(Bloomberg) -- Chevron Corp.’s post-earnings selloff shrank the value of its all-stock offer for Hess Corp. by roughly $6.5 billion.

Chevron slumped as much as 5.9% on Friday after posting a massive 66-cent per-share profit miss, largely due to unexpectedly weak overseas refining results. That crimped the returns investors are set to reap from the 1.025 Chevron shares they will receive for each unit of Hess stock.

Meanwhile, the deal premium for Hess investors shrank to 3.1% from 10% when the agreement was announced on Oct. 23. 

Despite the tumble, the deal isn’t in jeopardy, according to Vincent Piazza, a Bloomberg Intelligence analyst. Once the deal is finalized, Hess investors will possess a liquid stock supported by a robust buy-back program, he added.

Read More: Exxon, Chevron Disappoint on Weak Refining, Chemical Results

Chevron’s overseas refineries delivered roughly half the net income analysts were expecting Friday. The company’s Permian Basin crude-production business lagged and costs at the mammoth Tengiz project in Kazakhstan increased by roughly 4%. Hess also crashed in tandem with its suitor, dropping 5% to $141.51.

--With assistance from Simon Casey.

(Updates with dwindling deal premium in third paragraph.)

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