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The mega-acquisition is the latest consolidation in the US energy sector, coming less than two weeks after the announcement that ExxonMobil would acquire Texas shale producer Pioneer for about $60 billion.
STORY: Chevron agreed on Monday to buy US oil and gas producer Hess in a $53-billion all-stock deal....
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 of Ukraine and are hovering around $90 per barrel after ticking another 9% higher this year, meaning big drillers are flush with cash and looking for places to invest piles of cash. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
Chevron said on Monday it will buy smaller rival Hess in a $53 billion all-stock deal, as the oil major looks to increase its footprint in oil-rich Guyana.
Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal.