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Chevron is buying Hess Corp. for USD 53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors.
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about USD 60 billion.
Chevron said in a press release 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.
Chevron is paying for Hess with stock. Including debt, Chevron valued the deal at USD 60 billion.
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