The 20-month feud between the Western Hemisphere’s two most powerful oil companies over the biggest offshore discovery in a generation hinged on a single clause of a contract few people have ever seen.

Chevron struck the deal to acquire Hess in October 2023. Exxon tried to block the move last year, saying it had a right of first refusal to buy Hess’ Guyana assets because of its joint operating agreement with Hess and the China National Offshore Oil Corp., or Cnooc, for the Stabroek Block.

Chevron's arbitration victory over Exxon and closing of its $53B acquisition of Hess helps solve one of Chevron's biggest problems - where its growth will come from beyond the next few years

A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.