Chevron Corporation has successfully prevailed in a legal arbitration dispute against Exxon Mobil, clearing the way for its $53 billion acquisition of Hess Corporation. The arbitration ruling, issued by the International Chamber of Commerce, resolves a protracted conflict over rights to oil assets in Guyana’s Stabroek Block, one of the largest oil discoveries in recent decades with access to over 11 billion barrels of oil. Exxon Mobil contested the deal but ultimately lost the challenge, though it managed to delay the acquisition by more than a year, impacting Chevron’s potential revenue from Guyana. The settlement allows Chevron to move forward with the acquisition, which was first announced in October 2023, and is expected to significantly boost Chevron’s production capacity and position in the global energy sector. The deal also reduces the gap between Chevron and Exxon in the U.S. energy market. Chevron’s CEO Mike Wirth and Hess CEO John Hess have welcomed the ruling, while Exxon CEO Darren Woods acknowledged the companies will continue their existing partnerships despite the dispute. The acquisition is seen as a milestone for Chevron, providing access to a highly valuable oil project and easing uncertainty for future deals in the oil industry. The closing of the acquisition was confirmed in July 2025, with Chevron paying approximately $55 billion for Hess, solidifying its stake in the Guyana oil fields and reinforcing its competitive stance against Exxon Mobil.