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

Associated Press

NEW YORK (AP) — 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 less than two weeks 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.

Chevron is paying for Hess with stock. Including debt, Chevron valued the deal at $60 billion.