Chevron closes $55bn Hess takeover after winning Exxon legal battle

The blockbuster acquisition is one of the largest energy deals in the past decadeChevron closed its $55bn acquisition of Hess on Friday after winning a landmark legal battle against larger rival Exxon Mobil 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. Continue reading...

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