Chevron's purchase of Hess for $53 billion is the second energy industry megadeal this month amid a surge in oil prices.
Chevron said Monday it will buy Hess Corp. for $53 billion, marking the second major oil deal this month as major producers seize the initiative while oil prices surge.The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Chevron is paying for Hess with stock, with shareholders receiving 1.025 shares of Chevron for each Hess share. Chevron said the deal is valued at $60 billion, including debt.
Play for Guyana's oilGuyana is a South American country of 791,000 people that is poised to become the world's fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years with oil giants, including Exxon Mobil, China's CNOOC, and also Hess, squared off in a heated competition for highly lucrative oil fields in northern South America.
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Chevron to acquire Hess Corp. in $53 billion all-share dealBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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