Chevron Corp. agreed Monday to snap up Hess Corp. in an all-stock transaction valued at $53 billion, enlarging the supermajor’s Lower 48 and Gulf of Mexico portfolios and giving it entry into rich discoveries offshore Guyana in the Stabroek block.

The total enterprise value, including debt, is $60 billion. The agreement nearly matches the estimated worth of ExxonMobil’s announced takeover earlier this month of Permian Basin pure-play Pioneer Natural Resources Co. 

“This is Chevron’s third upstream deal since the pandemic with a premium around 10%, showing consistent discipline,” Chevron CEO Mike Wirth said during an early morning conference call Monday with energy analysts. 

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