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Chevron has agreed to buy US oil and gas producer Hess Corporation in a $53bn all stock deal, in the latest step in the consolidation of the US energy sector.
The deal values Hess’s equity at $53bn, with the total enterprise value of the transaction, including the company’s debt, amounting to $60bn. It comes after ExxonMobil acquired Pioneer Natural Resources earlier this month for $60bn.
Chevron chief executive Mike Wirth said that the deal “positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets”.
It sees one of the world’s largest energy companies double down on fossil fuels. Hess’s assets include a 6.6mn acre offshore oil exploration scheme in Guyana and a large shale project in North Dakota.
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