Chevron Completes $53B Acquisition of Hess

Chevron has completed its $53 billion acquisition of Hess Corporation after winning arbitration against Exxon Mobil and CNOOC over Hess’s 30% stake in Guyana's Stabroek Block. The International Chamber of Commerce ruled that Exxon's right of first refusal did not apply, clearing the way for Chevron to expand its holdings in Guyana and the U.S. Bakken. The deal, first announced in October 2023, had faced delays due to legal challenges but now positions Chevron as a major competitor in one of the world's fastest-growing offshore oil regions. Both Chevron and Hess have voiced optimism about their combined future. Following the acquisition, John Hess will join Chevron's board after the FTC lifted its restriction. The transaction highlights the energy sector's drive for growth amid high prices and increased competition for oil assets.