Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal. Cash-rich oil giants are taking advantage of high prices and surging profits to snap up assets and boost returns for shareholders even as pressure builds for them to invest more in renewable energy. The deal, worth $53 billion plus debt, would give Chevron even greater access to US shale production in Texas’ Permian Basin, a part of the industry where Chevron (CVX) has been a leader for years. Hess (HES) also has large oil assets in Guyana, which Chevron said would help grow its production over the next ... (full story)