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Chevron has agreed to acquire rival American publicly listed oil and gas company Hess Corporation in an all-stock deal worth $53bn.

NEW YORK — 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 t

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. Crude prices rose sharply in early 2022 with Russia's invasion …

Chevron Corporation (NYSE: CVX) announced on Monday that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at US$ 53 billion, or US$ 171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is US$ 60 billion.

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