Chevron Buys Up Rival Producer in October’s Second Major Fossil Fuel Merger

Chevron said Monday that it has reached a deal to acquire rival oil producer Hess Corporation for $53 billion in stock, the second major fossil fuel merger announced this month following a

“These Big Oil Frankensteins are a direct threat to our climate, democracy, and economy,” Jamie Henn, director of Fossil Free Media,“The industry is consolidating power to drill as much as possible and stop all climate progress,” Henn added, urging Federal Trade Commission Chair “Much like Exxon’s massive acquisition earlier this month, Chevron is betting billions on the belief that it can continue drilling and burning fuels unchecked, even as the climate crisis worsens,” said DiPaola. “This deal is a clear indication that the industry expects it still has the political power to keep the world hooked, pumping oil and gas with abandon while the planet burns.”

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Chevron buys Hess for $53B in second mega oil merger this monthThe deal signals energy giants — flush with cash since oil prices spiked after Russia’s invaded Ukraine — are leaning into fossil fuels despite calls for cleaner options.
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