Chevron announced it will acquire Hess Corp. in an all-stock deal valued at $53 billion that will make Chevron the largest producer in Guyana, where both companies have major oil assets and discoveries. Under the terms, Hess shareholders will receive $171 worth of Chevron shares for each Hess share, a 4.9% premium over Hess' last closing stock price. Chevron says the combined company will have faster production and cash flow growth than its current 5-year outlook. Chevron expects the acquisition to return more cash to shareholders through higher dividend growth and share buybacks over the long term.