Chevron to Buy Hess for $53 Billion

Chevron said it would buy Hess in an all-stock deal worth $53 billion in the second major oil tie-up this month, after Exxon Mobil’s deal to buy Pioneer Natural Resources.

The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota.