Chevron to buy Hess Corp for $53B in all-stock deal

Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53 billion, all-stock deal.

Chevron is offering $171 for every Hess share, implying a premium of about 4.9% to the share’s last close.

CEO John Hess of Hess Corp, is expected to join Chevron’s board of directors once the deal closes, the companies said in a statement.

The deal comes weeks after rival Exxon made a $60 billion offer for Pioneer Natural Resources that would make it the biggest producer in the largest U.S. oilfield.