Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

Chevron closed its $55 billion acquisition of Hess on Friday after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

Chevron Corp. (NYSE: CVX) on Friday closed its $53 billion purchase of Hess Corp., winning a protracted legal fight with Exxon Mobil (NYSE: XOM) that centered on prized offshore oil fields in Guyana.