Chevron gets go ahead for $53B Hess deal, and access to one of the
biggest oil finds this decade
[July 19, 2025] By
MICHELLE CHAPMAN
HOUSTON (AP) — Chevron has scored a critical ruling in Paris that has
given it the go-ahead for a $53 billion acquisition of Hess and access
to one of the biggest oil finds of the decade.
Chevron said Friday that it completed its acquisition of Hess shortly
after the ruling from the International Chamber of Commerce in Paris.
Exxon had challenged Chevron’s bid for Hess, one of three companies with
access to the massive Stabroek Block oil field off the coast of Guyana.
“We disagree with the ICC panel’s interpretation but respect the
arbitration and dispute resolution process,” Exxon Mobil said in a
statement on Friday.
Guyana is a country of 791,000 people that is poised to become the
world’s fourth-largest offshore oil producer, placing it ahead of Qatar,
the United States, Mexico and Norway. It has become a major producer in
recent years.
Oil giants Exxon Mobil, China’s CNOOC, and Hess squared off in a heated
competition for highly lucrative oil fields in northern South America.
With Chevron getting the green light on Friday, it is now one of the
major players in the Stabroek.
“We are proud of everyone at Hess for building one of the industry’s
best growth portfolios including Guyana, the world’s largest oil
discovery in the last 10 years, and the Bakken shale, where we are a
leading oil and gas producer,” former Hess CEO John Hess said in a
statement. “The strategic combination of Chevron and Hess creates a
premier energy company positioned for the future.”
Chevron also said that on Thursday the Federal Trade Commission lifted
its earlier restriction, clearing the way for John Hess to join its
board of directors, subject to board approval.
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Chevron logos are displayed at a gas station in Columbus, Miss.,
Monday, Oct. 23, 2023.(AP Photo/Rogelio V. Solis, File)
 Chevron announced its deal for Hess
in October 2023, less than two weeks after Exxon Mobil said that it
would acquire Pioneer Natural Resources for about $60 billion.
Chevron said at the time that the acquisition of Hess would add a
major oil field in Guyana as well as shale properties in the Bakken
Formation in North Dakota.
“Given the significant value we’ve created in the development of the
Guyana resource, we believed we had a clear duty to our investors to
consider our preemption rights to protect the value we created
through our innovation and hard work at a time when no one knew just
how successful this venture would become,” Exxon Mobil said Friday.
“We welcome Chevron to the venture and look forward to continued
industry-leading performance and value creation in Guyana for all
parties involved.”
Chevron's stock rose more than 3% before the market open, while
shares of Hess surged more than 7%. Exxon's stock climbed slightly.
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