Chevron has agreed to acquire rival American publicly listed oil and gas company Hess in an all-stock deal worth $53bn in a move to upgrade and diversify its portfolio.
After the inclusion of Hess’ debt, the total enterprise value is $60bn.
“Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon.”