Chevron finalizes Hess acquisition after arbitration win over ExxonMobil, gaining a key 30% stake in Guyana oil riches.

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 imminent entry into Guyana’s rich offshore oilfields solves one of the biggest problems dogging the U.S. major: where its growth will come from beyond the next few years.