Overview

• The International Chamber of Commerce in Paris rejected Exxon Mobil and CNOOC’s pre-emption claims, issuing a final ruling with no option for appeal
• Chevron closed its all-stock Hess acquisition valued at about $55 billion to secure Hess’s 30% interest in Guyana’s prolific Stabroek Block
• CEO Mike Wirth said converting legacy systems and integrating employees from both companies will take several months
• Shares of Chevron and Hess jumped in premarket trading—up 3.6% and 7.4% respectively—while Exxon’s stock edged lower
• The transaction highlights a new phase of consolidation in the oil industry and cements Chevron’s role in Guyana’s rapidly expanding offshore production