US EditionChevron to proceed with Hess takeover after winning Exxon Guyana legal battle
GUYANA, JUL 18 – Chevron won an arbitration ruling allowing its $53 billion acquisition of Hess and access to the Stabroek Block, which produces 650,000 barrels of oil daily, ICC confirmed.
- 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.
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132 Articles
132 Articles
For years, the U.S. company Chevron fought for an oil field in Guyana. Under Joe Biden, the deal was slowed down. Now, the company is asserting itself – and putting billions on the table to earn a lot more at some point.
·Germany
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Chevron defeats Exxon to take over Hess and gain flashpoint Guyana oil assets - Washington Examiner
Chevron has secured its $53 billion acquisition of Hess, defeating Exxon in its yearslong attempt to block the deal and gaining control of an oilfield of major geopolitical importance. The oil major announced on Friday that it completed the acquisition of Hess after an arbitration panel with the International Chamber of Commerce dismissed Exxon’s claim that it had the right to preempt the bid for Hess’s coveted assets in the offshore Guyana oilf…
·Washington, United States
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Total News Sources132
Leaning Left31Leaning Right6Center47Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 37%
C 56%
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