Chevron to Acquire Hess , for $53 Billion.br On Oct. 23, Chevron announced that it will buy out its competitor in an all-stock deal, Fox News reports.br The deal "upgrades and diversifies br Chevron's already advantaged portfolio," br according to the energy company.br Hess’ Bakken assets add another br leading U.S. shale position to br Chevron’s DJ and Permian basin br operations and further strengthen br domestic energy security, Chevron, via statement.br Hess’ Bakken assets add another br leading U.S. shale position to br Chevron’s DJ and Permian basin br operations and further strengthen br domestic energy security, Chevron, via statement.br The combined company is expected br to grow production and free cash flow br faster and for longer than Chevron’s br current five-year guidance. , Chevron, via statement.br Hess CEO John Hess is slated to br join Chevron's Board of Directors.br I am proud of our people and what we have br achieved as a company, which has one of the br industry’s best growth portfolios including br Guyana, the world’s largest oil discovery in the br last 10 years, and the Bakken shale, where we br are a leading oil and gas producer, John Hess, Hess CEO, via statement.br Chevron has a world-class diversified br portfolio of assets and one of the br industry’s strongest balance sheets br and cash return profiles, John Hess, Hess CEO, via statement.br I believe our strategic combination br creates a company that is stronger in every br respect, with the leadership, asset portfolio br and financial resources to lead us through br the energy transition and deliver significant br shareholder value for years to come. , John Hess, Hess CEO, via statement.br The deal is expected to close br in the first half of 2024.