• Chevron Corp. has reached an agreement to acquire Hess Corp. for $53 billion, with the primary objective of boosting production growth in anticipation of a lasting future for fossil fuels within the US oil industry. The deal, structured as an all-stock transaction, entails Chevron paying $171 per share for Hess, representing a premium of approximately 10% compared to the 20-day average share price. As detailed in a joint statement released by both companies on Monday, Hess shareholders will receive 1.025 shares of Chevron for each share of Hess they own, resulting in a total enterprise value of $60 billion, inclusive of debt.

• This acquisition will provide Chevron with a substantial presence in Guyana, a South American nation that has recently emerged as one of the world's newest oil producers. The move is expected to facilitate accelerated production growth and deliver more favorable returns to investors, as highlighted in the statement. Upon the announcement, Chevron's shares experienced a 2.3% decline when regular trading commenced in New York, while Hess saw a 0.7% increase in its share price.