Chevron Closes $55 Billion Acquisition of Hess After Winning Landmark Legal Battle Against Exxon

Chevron (CVX.N), closed its $55 billion acquisition of Hess (HES.N), on Friday after winning a landmark legal battle against larger rival Exxon Mobil (XOM.N), to gain access to the largest oil discovery in decades.

Chevron CEO Mike Wirth’s strategy to turn around his company’s lagging performance hinged on the acquisition, one of the largest energy deals in the past decade. The prize is a stake in the prolific Stabroek Block off the coast of Guyana that holds more than 11 billion barrels of oil and is one of the fastest growing oil provinces in the world.

Read more at Reuters