Oil & Gas Exploration
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron is moving forward with its acquisition of Hess for $53 billion after winning a landmark court battle against Exxon Mobil, allowing it to access the largest oil find in decades off of the coast of Guyana. KIM FUSTIER HEAD OF EUROPEAN OIL & GASOLINE RESEARCH HSBC Hess has helped Chevron grow from a company producing 3.3 million barrels per day (bpd), to one that produces 4.2 million, which is not far behind Exxon's 4.5 million. In contrast, the failure to close Hess had negative consequences. It would have increased the gap between Exxon and Chevron, raised doubts about Chevron's...