Chevron/Hess merger extends sector trend.

  • Published In: Oil & Energy Trends, 2023, v. 48, n. 12. P. 8 1 of 2

  • Database: Business Source Ultimate 2 of 2

Abstract

Chevron has announced its acquisition of US independent upstream operator Hess Corp in a $53 billion all-stock deal. This merger follows ExxonMobil's recent merger with Pioneer Natural Resources and suggests a trend of consolidation in the oil and energy sector. The deal will enhance Chevron's offshore positions, particularly in Guyana and the Bakken shale, making it the leading international oil company in deepwater and ultra-deepwater. While US majors are pursuing consolidation, European majors are less likely to do so due to a lack of suitable targets and a greater focus on renewables. [Extracted from the article]

Additional Information

  • Source:Oil & Energy Trends. 2023/12, Vol. 48, Issue 12, p8
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2023
  • ISSN:0950-1045
  • DOI:10.1111/oet.13057
  • Accession Number:174690371
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