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New York (CNN) — Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal.Cash-rich oil giants are taking<a class="excerpt-read-more" href="https://whdh.com/news/chevron-agrees-to-buy-hess-for-53-billion/">Read More</a>
Chevron agreed to buy Hess for $53 billion not long after Exxon paid $59.5 billion for Pioneer. Both deals are paradigmatic of a larger trend
The union of Hess, PDC, and Noble is projected to propel Chevron's total oil and gas output to an impressive 3.7 million barrels per day (bpd).
Chevron has agreed to buy rival in the second major deal in the sector this month - as the industry continues to benefit from geopolitical instability.
Chevron is buying Hess Corp. for $53 billion and it's not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.