Source Link
Excerpt:
Chevron won its hotly contested legal battle against rival Exxon Mobil, allowing it to immediately close its $53 billion acquisition of Hess on July 18 and give the Big Oil major access to arguably the biggest oil discovery of the century offshore of sparsely populated Guyana.
The long-awaited ruling from an arbitration panel overseen by the International Chamber of Commerce is a massive victory for Chevron and its CEO Mike Wirth who bet big on acquiring New York-based Hess despite the legal risks.
Shares of Chevron jumped more than 5% in pre-market trading as the energy giant gained access to more than 11 billion barrels of discoverable oil equivalent in what’s called the Stabroek Block and its 6.6 million acres offshore of Guyana in South America. Hess shares spiked about 11%
