The conclusion of the saga removes a stock overhang for Chevron and paves the way for the $53 billion deal to close immediately, which the oil giant said it could happen within a couple of days.

Chevron Corp. has prevailed in a 20-month fight to buy Hess Corp. for $53 billion, overcoming a challenge by arch rival Exxon Mobil Corp. that was unprecedented in the modern history of Big Oil.

Takeover arbitragers, which have included Warren Buffett, are having a favorable 2025 after two disappointing years.

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation’s offshore oil assets in the South American nation of Guyana.

Hess Midstream offers stable returns via a fee-based model and Hess Corp partnership, but risks like concentration and debt loom. See more on HESM here.

The share price of Hess Corporation (NYSE:HES) surged by 6.91% between July 7 and July 11, 2025, putting it among the Energy Stocks that Gained the Most This Week. Hess Corporation (NYSE:HES) is a leader in deepwater development and production,

Shares of Hess Corp. HES shed 2.46% to $149.45 Monday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.14% to 6,268.56 and the Dow Jones Industrial Average DJIA rising 0.20% to 44,459.65.

The FTC voted 3-0 to set aside an order barring oil veteran John Hess from serving on the Chevron board. Chevron is still working to close a $53 billion merger with Hess Corp.