NEW YORK (AP) — 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.
Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota.
Hess shareholders will receive 1.0250 shares of Chevron for each Hess share.
The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year.
Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.
Persons:
Hess, China’s CNOOC, John Hess
Organizations:
Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp
Locations:
Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City