Exxon, Chevron and Wins
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The conclusion of the saga removes a stock overhang for Chevron and paved the way for the $53 billion deal to close immediately.
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Investor's Business Daily on MSNChevron's $53 Billion Deal For A Slice Of Exxon's Crown Jewel Is Back On TrackThe path is clear for Chevron CVX and Hess HES to complete its $53 billion merger that was announced in 2023, giving Chevron access to Exxon Mobil 'sXOM crown-jewel of Guyana's oil-rich offshore zone.
Chevron closed its $55 billion acquisition of Hess on Friday after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the biggest oil discovery in decades - the Stabroek Block off the coast of Guyana,
Arbitrators cleared the way for the long-delayed $53 billion acquisition after Exxon tried to pre-empt the deal.
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.
Chevron closed its $55 billion acquisition of Hess on Friday after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.
Chevron completed its $53 billion purchase of Hess after winning an arbitration case brought by rival Exxon Mobil and the China National Offshore Oil Corporation.
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Chevron can proceed with its $53 billion Hess acquisition after winning an ICC ruling and receiving FTC approval for board integration.
Just hours after winning its arbitration dispute with Exxon over Hess' assets offshore Guyana, Chevron closed its deal for Hess and said it will nominate John Hess to its board.
Chevron (CVX) gets the green light to move forward with its $53 billion acquisition of Hess (HES), after an arbitration panel rejected ExxonMobil's (XOM) claim in a dispute over assets in Guyana. BP (BP) is offloading its US onshore wind business to LLS Power,