Chevron buys Hess for $53 billion amid surging oil prices

Chevron on Monday said it is buying fellow oil company Hess Corp. for $53 billion, marking a second major energy acquisition this month as oil prices are rising.

Exxon Mobil said less than two weeks ago that it would acquire Pioneer Natural Resources in a $59.5 billion merger.

While the all-stock transaction of Chevron's purchases of Hess is valued at $53 billion, the total value of the purchase is $60 billion, according to Chevron.

John Hess, whose father founded his namesake company, is expected to join Chevron's Board of Directors. "This strategic combination brings together two strong companies to create a premier integrated energy company," he said.

Crude oil prices have been around $90 a barrel for about two months, a 9% leap this year, according to The Associated Press. Oil prices surged following Russia's invasion of Ukraine, but have remained high after Saudi Arabia and Russia last month agreed to continue cutting supplies through the end of this year.

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