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 will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades. It

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation’s offshore oil assets in the South American nation of Guyana.

Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

Arbitrators cleared the way for the long-delayed $53 billion acquisition after Exxon tried to pre-empt the deal.

It’s a big win for Chevron. Buying Hess without the Guyana project would have wiped out the biggest upside from the deal.

When rival Chevron sought a share of the bounty by acquiring Hess, Exxon filed a claim that it had right of first refusal, a move with the potential to scuttle the deal. After the International Chamber of Commerce in Paris dismissed the claim, Exxon said it disagreed with the decision but respected the process and welcomed Chevron to the venture.

Exxon Mobil Corporation (NYSE:XOM) released a statement today following a ruling by the International Chamber of Commerce (ICC) Tribunal related to its contractual dispute with Hess Corporation over i