Chevron bought 15.38 million shares of Hess' common stock via the open market, even as the companies work to complete their embattled merger.

Chevron is on the verge of buying oil company Hess. But as Chevron waits to swallow its rival, it is snacking on Hess shares—at a discount to the implied acquisition price. Chevron revealed the purchase of 4.

Chevron agreed to purchase Hess in October 2023, aiming to expand its presence in the oil-rich Stabroek block.