Chevron to buy Hess Corp for $53 billion
Chevron Corp has announced plans to buy the oil producer Hess Corporation in a $53bn deal.
There's a mood of consolidation in the air in the US oil industry - earlier this month Exxon Mobil, the largest American oil-producer, bought oil-explorer Pioneer Natural Resources for $59.5bn. Now Chevron has announced its buying its main rival Hess for $53bn.
The oil industry last went through an era of major consolidation in the late 1990s, following a collapse in oil prices. That's not the case now.
Today, the majors are sitting on piles of cash.
(Picture: View of the pumpjack in the oil well of the oil field. The arrangement is commonly used for onshore wells producing little oil. Pumpjacks are common in oil-rich areas. Picture credit: Getty Images)
Last on
More episodes
Broadcasts
- Mon 23 Oct 2023 21:32GMT大象传媒 World Service Europe and the Middle East & 大象传媒 Afghan Radio
- Mon 23 Oct 2023 22:32GMT大象传媒 World Service except Europe and the Middle East