Chevron buys energy company Hess

US energy company Chevron announced that it has reached an agreement to buy oil and gas exploration and production company Hess for $53 billion.

According to the company statement, Chevron expects the merger to diversify its portfolio and increase cash flow faster than its current five-year expectation.

With the completion of Chevron’s $53 billion acquisition of energy company Hess, Hess CEO John Hess is scheduled to join Chevron’s board of directors.

THE AGREEMENT WILL BE COMPLETED IN THE FIRST HALF OF 2024

The deal is expected to be completed in the first half of 2024.

Chevron’s acquisition of Hess stands out as the second recent large-scale deal in the US hydrocarbon sector.

The American Exxon Mobil also announced on October 11 that it had reached an agreement to buy Pioneer Natural Resources, a hydrocarbon company based in Texas, for $59.5 billion. (AA)