US oil major Chevron will be shipping more crude as it gains a foothold in oil-rich Guyana with a $53bn deal to take over producer Hess Corp.
The big tanker charterer announced the all-stock deal on Monday, two weeks after ExxonMobil also bet massively on fossil fuels with the takeover of shale group Pioneer Natural Resources for $59.5bn.
“The Hess acquisition will meaningfully increase Chevron’s production, providing it with a substantial stake in the large low-cost development in Guyana,” said Elena Nadtotchi, senior vice president for Moody’s Investors Service.
