Chevron buys Hess for $53 billion, 2nd megadeal in the oil patch this month as energy prices soar

By MICHELLE CHAPMAN
AP Business Writer

Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Crude prices are up 9% this year and have been hovering around $90 per barrel for about two months. Chevron said  Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale fields in North Dakota.