Chevron Completes Hess Deal, Deploys Supercomputer as WTI Surges 18%
Chevron completed its Hess acquisition and is partnering with Hewlett Packard Enterprise on a supercomputer deployment for advanced exploration analytics. WTI crude oil has risen from $60.46 on January 26 to $71.13 by March 2, with traders assigning an 80% probability of Iran closing the Strait of Hormuz by March 31.
1. Chevron Finalizes Hess Acquisition
Chevron closed its Hess acquisition, integrating Hess’s asset portfolio into its operations and expanding its upstream footprint.
2. Partners with HPE on Supercomputer Deployment
The company will deploy a Hewlett Packard Enterprise supercomputer to enhance seismic imaging and reservoir modeling, bolstering digital capabilities in exploration.
3. Rising Crude Prices and Strait of Hormuz Risk
WTI crude oil prices surged from $60.46 on January 26 to $71.13 by March 2 due to Middle East tensions, with traders pricing an 80% chance of Iran closing the Strait of Hormuz by March 31.