Chevron is on the verge of buying oil company Hess. But as Chevron waits to swallow its rival, it is snacking on Hess shares—at a discount to the implied acquisition price. Chevron revealed the purchase of 4.

Chevron bought about 4.99% of Hess Corp's common shares this year, reflecting its confidence in completing the planned acquisition of Hess, the oil giant said in a regulatory filing on Monday. The second-largest U.