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Chevron to Purchase Hess for $53 Billion

A major deal was just announced in the oil industry, tell us more and that's right. So Chevron announced this morning that it's buying has in a $53 billion all stock deal and Chevron said the deal will help the company diversify and upgrade its portfolio. The second mega merger in the oil industry this month after Exxon Mobil announced its acquisition of pioneer natural resources for about $60 billion. Two weeks ago, Chevron's deal will put it in closer competition with Exxon Mobil, which is currently the number one gas and oil producer in the US.