Oil company Chevron to acquire rival Hess for $53 billion

Chevron agreed to buy Hess for $53 billion - a deal aimed at boosting production growth as the US oil industry bets on an enduring future for fossil fuels. In an all-stock transaction, Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a total enterprise value of $60 billion.

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