Chevron (CVX.US) wins arbitration against Exxon Mobil (XOM.US) in Guyana, clearing the way to acquire Hess (HES.US) without obstacles.

According to the Zhtng Financial APP, Chevron (CVX.US) recently won the arbitration battle against ExxonMobil (XOM.US), clearing a key obstacle for its announcement of a $53 billion acquisition of Hess (HES.US). The 20-month-long legal dispute ended with an international Chamber of Commerce expert group supporting Chevron and Hess, ruling that ExxonMobil does not have the right of first refusal for the 30% stake in the Stabroek block in offshore Guyana. After the arbitration results were announced, Hess's stock price soared 7.67% in pre-market trading, while Chevron's stock price rose by 3.7%, with the market responding positively to the certainty of the transaction.