Exxon Mobil lost arbitration challenge against Chevron’s $55 billion Hess acquisition, delaying deal by over a year. Hess’s 30% stake in Guyana’s Stabroek block, holding 11 billion barrels of oil, was at the center of dispute. Delay cost Hess billions in revenue. (50 words)

Chevron’s deal with Hess closed after long dispute, part of major oil industry consolidation. Chevron CEO Michael Wirth sees acquisition as key to company’s future growth strategy, essential to counter Exxon’s position in Permian. Arbitration challenge turned win into high-stakes situation. (50 words)

With Hess deal closure, Chevron anticipates $1 billion in cost synergies by 2025, expects job cuts due to overlapping roles. Company facing layoffs, safety issues, and geopolitical challenges in Venezuela. Favorable arbitration ruling prevents costly growth search. (50 words)

During arbitration, Chevron prepared for integration of Hess business, spending $2.2 billion on shares and issuing $5.5 billion in debt. Arbitration and legal fees costly. Exxon’s own $60 billion deal with Pioneer closed quickly. Chevron stock down, Exxon up. (50 words)

Read more at Yahoo Finance: Analysis-Chevron wins Exxon case but loses time, oil and billions