Chevron announced Friday that it has completed its $53 billion acquisition of Hess after an international commerce body ended a long-running legal battle that had hobbled the deal.
The International Chamber of Commerce on Friday blocked rival Exxon Mobil’s bid to force Hess to sell its stake in the Stabroek Block, a major offshore project off the coast of Guyana.
“This merger of two great American companies brings together the best in the industry,” wrote Chevron Chair and CEO Mike Wirth. “The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.”
The legal saga began after Chevron announced in 2023 it planned to acquire Hess. Exxon months later filed a grievance with the International Chamber of Commerce, which is one of the largest business organizations in the world. It also helps settle disputes among its member companies. Exxon argued that it had a contractual right to bid for Hess’ 30 percent stake in the Stabroek Block.
