Chevron Corp&nbsp;said on Monday it will buy smaller rival Hess Corp&nbsp;in a $53 billion, all-stock deal.

Chevron is offering $171 for every Hess share, implying a premium of about 4.9% to the share’s last close.

CEO John Hess of Hess Corp, is expected to join Chevron’s board of directors once the deal closes, the companies said in a statement.

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</a><figcaption>Chevron is offering $171 for every Hess share, as Hess’ CEO is expected to join Chevron’s board of directors once the deal closes. </figcaption><figcaption><span class="credit">REUTERS</span></figcaption>

The deal comes weeks after rival Exxon&nbsp;made a $60 billion offer for Pioneer Natural Resources&nbsp;that would make it the biggest producer in the largest U.S. oilfield.

Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53-billion all-stock deal.{ai:summary}<p>Chevron Corp to buy rival Hess Corp in $53 billion deal. Hess CEO to join Chevron's board. #economy</p>

Chevron to buy Hess Corp for $53 billion in all-stock deal

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