Energy Down Despite Chevron-Hess Deal -- Energy Roundup

Shares of energy companies fell as concerns about the outlook for economic growth offset a boost from merger-and-acquisition activity.

Chevron agreed to buy rival energy explorer Hess in an all-stock deal worth $53 billion in the second major oil tie-up this month, after Exxon Mobil's deal to buy Pioneer Natural Resources.

Hess is part of an Exxon-led partnership overseeing a major new offshore oilfield in Guyana.

"After the recent Exxon deal, now Chevron is stepping up to the altar," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

"With perceived savings" and other touted advantages of these deals, "one to wonder whose next," said Joyce.

"Once you start to see the major players make these deals, it shows that consolidation has begun, and I think we'll see more of that."

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

10-23-23 1701ET