Chevron Corp. has prevailed in a 20-month fight to buy Hess Corp. for $53 billion, overcoming a challenge by arch rival Exxon Mobil Corp. that was unprecedented in the modern history of Big Oil.

Chevron completed its $53 billion purchase of Hess after winning an arbitration case brought by rival Exxon Mobil and the China National Offshore Oil Corporation.

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