Chevron Corp agreed to buy Hess Corp in a deal worth $53 billion on Monday, the latest major consolidation in the US oil industry. 

In an all-stock transaction, Chevron will pay $171 per share for Hess, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a total enterprise value of $60 billion including debt. 

This is the second major deal in the US oil industry in just a few weeks. Earlier, Exxon Mobil Corp had agreed to buy shale-oil producer Pioneer Natural Resources Co for $58 billion, underpinning a bet that oil and gas would remain central to the world’s energy mix for decades to come. 

“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” Chevron Chairman and Chief Executive Officer Mike Wirth said in the statement.