Reuters – Chevron has agreed to buy Hess for $53 billion in stock to gain a bigger U.S. oil footprint and a stake in rival Exxon Mobil’s massive Guyana discoveries, the latest in a series of blockbuster U.S. oil combinations.
The recent oil deals are a financial flex by U.S. oil and gas companies that have kept investing in fossil fuels as European rivals turned their attention to renewable fuels.
“With this deal, Chevron is betting on the failure of the Paris Climate Agreement,” said Mark van Baal, the founder of Follow This, an activist shareholder group.
“Big Oil needs to change or Paris will fail,” he added, referring to the 2015 Paris Agreement to limit global warming.
