Chevron buys Hess for $53 billion, 2nd buyout among major producers this month as oil prices surge

Associated Press

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes on the heels of Exxon’s agreement to acquire Pioneer Natural Resources for about $60 billion. Chevron said in a press release Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota.