GreenergyDaily

Jul. 21, 2025

Chevron Corp. has prevailed in a 20-month fight to buy Hess Corp. for $53 billion, overcoming a challenge by arch rival Exxon Mobil Corp. that was unprecedented in the modern history of Big Oil.

The ruling by an arbitration court allowing the deal to close is a major victory for Chevron.

The prize is a stake in the prolific Stabroek Block off the coast of Guyana that holds more than 11 billion barrels of oil and is one of the fastest growing oil provinces in the world.

Exxon and China's CNOOC, Hess' partners in Guyana, had filed arbitration disputes that claimed they held a pre-emptive right to purchase Hess' stake, which delayed Chevron's closure of the Hess acquisition for over a year.

Hess and Chevron, however, argued the right didn’t apply because their deal was structured as a corporate merger rather than an asset sale.

"We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process," Exxon said in a statement.

CNOOC said it was also disappointed with the ruling.