Chevron to Merge Hess Exploration Team With Its Own, CEO Says

Chevron Corp. plans to merge Hess Corp.’s exploration team with its own to challenge “conventional thinking” and make new discoveries, Chief Executive Officer Mike Wirth in an interview on Bloomberg TV’s Wall Street Week.

Chevron is cutting about 650 Hess jobs after completing its $53 billion takeover last month, but exploration is one area likely to be spared.

“We’re going to bring their talent, their experience, their insights and blend it with ours,” Wirth said. Chevron will have “a stronger team as we move forward to challenge some of our conventional thinking.”

Chevron’s exploration team has struggled ...