Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades. It

Chevron (NYSE:CVX) is clear to proceed with its planned $53B acquisition of Hess (NYSE:HES) after an arbitration panel dismissed Exxon Mobil's (XOM) claim that it had a contractual right to bid for Hess' assets offshore Guyana.