Chevron Corp. won its arbitration battle with Exxon Mobil Corp. and has closed its $53 billion deal to buy Hess Corp. more than 20 months after the takeover was announced.
The decision is a major victory for Chevron, ending a period of strategic limbo that hurt its stock and prompted questions over the quality of the company’s due diligence when it agreed to buy Hess in October 2023. Chevron Chief Executive Officer Mike Wirth said he would walk away from the deal if they lost the case.
“This creates a premier international and oil and gas company,” Wirth said in an interview with Bloomberg Television.
Bloomberg’s Vincent Piazza reports. (Source: Bloomberg)
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Chevron CEO Says Hess Deal Is Good For The Oil Industry
