Chevron won its hotly contested legal battle against rival Exxon Mobil, allowing it to immediately close its $53 billion acquisition of Hess on July 18 and give the Big Oil major access to arguably the biggest oil discovery of the century offshore of sparsely populated Guyana.

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's arbitration victory over Exxon and closing of its $53B acquisition of Hess helps solve one of Chevron's biggest problems - where its growth will come from beyond the next few years

Longtime shale boss and North Texas energy magnate Scott Sheffield said he’s no longer interested in joining Exxon Mobil Corp.’s board after the U.S.

Former Pioneer Natural Resources CEO Scott Sheffield told Hart Energy, “For now, I remain one of Exxon’s largest individual shareholders and as such will consider other options.”

The FTC has reopened an order involving Chevron’s proposed acquisition of Hess, and another regarding Exxon Mobil’s proposed purchase of Pioneer Natural Resources after its initial complaints failed to plead any antitrust law violation.