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Gold/Mining/Energy : Chevron Corporation

CVX 136.66

-0.5%

Apr 23 3:59 PM EDT

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From: Sr K	10/27/2023 11:51:26 AM
	of 31

Chevron Bets on Peak Green Energy https://www.wsj.com/articles/chevron-bets-on-peak-green-energy-99e72109?mod=business_trendingnow_opn_pos1 The oil giant invests $53 billion to acquire Hess’s oil and gas assets. By The Editorial Board Oct. 23, 2023 6:35 pm ET Share Resize Listen (4 min) image PHOTO: BRANDON BELL/GETTY IMAGES The climate lobby’s pronouncements that the end of fossil fuels is nigh appear as premature as warnings two decades ago that supply would soon run out. Chevron on Monday announced a $53 billion bid for Hess Corp. because it knows the world will need oil and gas for the foreseeable future no matter how much politicians subsidize green energy. Chevron’s Hess acquisition comes on the heels of Exxon Mobil’s $60 billion tie-up with Pioneer National Resources this month. Higher interest rates are prompting consolidation across the U.S. economy, as smaller, less-capitalized companies struggle to borrow. Oil and gas giants are flush with cash owing to the run-up in prices over the past two years. Exc.

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