Chevron-Hess Arbitration Ruling Expected in Coming Weeks

Chevron's arbitration with ExxonMobil over the proposed $53 billion acquisition of Hess Corporation is expected to reach a ruling in the coming weeks, according to people familiar with the matter.

At issue is ExxonMobil's claim that it has a right of first refusal over Hess's 30% stake in the Stabroek Block offshore Guyana — one of the most prolific oil discoveries of the past decade with 11+ billion barrels of recoverable reserves.

The arbitration panel convened in Paris has been reviewing evidence since late 2024. A ruling against Chevron would effectively kill the Hess deal and reshape Chevron's growth strategy.

Chevron CEO Mike Wirth has repeatedly expressed confidence in the company's legal position while acknowledging the arbitration represents material risk to the transaction.