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Chevron is shopping for Hess Corp. for USD 53 billion as the largest U.S. oil corporations use a latest windfall in income to purchase up smaller rivals.
The Chevron-Hess deal comes lower than two weeks after Exxon Mobil mentioned it could purchase Pioneer Pure Assets for about USD 60 billion.
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Chevron mentioned in a press launch Monday that the acquisition of Hess provides a serious oil area in Guyana in addition to shale properties within the Bakken Formation in North Dakota.
Chevron is paying for Hess with inventory. Together with debt, Chevron valued the deal at USD 60 billion.
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