Chevron Corp. won its arbitration battle with Exxon Mobil Corp. and has closed its $53 billion deal to buy Hess Corp. more than 20 months after the takeover was announced.

Chevron will be allowed to proceed with its $53 billion purchase of Hess Corp after winning arbitration with rival Exxon, The Wall Street Journal

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