Arbitrators have reportedly made a decision in the legal dispute between Exxon Mobil and Hess, which could significantly impact Chevron’s proposed $53 billion acquisition of Hess, according to Reuters. The final ruling, currently under review by the Paris-based International Chamber of Commerce, will determine whether Chevron can proceed with the deal.
The conflict centers on Hess’s 30% stake in Guyana’s lucrative Stabroek oil block, operated by Exxon, which holds a 45% stake, alongside CNOOC. Exxon and CNOOC claim a contractual right of first refusal, potentially blocking Chevron’s purchase.
Exxon expressed confidence in the arbitration process, while Hess and Chevron have not issued public statements. If the arbitrators rule against Chevron and Hess or if no resolution is reached with Exxon and CNOOC, the high-profile acquisition could collapse under current terms.
To summarize:
- Exxon Mobil and Hess are in a legal dispute over Hess’s deal with Chevron.
- Arbitrators have made a decision, but it hasn’t been publicly released yet.
- The decision could affect Chevron’s $53 billion plan to buy Hess.
- The main issue is Hess’s 30% stake in a big oil field in Guyana, which Exxon and CNOOC partly own.
- Exxon and CNOOC say they have the right to buy that stake first, before Chevron.
- If Chevron and Hess lose the case or can’t reach a deal with Exxon and CNOOC, the merger could fall apart.
- Exxon says it’s confident in the process; Chevron and Hess haven’t commented yet.
About Exxon Mobil
ExxonMobil has acknowledged the global demand for energy and is actively investing in innovative research and technologies to reduce emissions while improving fuel efficiency. According to the company, it is working to meet the world’s energy needs in a responsible manner.
As part of its sustainability efforts, ExxonMobil has set a goal to achieve net-zero emissions from its operated assets by 2050, specifically targeting Scope 1 and 2 greenhouse gas emissions. To support this goal, the company is developing detailed emission-reduction strategies for its major operations.
About Hess
Hess Corporation is a globally recognized independent energy company focused on the exploration and production of crude oil and natural gas. The company holds a strong position in the Bakken shale region of North Dakota and is among the top producers in the deepwater Gulf of Mexico. Additionally, Hess plays a significant role in supplying natural gas to Peninsular Malaysia and Thailand. It is also actively involved in major offshore exploration projects, including in Guyana—where it has contributed to one of the decade’s largest oil discoveries—as well as in the Gulf of Mexico and Suriname.
Industry observers often highlight Hess for its leadership in environmental, social, and governance (ESG) practices. The company operates under six core values: Integrity, People, Performance, Value Creation, Social Responsibility, and Independent Spirit, which shape its organizational culture and decision-making framework. Although Hess’s strategies may evolve in response to market conditions, these foundational values remain constant.
Hess is widely seen as committed to responsibly meeting global energy demands while prioritizing safety, community well-being, and environmental stewardship across its operations.
About Chevron
Chevron is a leading global energy company involved in nearly every aspect of the energy sector. It operates across the entire value chain—from exploration and production of crude oil and natural gas to refining, marketing, and distribution of fuels and lubricants. The company also engages in the manufacture of petrochemicals and additives used in industrial and consumer products.
Chevron is committed to delivering reliable, affordable, and ever-cleaner energy. Its upstream operations focus on discovering and producing energy resources, while its downstream segment handles refining, product distribution, and retail marketing. Chevron also invests in advanced technologies and lower-carbon initiatives, including carbon capture and renewable fuels, to support a more sustainable energy future.
With a global presence and partnerships across multiple continents, Chevron combines technological innovation with environmental stewardship, aiming to meet the world’s growing energy demands while advancing progress toward a lower-carbon economy.
