Chevron Closes Hess Deal
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Chevron completed its $53 billion acquisition of Hess after all legal hurdles were cleared, including the company's vast oil fields off the coast of Guyana.
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.
Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation’s offshore oil assets in the South American nation of Guyana.
The ICC ruled in favor of Chevron’s $53 billion acquisition of Hess, granting it a 30% stake in Guyana's Stabroek Block.
Forty-odd years after leaving the employ of the refinery, the St. Lucian-born Edward was diagnosed with multiple myeloma, a cancer of the blood's plasma cells. According to the lawsuit, Mr. Edward was diagnosed in July 2023, and died at the end of September 2024.
Chevron is pushing ahead with its $53 billion acquisition of Hess, preparing for integration and layoffs while awaiting an arbitration ruling over Exxon’s claim to Hess’s stake in Guyana’s Stabroek Block.
Chevron won its hotly contested legal battle against rival Exxon Mobil, allowing it to immediately close its $53 billion acquisition of Hess on July 18 and give the Big Oil major access to arguably the biggest oil discovery of the century offshore of sparsely populated Guyana.
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