Chevron finalises $53-billion Hess acquisition with eyes on Guyana

PARIS, July 18, 2025 – Chevron has finalised its USD 53-billion acquisition of Hess, gaining access to the Stabroek block offshore Guyana, after a favourable Paris arbitration ruling, the company said on Friday.

The International Chamber of Commerce rejected ExxonMobil’s challenge to the deal, clearing Chevron to join ExxonMobil and CNOOC in one of the decade’s largest oil discoveries.

“We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved,” ExxonMobil said.

Hess brings to Chevron a high-growth portfolio including its stake in the Stabroek block and shale properties in North Dakota’s Bakken Formation. “The strategic combination of Chevron and Hess creates a premier energy company positioned for the future,” former Hess CEO John Hess said on Friday.

The US Federal Trade Commission also lifted restrictions on Thursday, allowing John Hess to join Chevron’s board, pending approval.

Chevron first announced the deal in October 2023, shortly after ExxonMobil revealed its USD 60-billion acquisition of Pioneer Natural Resources.

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