Two pump jacks working near groundwater outlet with reflection in the puddle

Oil field with two nodding donkeys, operating near groundwater outlet

Chevron wins Guyana Basin dispute, officially closes $53 billion Hess deal

The oil giant prevailed over rival Exxon for access to one of the world’s fastest-growing offshore oil regions.

7/18/25 11:44AM

Chevron has officially closed its $53 billion acquisition of Hess after winning a closely watched arbitration case over offshore drilling rights in Guyana.

The dispute centered on whether Exxon and China’s CNOOC had a right of first refusal on Hess’ 30% stake in the Stabroek Block, one of the world’s most valuable high-output oil fields.

On Friday, Chevron CEO Mike Wirth told CNBC that the International Chamber of Commerce sided with Chevron in a ruling, ending months of uncertainty that threatened to derail the oil giant’s deal to buy Hess.

With the decision, Chevron has secured a foothold in the booming Guyana Basin, while Exxon will retain its 45% stake and leadership of the project. The deal’s closure paves the way for more integration and will include job cuts. Chevron has already been trimming staff, but Wirth said he expects “some” additional headcount cuts tied to the Chevron-Hess deal.

Chevron shares were down over 1% Friday afternoon, while Exxon was down over 3%.

Max Knoblauch10/24/25

Premium seats help push airlines higher following third-quarter results

Shares of American Airlines are climbing toward the carrier’s best trading day since August 12, when ultra-budget rival Spirit issued its initial warning about its ability to survive. American’s shares are up more than 7% on Friday afternoon.

Investors’ optimism comes a day after American posted a better-than-expected full-year earnings forecast. In a call with investors, American said that it’s ramping up its premium cabin offerings.

“Our ability to grow capacity in premium markets will be further supported as we take delivery of new aircraft and reconfigure our existing fleet. These efforts will allow us to grow our premium seats at nearly two times the rate of main cabin seats,” CEO Robert Isom said. American CFO Devin May said that nose-to-tail retrofits of certain wide-body jets will bump the number of premium seats available on those planes by 25%.

Extra legroom has been a boon for major carriers, particularly this quarter. Delta Air Lines said its premium product revenue grew 9% in Q3, compared to a 4% drop in economy seat revenue. Similarly, United Airlines said its premium revenue grew 6%, outpacing economy. Shares of both airlines were up more than 3% on Friday.

Carriers with less exposure to first- and business-class tickets like Southwest Airlines and JetBlue didn’t see the same amount of momentum on the day.