Chevron is buying Hess Corp. for $53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes on the heels of Exxon’s agreement to acquire Pioneer Natural Resources for about $60 billion.
NEW YORK — Chevron is buying Hess Corp. for $53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors.after Exxon Mobil said it would acquire Pioneer Natural Resources for about $60 billion.
Chevron said in a press release Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota.
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Chevron to acquire Hess Corp. in $53 billion all-share dealBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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