Chevron's Major Win: USD 53 Billion Hess Acquisition Cleared in Paris Ruling

Chevron has acquired Hess for USD 53 billion following a ruling from the International Chamber of Commerce in Paris, overcoming Exxon's challenge. This acquisition grants Chevron significant control over the Stabroek Block oil field in Guyana, a major global oil discovery.

Chevron achieved a significant victory with a ruling in Paris, enabling its USD 53 billion acquisition of Hess. The move grants Chevron access to one of the decade's most massive oil discoveries.

The acquisition was completed following an International Chamber of Commerce decision, which Chevron announced Friday. Despite a challenge from Exxon, Chevron now holds a key position in the Stabroek Block oil field off Guyana's coast.

Chevron shares rose over 3%, while Hess shares surged by more than 7%, as the federal restrictions on the acquisition were lifted, paving the way for John Hess to join Chevron's board. Guyana is expected to become the fourth-largest offshore oil producer globally.

(With inputs from agencies.)