Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources.
Chevron is buying Hess Corp for $53 billion and it's not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.
Crude prices are up 9 percent this year and have been hovering around $90 per barrel for about two months. Chevron said the deal will help to increase the amount of cash given back to shareholders. The company anticipates that in January it will be able to recommend boosting its first-quarter dividend by 8 percent to $1.63. This would still need board approval.
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