US oil giant Chevron to buy competitor Hess for $53bln

BURBANK, CALIFORNIA - MAY 22: The Chevron logo is displayed at a Chevron gas station on May 22, 2023 in Burbank, California. Chevron is doubling down in the shale sector with an acquisition of shale driller PDC Energy, which has operations in Colorado and Texas, in a $6.3 billion deal. Mario Tama/Getty Images/AFP (Photo by MARIO TAMA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Agence France-Presse (AFP)

The mega-acquisition is the latest consolidation move in the US energy sector

Staff Writer, Agence France-Presse (AFP)

October 23, 2023

PHOTO
BURBANK, CALIFORNIA - MAY 22: The Chevron logo is displayed at a Chevron gas station on May 22, 2023 in Burbank, California. Chevron is doubling down in the shale sector with an acquisition of shale driller PDC Energy, which has operations in Colorado and Texas, in a $6.3 billion deal. Mario Tama/Getty Images/AFP (Photo by MARIO TAMA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

US energy giant Chevron will buy its rival Hess for $53 billion in an all-stock deal, the companies announced in a joint statement on Monday.

The mega-acquisition is the latest consolidation move in the US energy sector, coming less than two weeks after the announcement that ExxonMobil would acquire Pioneer for $60 billion.

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