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Big Oil Players On a Spending Spree as Chevron Buys Hess

Oct. 23, 2023
The news from Chevron, No. 2 on the IW U.S. 500, follows closely on a big purchase announcement from Exxon Mobil earlier this month.

The big are getting bigger. Oil and gas producer Chevron Corp. announced Monday that it would purchase Hess Corp. in an all-stock transaction valued at $53 billion, a significant purchase by any measure. However, it's only the second largest deal in October among the oil and gas giants. Earlier this month Exxon Mobil Corp. reported plans to acquire oil and gas exploration company Pioneer for a slightly higher purchase price at $59.5 billion.

Both Exxon Mobil and Chevron lead the 2023 IW U.S. 500, IndustryWeek's annual list of the largest publicly held manufacturing companies in the United States. Exxon Mobil tops the 2023 list with annual revenue of $402 billion in 2022, followed by Chevron, whose revenue came in at $244 billion. Both companies enjoyed double-digit profit margins over the previous year as well.

Assuming both deals close in the first half of 2024 as the companies forecast, neither will impact the oil companies' ranking in the 2024 IW U.S. 500 list, which will be based on 2023 revenues.

The companies' year-end buying spree does beg the question: Is there more to come? 

Read the full story of Chevron's purchase of Hess at Oil & Gas Journal, an Endeavor Business Media news brand.

Also from Oil & Gas Journal: ExxonMobil to acquire Pioneer Natural Resources in $64.5-billion deal.

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