Chevron to buy Hess Corp in $53bn deal

Chevron said on Monday that it has agreed to buy Hess Corporation in a $53bn all-share deal.

Under the terms of the agreement, Hess shareholders will receive 1.0250 Chevron shares for each of theirs.

Hess is a global independent energy company engaged in the exploration and production of crude oil and natural gas with leading positions offshore Guyana, the Bakken shale play in North Dakota, the deepwater Gulf of Mexico and the Gulf of Thailand.

Chevron said the deal upgrades and diversifies its "already advantaged portfolio".

The company’s chairman and chief executive, Mike Wirth, said: "This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets.

"Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon."