Chevron Acquires Hess After Winning Exxon Legal Battle

Chevron closed its $55 billion 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.

- REUTERS

Chevron CEO Mike Wirth's strategy to turn around his firm'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.

"This merger of two great American companies brings together the best in the industry," Wirth said in a statement.