Chevron to Buy Hess for $53 Billion in Latest Oil Megadeal
- It’s the second major US oil deal in just a few weeks
- Chevron gains foothold in fast-growing producer Guyana
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Chevron Corp. agreed to buy Hess Corp. for $53 billion, a deal aimed at boosting production growth as the US oil industry bets on an enduring future for fossil fuels.
In an all-stock transaction, Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a total enterprise value of $60 billion, including debt.