ExxonMobil Aktie News

Exxon Mobil has lost its arbitration challenge to block Chevron's $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration.

The FTC reversed an order barring Scott Sheffield from Exxon's board, but the former Pioneer CEO said he was no longer interested in joining.

The conclusion of the saga removes a stock overhang for Chevron and paves the way for the $53 billion deal to close immediately, which the oil giant said it could happen within a couple of days.

Chevron Corporation (NYSE:CVX, ETR:CHV) said Friday it has closed its $53 billion acquisition of Hess Corp (NYSE:HES), cementing its entry into Guyana's prized oil fields after an international arbitration panel rejected Exxon Mobil Corp (NYSE:XOM, ETR:XONA) attempt to block the deal. The ruling by the International Chamber of Commerce (ICC) dismissed Exxon's claim that it held a right of first...

ExxonMobil will now have a new, very familiar partner in its massive project in the deepwaters off the coast of tiny South American nation Guyana after Chevron emerged the winner in a 16-month-long arbitration case on Friday.

Chevron will proceed with its $53 billion acquisition of Hess after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades off the coast of Guyana.

It's a big win for Chevron. Buying Hess without the Guyana project would have wiped out the biggest upside from the deal.

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation's offshore oil assets in the South American nation of Guyana.