Hess gains as Chevron wins Exxon Guyana legal battle

Shares of oil and gas producer Hess HES.N rise 8% to $161 premarket

Chevron CVX.N will proceed with its $53 billion acquisition of Hess HES.N after it prevailed in a landmark legal battle against larger rival Exxon Mobil XOM.N to gain access to the largest oil discovery in decades in Guyana

Shares of CVX rise 3.4% and XOM moved marginally lower

"We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process" - Exxon

CVX and HESS did not reply to request for comment

Up till last close, CVX up 4.6%, XOM up 3.9% and HES up 12% YTD