Investing
Chevron to buy Hess Corp for $53 billion in all-stock deal
© Reuters. FILE PHOTO: The Chevron logo is pictured after the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraa/File photo
(Reuters) -Chevron Corp said on Monday it will buy smaller rival Hess Corp (NYSE:) in a $53-billion all-stock deal.
Chevron (NYSE:) is offering $171 for every Hess share, implying a premium of about 4.9% to the share’s last close.
CEO John Hess of Hess Corp, is expected to join Chevron’s board of directors once the deal closes, the companies said in a statement.
The deal comes weeks after rival Exxon (NYSE:) made a $60 billion offer for Pioneer Natural Resources (NYSE:) that would make it the biggest producer in the largest U.S. oilfield.
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