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.

A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.

Arbitrators cleared the way for the long-delayed $53 billion acquisition after Exxon tried to pre-empt the deal.

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 Corp. won its arbitration battle with Exxon Mobil Corp. and has closed its $53-billion deal to buy Hess Corp. more than 20 months after the takeover was announced.

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

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.

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 biggest oil discovery in decades - the Stabroek Block off the coast of Guyana,

The acquisition of Hess—and its stake in a generational oil find—helps clear up lingering doubts about Chevron’s growth prospects.