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Chevron Corp (NYSE: CVX) shares are trading lower by around 3% after it penned a deal to acquire Hess Corp (NYSE: HES) for $53 billion or $171 per share
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about $60 billion.
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All-stock deal comes after ExxonMobil acquired Pioneer Natural Resources earlier this month
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
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.