Chevron Acquires Hess in $53 Billion Deal, Gaining Access to Guyana's Oil Reserves

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Written By Jennifer Joslyn

Chevron has agreed to purchase U.S. oil and gas producer Hess in an all-stock deal valued at $53 billion. This marks Chevron's largest-ever deal and gives it access to Guyana, home to a significant oil discovery. The acquisition comes amid a wave of merger and acquisition activity in the U.S. energy sector, driven by rising profits in the midst of the energy crisis. The move is part of Chevron's strategy to bet on the continued demand for fossil fuels, in contrast to some European counterparts investing more heavily in renewable energy.

Read more at Financial Times >

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Jennifer Joslyn
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