Chevron buys Hess for $53 billion in second mega oil merger this month

By Aaron Gregg, The Washington PostA pedestrian walks past a tanker at a Chevron gas station in San Francisco, Monday, Oct. 23, 2023. Chevron is buying Hess Corp. for $53 billion as major producers seize the initiative while oil prices surge.

The investments run counter to U.S. and global climate policies, which aim to rapidly phase out the internal combustion engine and shift power grids to zero emissions energy. The International Energy Agency reported last month that demand for oil, gas and coal will peak by 2030 before going into a steady decline, leading its executive director, Fatih Birol, to warn oil company executives that decisions to double down on fossil fuel infrastructure could prove misguided.

Alex Witt, senior adviser for oil and gas at the advocacy group Climate Power, said the Hess acquisition shows the company’s true priorities. “Today’s news proves what we already knew - Chevron executives only care about the short-term, putting potential profits over the lives of families and the future of our planet,” Witt said in a statement Monday.

The consolidation also comes as the major energy players are flush with cash following the run-up in crude prices in the aftermath of the Russian invasion of Ukraine in February 2022.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chevron buys Hess for $53 billion in 2nd major oil merger this monthChevron is buying Hess for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.
Source: latimes - 🏆 11. / 82 Read more »

Chevron to buy Hess Corp for $53 billion in second oil mega-merger in weeksChevron agreed to buy rival Hess for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.
Source: KSLcom - 🏆 549. / 51 Read more »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerThe San Diego Loyal SC is playing what could be its final home game as their season comes to a close in the USL Championship Western Conference Quarter Final.
Source: CBS8 - 🏆 335. / 59 Read more »