This strategic move consolidates Chevron's position in the global energy market with a highly advantaged and differentiated portfolio.

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade. Chevron said Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris.

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.