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 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.

Chevron has successfully mediated a dispute over oil assets in Guyana against Exxon. The resolution paves the way for Chevron's strategic acquisition of Hess, strengthening its foothold in the region and potentially altering the competitive landscape in the oil sector.