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Chevron to proceed with Hess takeover after winning Exxon Guyana legal battle
UNITED STATES, JUL 18 – Chevron's acquisition of Hess grants it control of a 30% stake in Guyana's Stabroek Block, unlocking access to over 11 billion barrels of oil equivalent, the largest discovery in a decade.
- On July 18, 2025, Chevron finalized its $53 billion purchase of Hess, acquiring valuable assets including a 30% interest in the Stabroek Block offshore oil field in Guyana.
- The deal faced a legal battle after Exxon and CNOOC claimed a right of first refusal on Hess's Guyana stake, arguing the sale was an asset deal, while Chevron said it was a corporate merger.
- The dispute was resolved when an international arbitration body issued a decision favoring Chevron, enabling the company to join the partnership in Guyana alongside Exxon and CNOOC.
- Hess shareholders received 1.0250 Chevron shares per Hess share, with Chevron issuing about 301 million shares, while Chevron's shares rose 4.1% following the announcement.
- This acquisition significantly boosts Chevron's oil portfolio by nearly 500,000 barrels daily and adds growth assets in Guyana and the Bakken shale, positioning Chevron for long-term value creation.
157 Articles
157 Articles
Chevron completed its purchase of the US energy company Hess Corporation for about $60 billion, including debt, after winning a legal dispute against its competitor ExxonMobil for oil assets in Guyana, which it will now be able to exploit. The acquisition of the Hess group has been completed “after all the necessary conditions, including favorable arbitration with respect to Hess’ asset off the coast of Guyana,” Chevron said in a statement. The …
Chevron triumphs over Exxon, wins 20-month battle to buy Hess
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, ending a period of strategic limbo that hurt its stock and prompted questions over the quality of the company’s due diligence when it agreed to buy Hess in Octo…
Chevron Completes $53 Billion Hess Acquisition; Gains Access to Key Guyana Deepwater Oil Play - The Thinking Conservative
After deal to acquire the nation’s leading independent oil company, Chevron Corp. has completed its $53 billion acquisition of Hess Corp. The post Chevron Completes $53 Billion Hess Acquisition; Gains Access to Key Guyana Deepwater Oil Play appeared first on The Thinking Conservative.
Chevron (CVX) is about to close a $53 billion deal to acquire Hess (HES), thus securing one of the most significant oil discoveries of recent decades.According to the original report, an arbitration panel of the International Chamber of Commerce in Paris gave the green light to this purchase, which closes the dispute with other important stakeholders such as ExxonMobil (XOM).An agreement that redefines the competitionThe purchase focuses on 30% …
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