Chevron has completed its $53 billion all-stock acquisition of Hess Corporation, closing a deal first announced in October 2023 that was delayed for more than a year by an arbitration challenge from Exxon Mobil and CNOOC over their pre-emption rights on Hess's stake in Guyana's Stabroek Block.
An international arbitration panel ruled in Chevron's favour in March, clearing the final obstacle to closing. The Stabroek Block, one of the largest oil discoveries of the past decade, is the central strategic asset in the transaction.
Strategic rationale
The combination gives Chevron a meaningful stake in one of the lowest-cost, highest-growth offshore oil developments globally, materially extending the company's production growth runway into the 2030s.