Big Oil Battle: ExxonMobil and Chevron Are Fighting Over This Oil-Rich Spot
ExxonMobil (NYSE: XOM) and (NYSE: CVX) are behemoths in the oil patch. The integrated oil giants have operations that span the globe and the entire oil sector value chain -- upstream, midstream, and downstream. While they're peers, they are also fiercely independent and competitive. They routinely benchmark their results against each other.
Their competition isn't always friendly. The oil companies currently find themselves on opposite ends of a major dispute stemming from Chevron's pending acquisition of Hess (NYSE: HES), which it made as a countermove following Exxon's mega-deal for Pioneer Natural Resources. Exxon is maneuvering to grab Hess' crown jewel and keep it out of Chevron's hands.
Last October, Chevron agreed to buy Hess in an all-stock deal valuing the oil and gas company at $53 billion, or $60 billion including debt. That deal announcement came less than two weeks after Exxon unveiled its mega-merger agreement with Pioneer Natural Resources. The all-stock deal valued Pioneer at $59.5 billion, or $64.5 billion, including debt.
Source Fool.com
Chevron Corp. Stock
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