March 18, 2025 [Reuters]- A Chevron purchased approximately 4.99% of the common stock of Hess this year, reflecting its confidence in completing the planned acquisition of Hess, the oil giant said in a regulatory filing on Monday.

The United States’ second-largest oil producer agreed in October 2023 to acquire Hess in an all-stock deal valued at $53 billion to hold a major stake in Guyana’s Stabroek block.

U.S. regulators and shareholders approved the deal, but Exxon Mobil and CNOOC, Hess’s partners in Guyana, have challenged the settlement in court. A three-judge arbitration panel is expected to hear the case in late May.

Chevron bought 15,380,000 Hess shares between January and March, worth about $2.3 billion based on Hess’s closing share price on Monday of $150.45.

Chevron will offer 1.025 of its shares for each Hess share. If the deal were to close on Monday, Hess investors would receive $162.69 per share, based on Chevron’s closing price of $158.72.