Chevron Makes Hess Its Largest Acquisition

Summary:

  • Chevron Corporation offers $60 billion to acquire Hess Corporation following Exxon Mobil Corporation’s acquisition of Pioneer Natural Resources.
  • The Hess acquisition includes a 30% stake in the Stabroek Block off the coast of Guyana, which has significant production potential.
  • Chevron’s acquisition is seen as an expensive bet on oil prices, with the long-term success depending on market demands.

industrial illustration of oil wells - Guyana oil industry concept on flag background. 3D Illustration

DancingMan/iStock via Getty Images

Chevron Corporation (NYSE:CVX) has made its move. The company has responded to Exxon Mobil Corporation’s (XOM) acquisition of Pioneer Natural Resources Company (PXD) with its own, offering $60 billion to purchase


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