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Chevron: $53 Billion Hess Deal

Chevron Corporation is a multinational energy company that specializes in oil and gas, hydrocarbon exploration, chemical manufacturing and sales etc. Chevron is the second-largest direct descendant of Standard Oil, founded in 1879 and originally known as the Pacific Coast Oil with its headquarters in California, USA.

Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas.

According to recent reports, Chevron announced that it has agreed to buy Hess Corporation for $53 Billion USD in yet another oil industry consolidation deal. This acquisition will give Chevron broader access to US shale production in Texas’ Permian Basin, a part of the industry where Chevron has been a leader for years.

Earlier in October 2023, Incognito Blog reported the acquisition of Pioneer by ExxonMobil in a $60 billion USD deal.

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