Oil Giants Gamble on Fossil Fuels

October 26, 2023

Some good news for moving and relocation companies engaged in the energy sector as oil giants Chevron and Exxon Mobil have both announced large acquisitions as oil prices surge.
 
AP News reported that following the announcement earlier this month that Exxon Mobil would buy Pioneer Natural Resources for around US$60 billion, Chevron will acquire Hess Corp. for US$53 billion as the price of oil rises to US$90 per barrel.
 
With both companies historically responsible for thousands of domestic and international moves, Chevron said that the acquisition of Hess adds a major oil field in Guyana, a country close to becoming the world’s fourth-largest offshore oil producer, ahead of Qatar, the United States, Mexico, and Norway.
 
Despite climate concerns, the increased energy prices have increased oil exploration and drilling. In September, the United Kingdom approved a major oil and gas project in the North Sea.