Chevron Buys Hess As The U.S. Oil Merger Train Gains Steam

Less than two weeks after ExxonMobil’s all-stock buyout of Permian Basin giant Pioneer Natural Resources , fellow U.S. major Chevron said it is buying Houston-based independent Hess Corp. in another all-stock transaction. The acquisition of Hess will not only make Chevron a major player in the Bakken Shale basin in North Dakota and Montana, but also make it a 30% partner in the gigantic Stabroek block offshore Guyana in which ExxonMobil serves as operator. Chevron said in a release issued early Monday it has entered into a definitive agreement to...