Chevron has agreed to buy US oil and gas producer Hess Corporation in a $53bn all-stock deal, doubling down on its bet that demand for fossil fuels will remain robust for decades to come.
The deal values Hess’s equity at $53bn and gives the company an enterprise value, including debt, of $60bn. It is the latest step in the consolidation of the US energy sector after ExxonMobil acquired Pioneer Natural Resources earlier this month for an enterprise value of $64bn.
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