John Hess, chief executive officer of Hess Corp., speaks during the 2023 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 7, 2023.
Aaron M. Sprecher | Bloomberg | Getty Images
Chevron said on Monday it will buy smaller rival Hess in a $53-billion all-stock deal.
Chevron is offering $171 for every Hess share, implying a premium of about 4.9% to the share’s last close.
CEO John Hess of Hess Corp. is expected to join Chevron’s board of directors once the deal closes, the companies said in a statement.
The deal comes weeks after rival Exxon made a $60 billion offer for Pioneer Natural Resources that would make it the biggest producer in the largest U.S. oilfield.
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