Oil giant Chevron is set to acquire competitor Hess for $53 billion plus debt, the company announced Monday.
Chevron is expected to obtain increased access to shale in Texas’ Permian Basin and Hess’s oil assets in Guyana as part of the deal.
According to Chevron, the acquisition will free up cash flow and subsequently facilitate more share repurchases for the company.
“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron CEO Mike Wirth.
