Chevron has agreed to buy US oil and gas producer Hess in a $53bn all-stock deal, doubling down on its bet that demand for fossil fuels will remain robust for decades to come.
The deal — the biggest in Chevron’s history — gives Hess an enterprise value, including debt, of $60bn and delivers the supermajor a foothold in Guyana, home to the biggest oil discovery of the past decade.
It comes as a rush of merger and acquisition activity begins to sweep through the US energy sector as companies look to deploy the bumper profits created by the energy crisis. Chevron’s rival ExxonMobil agreed to acquire Texas shale producer Pioneer Natural Resources earlier this month for an enterprise value of $64bn.
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