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Chevron Corporation (CVX) has entered into a definitive agreement with Hess Corporation (HES) to acquire all of the outstanding shares of Hess in an all-stock deal valued at $53 billion, or $171 per share.
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.
US energy giant Chevron will buy its rival Hess for $53 billion in an all-stock deal, the companies announced in a joint statement on Monday.
Chevron is buying Hess for $53 billion and it’s not even the biggest acquisition in the energy sector this month as oil prices surge.
Chief executive John Hess said the deal adds oil fields in Guyana, including more than 11 billion barrels of oil equivalent.