Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation’s offshore oil assets in the South American nation of Guyana.

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's arbitration victory over Exxon and closing of its $53B acquisition of Hess helps solve one of Chevron's biggest problems - where its growth will come from beyond the next few years

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade.