US oil giant Chevron agrees 53 billion dollar deal to buy Hess

Chevron has agreed a deal to buy Hess (Ben Margot/AP)

US energy giant Chevron has announced a deal to buy Hess for 53 billion dollars (£44bn) as major oil producers make record profits amid surging prices.

The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about 60 billion dollars (£49bn).