Key takeaways
- Chevron has agreed to buy oil producer Hess for $53 billion in an all-stock transaction
- The move comes weeks after Exxon announced its own $60 billion merger news with Pioneer Natural Resources
- Chevron’s share price fell as much as 3.7% on Monday
Oil and gas behemoth Chevron has agreed to buy oil producer Hess for a whopping $53 billion, it announced this week, in a deal that has sparked comparisons to an oil arms race in the sector.
Chevron buying up Hess for $53 billion is the latest in a string of M&A for the sector, with the oil titan looking to capitalize on the Guyana oil reserves rival Exxon Mobil has, having first been discovered in 2015. But both Chevron and Hess shares were down on Monday, despite the good news.
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