M&A Litigation

Chevron Corporation v. Hess Corporation

An ICC tribunal awarded Chevron Corporation $6.2 billion in specific performance blocking Hess Corporation's transfer of its 30% working interest in the Guyana Stabroek Block to ExxonMobil, ruling that Chevron's right of first refusal under the 2014 joint operating agreement was triggered by the October 2023 merger announcement. The award includes $340 million in damages for Hess's breach of ROFR notice provisions and requires unwinding the asset transfer, presenting critical implications for ROFR enforcement in upstream M&A transactions.