Chevron has successfully acquired Hess’ $53 billion stake in Guyana’s oil reserves after winning a legal dispute with Exxon over the assets. The International Chamber of Commerce ruled in Chevron’s favor, allowing the company to close its acquisition.
The decision comes as a relief for Chevron, which had faced significant uncertainty over the deal’s fate and weighed on its stock performance. Exxon shares fell more than 3% following the news, while Chevron’s stock rose almost 2% before the market opened.
Chevron CEO Mike Wirth said he was pleased with the outcome, stating that it aligns with the company’s expectations based on contract language. The ruling also validates a long-standing practice in corporate-level mergers and acquisitions.
Exxon had disputed the ICC panel’s interpretation but respected the arbitration process. The company will continue to lead the Stabroek Block project, along with Hess’ 30% stake and China National Offshore Oil Corp.’s 25%.
Following the acquisition, Chevron anticipates some headcount reductions as it integrates the two companies. Wirth mentioned that there would be overlaps in staff and that technology will play a key role in streamlining operations.
Source: https://www.cnbc.com/2025/07/18/chevron-defeats-exxon-in-dispute-over-guyana-oil-assets-clearing-path-for-hess-acquisition.html