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Chevron to buy Hess for $53 billion as the biggest US oil companies get even bigger

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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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