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.

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.

A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.

The acquisition of Hess—and its stake in a generational oil find—helps clear up lingering doubts about Chevron’s growth prospects.

The ICC ruled in favor of Chevron’s $53 billion acquisition of Hess, granting it a 30% stake in Guyana's Stabroek Block.

Chevron (CVX) gets the green light to move forward with its $53 billion acquisition of Hess (HES), after an arbitration panel rejected ExxonMobil's (XOM) claim in a dispute over assets in Guyana. BP (BP) is offloading its US onshore wind business to LLS Power,

The U.S. Federal Trade Commission on Thursday reversed a previous order that had barred Hess Corp CEO John Hess from the board of directors at Chevron as a condition of the oil giant's pending $53 billion acquisition of his company.