Chevron closes $55bn Hess takeover after winning Exxon legal battle

Core Viewpoint - Chevron has successfully completed its $55 billion acquisition of Hess, gaining access to a significant oil discovery in the Stabroek Block off the coast of Guyana, following a legal victory over Exxon Mobil [1][2]. Group 1: Acquisition Details - The acquisition is one of the largest energy deals in the past decade, aimed at improving Chevron's performance [2]. - The Stabroek Block is estimated to hold over 11 billion barrels of oil, making it one of the fastest-growing oil provinces globally [2]. Group 2: Legal Context - Exxon and CNOOC, Hess's partners in Guyana, had previously filed arbitration disputes claiming pre-emptive rights to purchase Hess's stake, which delayed the acquisition for over a year [3]. - The International Chamber of Commerce (ICC) ruled against Exxon and CNOOC, with no appeals process available [4]. Group 3: Integration Plans - Chevron was preparing for the integration of Hess even while awaiting the arbitration verdict, with IT teams from both companies meeting regularly [5]. - Employees of Hess were informed about the option to request severance packages post-acquisition [5]. Group 4: Market Reaction - Following the news of the acquisition, shares of both Chevron and Exxon experienced a slight decline in morning trading [6].