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Chevron to proceed with Hess takeover after winning Exxon Guyana legal battle
GUYANA, JUL 18 – Chevron gained control of Hess's 30% stake in Guyana's Stabroek Block after an arbitration ruling, securing access to over 11 billion barrels of oil and expected $1 billion in annual cost synergies.
- 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.
162 Articles
162 Articles
Chevron wins biggest legal showdown in a generation
Chevron prevailed in the oil industry’s biggest legal showdown in a generation — but still faces the challenge of regaining investors’ confidence and operating a new oil field in partnership with its chief rival. An arbitration court in Paris ruled that Chevron could proceed with its $53 billion acquisition of Hess, which had been on hold since 2023 as ExxonMobil contested the deal on the grounds that it had first dibs on Hess’s share in a vast,…
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…
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