It didn't take Chevron (NYSE: CVX) long to respond to ExxonMobil's (NYSE: XOM) $60 billion acquisition of Pioneer Natural Resources (NYSE: PXD). Less than two weeks after Exxon unveiled its megamerger with Pioneer, Chevron signed an equally sizable merger deal with  (NYSE: HES). The $60 billion acquisition will enhance and extend Chevron's production and free cash flow growth outlook into the 2030s.

Here's a look at the deal and how it will move the needle for Chevron in the coming years.

Chevron is buying fellow oil and gas producer Hess in an all-stock deal. It's paying $171 per share for Hess by exchanging 1.025 of its shares for each one of Hess. That values Hess' equity at $53 billion, while the merger's full value rises to $60 billion after the assumption of debt. 

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Source Fool.com