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Breakingviews - Chevron's $53 billion deal is risky Exxon copycat
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Chevron has decided, like Exxon Mobil , that it's better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal. The transaction is more speculative than Exxon's $60 billion plunge into Texas shale, announced earlier this month when it agreed to buy Pioneer Natural Resources . It's also dicey for Chief Executive Mike Wirth.
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