Reuters —
Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.
It is vindication for CEO Mike Wirth’s strategy and a critical win since Hess’ most attractive asset is its stake in the prolific Stabroek Block off the coast of Guyana, which holds more than 11 billion barrels of oil, a source of growth as Chevron works to turn around its lagging performance.
Shares of Chevron rose 3.6% in
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