November 1, 2023
Chevron to buy Hess in major Bakken shakeup
Steve Hallstrom
Special to The Farmer
The head of North Dakota’s largest oil and natural gas advocacy group says news of Chevron buying Hess could bring unprecedented technological advances to the Bakken.
The transaction carries a total value of approximately $60 billion. It comes on the heels of another massive industry acquisition in early October; ExxonMobil’s purchase of Pioneer Natural Resources, a deal that also topped $60 billion. Pioneer’s resources are in the Permian Basin of Texas and New Mexico, but North Dakota Petroleum Council President Ron Ness tells KTGO Radio that both deals underpin the industry’s confidence that the sector’s future is still bright.