Game-Changing: Chevron’s $53 Billion All-Stock Acquisition to Buy Hess Corp

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Game-Changing: Chevron’s Billion All-Stock Acquisition to Buy Hess Corp

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Men work on an electric drilling operating at a Chevron site in Kersey, Colorado, U.S. October 6, 2022. REUTERS/Liz Hampton/File Photo
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Oct 23 (Reuters) – Chevron (CVX.N) has announced its agreement to acquire Hess (HES.N) for $53 billion in stock. This merger follows Exxon Mobil’s (XOM.N) $60 billion bid for Pioneer Natural Resources earlier this month.

This deal intensifies the competition between Chevron and Exxon, positioning them as direct rivals in the development of drilling projects in Guyana, a budding oil producer.

It also signals Chevron’s commitment to increasing investments in fossil fuels, capitalizing on the strong demand for oil and gas and the opportunity to replenish inventories through acquisitions.

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