Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53-billion all-stock deal, as the oil major looks to increase its footprint in oil-rich Guyana. The deal puts two of the top oil giants, Chevron and Exxon Mobil (XOM.N), head-to-head in two of the world’s fastest growing oil basins – shale and Guyana. Guyana has become a major oil producer in recent years after huge discoveries by Exxon Mobil, its partner Hess and China’s CNOOC, which together produce 400,000 bpd from two offshore vessels.
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— Reuters (@Reuters) October 23, 2023