Yet another oil industry consolidation deal was announced Monday by Chevron as it agreed to buy rival Hess.

Even as pressure builds on oil giants to invest more in renewable energy, cash-rich companies are taking advantage of high prices and surging profits to buy up assets and boost shareholder returns.

In a deal worth $53 billion plus debt, Chevron will gain even greater access to shale production in Texas’ Permian Basin, where the company has long been a leader. Chevron said Hess’s (HES) oil assets in Guyana would help the company grow production over the next decade.

“This combination will strengthen Chevron’s long-term performance and enhance its advantaged portfolio with world-class assets,” Chevron Chairman and CEO Mike Wirth said.

In addition to sharing “similar values and cultures,” Chevron and Hess share a commitment to “lowering carbon,” although environmentalists have criticized oil companies for their slow acceptance of renewable energy.

In the long run, Chevron said buying Hess would increase the company’s free cash flow, allowing it to repurchase shares more frequently. The company announced that it would increase stock buybacks by $2.5 billion to $20 billion a year.

The oil companies have been criticized for spending tens of billions of dollars on stock buybacks rather than easing the pain for consumers at the pump or investing more heavily in the energy transition. The Russian invasion of Ukraine has slashed oil supplies and driven prices higher, resulting in record profits for oil companies.

During the course of 2022, ExxonMobil (XOM) earned a record $1,874 of profit for every second.

Exxon announced last week that it would buy Pioneer for $60 billion, a deal that would more than double its Permian Basin operations.