US Oil Dealmaking at Full Tilt as Chevron Agrees to Buy Hess

Chevron Corp.’s proposed $53 billion takeover of Hess Corp. is the second megadeal this month and makes resoundingly clear a new wave of consolidation is reshaping the energy landscape.

US oil and natural gas companies are circling each other for potential match ups to keep investor returns growing as the nation’s prolific shale fields age. Exxon Mobil Corp. announced earlier this month it agreed to buy shale-oil producer Pioneer Natural Resources Co. for $59.5 billion, locking up new drilling sites for years to come and underpinning a bet that oil and gas will remain central to the world’s energy ...