Overview

• Chevron completed its $55 billion purchase of Hess on July 18 after an ICC panel rejected Exxon Mobil and CNOOC’s claims to a right of first refusal on Hess’s 30% stake in the Stabroek Block
• The Stabroek Block off the coast of Guyana contains more than 11 billion barrels of oil equivalent and will significantly bolster Chevron’s reserves and production profile
• Chevron has already begun merging Hess’s IT systems and aligning workforces with full operational consolidation expected over the next few months
• Exxon Mobil expressed its disagreement with the ICC’s interpretation of the joint operating agreement but said it respects the arbitration process and will remain the Stabroek Block operator with a 45% stake
• The merger secured final regulatory approvals, including FTC clearance for John Hess to join Chevron’s board, reflecting ongoing consolidation among major oil producers