Chevron Secures Major Victory in Paris Arbitration

In a landmark decision, Chevron has been given the green light to proceed with its monumental $53 billion acquisition of Hess Corporation. This ruling by a Paris arbitration panel marks a significant milestone in the energy sector.

ExxonMobil's Challenge Dismissed

The arbitration panel dismissed a contentious challenge from ExxonMobil, which had sought to block the deal citing its right of first refusal over Hess's 30% stake in Guyana's lucrative Stabroek offshore oil block. The arbitrators ruled in favor of Chevron, clarifying that such rights do not extend to corporate takeovers.

Deal Closure Imminent

With the legal hurdles now cleared, Chevron is set to swiftly finalize the acquisition, a deal that was first announced in October 2023. This acquisition is poised to reshape the competitive landscape of the global oil industry.