Chevron announced on October 23rd that it has reached a final agreement with American energy company Hess to acquire all of the latter's outstanding shares through an all stock transaction, with a transaction value of $53 billion, expected to be completed in the first half of 2024. The total value of the enterprise involved in this transaction, including debt, is $60 billion. John Hess, CEO of Hess, is expected to join Chevron's board of directors.