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%Oil major %Chevron (NYSE: $CVX ) has been given a greenlight by the courts to proceed with its $53 billion U.S. acquisition of %HessCorp. (NYSE: $HES ).

Houston, Texas-based Chevron prevailed in a legal battle against rival %ExxonMobil (NYSE: $XOM ) over a major oil field located in Guyana, one of the largest oil discoveries in recent decades.

Through the Hess acquisition, Chevron now gains access to the Stabroek Block off the coast of Guyana that holds more than 11 billion barrels of oil, a source of future growth for the company.

Exxon, which operates the Stabroek Block with a 45% interest had filed legal action claiming they had a right-of-first-refusal to buy Hess' 30% interest in the oil-rich field.

Chevron and Hess claimed the pre-emptive right did not apply to the sale of the entire Hess company. The arbitrator in the case ruled in favour of Chevron and Hess.

The legal claims from ExxonMobil delayed Chevron's acquisition of Hess by at least a year and captured the attention of the oil industry.

However, Chevron has said that it plans to move quickly to close its blockbuster purchase of Hess following the arbitrator's ruling.

Shareholders and the boards of directors at both Chevron and Hess have approved the takeover, as have regulators around the world.

ExxonMobil has said that it already works with Chevron on several energy projects and would do so in Guyana if the arbitrator ruled against its legal claim over the Stabroek Block oil field.

The legal battle highlighted the value of the Stabroek Block, which has been a driver of profits for ExxonMobil in recent years.

Guyana is one of the world's fastest growing economies and still has potential for further oil discoveries, say commodities analysts.

CVX stock is up 3% on news of the arbitration decision. So far in 2025, Chevron's shares have risen a total of 4% to trade at $151.38 U.S. per share.