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 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 (NYSE:CVX) is clear to proceed with its planned $53B acquisition of Hess (NYSE:HES) after an arbitration panel dismissed Exxon Mobil's (XOM) claim that it had a contractual right to bid for Hess' assets offshore Guyana.