Oil Stocks Drop Despite Major Chevron-Hess Deal

Amid lower crude oil prices, U.S. oil stocks and oil-tracking exchange-traded funds (ETF) opened lower on Monday, and even Hess’s shares slid after Chevron’s announcement it would buy the smaller U.S. oil firm in an all-stock deal. Hess Corporation (NYSE: HES) was down by 0.55% in pre-market trade, despite being the target of the Chevron acquisition, due to the all-stock nature of the announced transaction. Chevron (NYSE: CVX) was down 2.6% pre-market, after announcing earlier today an agreement to buy Hess Corporation in an all-stock…