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.

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.

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 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.

Chevron completed its purchase of Hess after prevailing in a legal dispute with Exxon over one of the most promising oil projects in the world.

The ICC ruled in favor of Chevron’s $53 billion acquisition of Hess, granting it a 30% stake in Guyana's Stabroek Block.