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Big Oil Consolidation: Chevron Acquiring Hess - ConocoPhillips Acquiring Marathon Oil
CVXChevron(CVX) zacks.com·2024-05-29 23:56

Consolidation among the oil and energy sector continues as Chevron (CVX)  will be acquiring Hess (HES)  in a deal valued at 53billionwhileConocoPhillips(COP) issettoacquireMarathonOil(MRO) for53 billion while ConocoPhillips (COP)  is set to acquire Marathon Oil (MRO)  for 22.5 billion when including debt.This comes as crude prices are still up 10% for the year at just under $80 a barrel with big oil companies reaping massive profits.Image Source: Yahoo FinanceConsolidation OverviewAcquiring Hess will further expand and diversify Chevron’s massive energy portfolio by givin ...