Chevron struck the deal to acquire Hess in October 2023. Exxon tried to block the move last year, saying it had a right of first refusal to buy Hess’ Guyana assets because of its joint operating agreement with Hess and the China National Offshore Oil Corp., or Cnooc, for the Stabroek Block.

Key Takeaways Chevron completed its $53 billion purchase of Hess after winning an arbitration case brought by rival Exxon Mobil and the China National Offshore Oil Corporation.The International Chamber of Commerce dismissed the challenge related to Chevron acquiring Hess's production sites in Guyana.

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation’s offshore oil assets in the South American nation of Guyana.