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Paul, Weiss advised Chevron Corporation on its all-stock acquisition of Hess Corporation, creating an oil and gas company with leading positions in critical energy markets worldwide. The acquisition adds world-class assets to Chevron’s diversified global portfolio, including the expansion of its position in the Guyana Stabroek Block to 30%. The deal closed shortly after Chevron won a key legal battle against ExxonMobil for access to Guyana, which is the world’s largest oil discovery in the last 10 years.

Under the merger agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, and Chevron intends to issue about 301 million shares of common stock out of treasury to Hess stockholders. The 15.38 million shares of Hess common stock owned by Chevron prior to closing were canceled for no consideration.

A day before the deal closed, the Federal Trade Commission lifted its restriction on John Hess joining Chevron’s board of directors, subject to board approval.

The Paul, Weiss team was led by corporate partners Kyle Seifried, Stan Richards and Scott Barshay, and included partners John Kennedy, Christodoulos Kaoutzanis, Patricia Vaz de Almeida and Frances Mi, and counsel Lyudmila Bondarenko; tax partners Brian Krause, Anne McGinnis, Timothy Lowe and Cian O’Connor; executive compensation partners Lawrence Witdorchic and Jean McLoughlin; litigation partners Geoffrey Chepiga, John Carlin, Mark Mendelsohn and Daniel Reich; restructuring partner Jacob Adlerstein; antitrust partners Nicole Kar, Christopher Wilson and Katharine Haigh, and counsel Lauren O’Brien; and environmental counsel William O’Brien.