presence and its purchase of Noble Energy back in 2020. oilfield, with Chevron’s latest deal prompting comparisons to an oil ‘arms race’.Ĭhevron has already completed two other takeovers recently, including the $7.6 billion acquisition of PDC Energy to boost its U.S. The acquisition makes Exxon the biggest oil producer in the largest U.S.
The move comes after its rival Exxon announced it was buying Pioneer Natural Resources in a $60 billion all-stock deal, valued at $253 a share.
“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron chairman and CEO, Mike Wirth.
