Page 39 - John Hess News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The deal, worth $53 billion, is the second major oil merger within the last month.

Chevron's purchase of Hess for $53 billion is the second energy industry megadeal this month amid a surge in oil prices.

Chevron Corp has announced a $53 billion all-stock deal to acquire its smaller rival, Hess Corp, in a move that will reshape the energy landscape. The acquisition will give Chevron a 30% ownership stake in 11 billion barrels of oil equivalent in discovered recoverable resources in Guyana, as well as control over 465,000 net acres of high-quality, long-term inventory in Bakken. Experts believe that the deal will transform the competitive landscape and mark a transformative moment in the energy sector, particularly in the rapidly growing oil region of Guyana.

Chevron's acquisition of Hess uncovers a potential arbitrage play, spotlighting further consolidation in the energy sector amid rising oil prices.

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 w