business
In July 2025, an oil major finally closed a $53 billion takeover after winning a year-long arbitration fight with a rival over prized offshore oil fields.
Chevron's 2023 deal to buy Hess hit a snag because Hess held a stake in Guyana's Stabroek offshore oil block, and partner ExxonMobil argued it had a right of first refusal over that stake. An arbitration tribunal ruled for Chevron in mid-2025, clearing the way to close.
ExxonMobil challenged the deal but lost the arbitration, so it didn't acquire Hess. ConocoPhillips wasn't a party to this dispute at all, a separate major oil company unrelated to it.
The prize was access to over 11 billion barrels of oil equivalent off Guyana's coast, one of the biggest offshore discoveries in a decade, explaining the fierce fight.
business
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