Chevron to buy competitor Hess for $53bln

US energy giant Chevron said on Monday it will buy its rival Hess in a $53 billion all-stock deal.

The giant bought Hess’ shares for $171 per share, based on Chevron’s closing price on Friday.

This mega-acquisition is the latest consolidation move in the US energy sector.

This came less than two weeks after ExxonMobil said it would acquire Pioneer for $60 billion.