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

Chevron struck the deal to acquire Hess in October 2023. Exxon tried to block the move last year, saying it had a right of first refusal to buy Hess’ Guyana assets because of its joint operating agreement with Hess and the China National Offshore Oil Corp., or Cnooc, for the Stabroek Block.

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