Chevron Seals $53 billion Hess Deal After Exxon’s 20-Month Challenge

- Secures Hess’s 30% stake in $1 trillion Guyana oil field after prolonged arbitration with ExxonMobil. - Legal dispute centered on ExxonMobil’s right-of-first-refusal claim in Stabroek Block partnership. On July 18, 2025, Chevron finalized its $53 billion acquisition of Hess Corporation, securing a pivotal 30% stake in a $1 trillion offshore oil field in Guyana. This purchase concluded a 20-month arbitration battle with ExxonMobil, which had challenged Chevron’s acquisition rights by citing a confidential clause in the Stabroek Block contract. The outcome is a significant legal and operational victory for Chevron, resolving a conflict that spurred market speculation and complicated the deal. According to a Cryptopolitan report on July 20, which cited Bloomberg, ExxonMobil initiated arbitration in March 2024, disputing the interpretation of the Stabroek Block partnership’s terms. Throughout the year-long proceedings, Chevron rigorously defended its position and ultimately secured a favorable ruling when the arbitration panel upheld its acquisition and dismissed ExxonMobil’s right-of-first-refusal claim. In a public statement, ExxonMobil said it disagreed with the decision but acknowledged the outcome and affirmed its respect for the arbitration process. Following the resolution, the Federal Trade Commission lifted its restrictions, which greenlit Chevron’s full absorption of Hess. As part of the integration, Hess Corporation CEO John Hess has joined Chevron’s Board of Directors, a move that embeds Hess’s leadership into Chevron’s strategic roadmap. This acquisition solidifies Chevron’s position in one of the world’s most lucrative oil exploration regions and bolsters the company’s competitive edge against ExxonMobil and others in the sector.