Risk

Traders are more jittery than ever about the outcome of the Chevron Corp.’s proposed $53-billion takeover of Hess Corp. as Venezuela threatens to seize mineral-rich regions in neighboring Guyana.

Hess shares fell roughly 5% this week as the conflict escalated, Chevron slid less than 1%. Stock in Hess — which generated nearly a quarter of its revenue from Guyana last year — traded nearly $14 below the value of the all-stock bid at from the oil giant on Thursday, the widest gap since the deal was announced. Hess shareholders will receive 1.025 shares of Chevron for each Hess share.

On ...