Overview

• An ICC arbitration panel in Paris dismissed Exxon Mobil and CNOOC claims over Hess’s 30% stake in the Stabroek Block.
• Chevron closed its $53 billion takeover of Hess within days of the ruling, securing access to more than 11 billion barrels of oil equivalent.
• Chevron shares rose about 3.6% in premarket trading and Hess stock jumped over 7%, while Exxon shares edged lower.
• CEO Mike Wirth said the merger unites two leading U.S. energy firms and strengthens Chevron’s production growth outlook.
• The final ICC decision, which carries no right of appeal, establishes a benchmark for asset-level pre-emption clauses in major M&A deals.