Exxon's Block Fails—Chevron Seals $53 Billion Hess Deal After Ruling

In a pivotal moment for the energy sector, Chevron Corporation‘s (NYSE:CVX) has won a dispute with Exxon Mobil Corporation (NYSE:XOM) over Hess Corp’s (NYSE:HESS) offshore oil assets in Guyana.

Exxon CEO Darren Woods confirmed the latest news in an interview with CNBC on Friday.

The International Chamber of Commerce’s (ICC) ruling, which favors Chevron, allows the oil major to complete its $53 billion acquisition of Hess.

“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract terms are always adhered to and not set a bad precedent for ourselves and industry,” Exxon said in a statement on Friday.

“Given the significant value we've created in the development of the Guyana resource, we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard ...