Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry
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Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.
The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.
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