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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 the initiative
Major oil drillers are looking for new investments as oil prices surge. Chevron buying Hess Corporation for $53 billion comes less than two weeks after Exxon Mobile said it would acquire Pioneer Natural Resources for about $60 billion.
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
The deal puts two of the top oil giants, Chevron and Exxon Mobil, head-to-head in two of the world's fastest growing oil basins - shale and Guyana. Guyana has become a major oil producer in recent years after huge discoveries by Exxon Mobil, its partner Hess and China's CNOOC, which together produce 400,000 bpd from two offshore vessels and have said they could develop up to 10 offshore projects.
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Crude prices are up 9% this year and have been hovering around $90 per barrel for about two months.