Two pump jacks working near groundwater outlet with reflection in the puddle

Oil field with two nodding donkeys, operating near groundwater outlet

Chevron wins Guyana Basin dispute, officially closes $53 billion Hess deal

The oil giant prevailed over rival Exxon for access to one of the world’s fastest-growing offshore oil regions.

7/18/25 12:44PM

Chevron has officially closed its $53 billion acquisition of Hess after winning a closely watched arbitration case over offshore drilling rights in Guyana.

The dispute centered on whether Exxon and China’s CNOOC had a right of first refusal on Hess’ 30% stake in the Stabroek Block, one of the world’s most valuable high-output oil fields.

On Friday, Chevron CEO Mike Wirth told CNBC that the International Chamber of Commerce sided with Chevron in a ruling, ending months of uncertainty that threatened to derail the oil giant’s deal to buy Hess.

With the decision, Chevron has secured a foothold in the booming Guyana Basin, while Exxon will retain its 45% stake and leadership of the project. The deal’s closure paves the way for more integration and will include job cuts. Chevron has already been trimming staff, but Wirth said he expects “some” additional headcount cuts tied to the Chevron-Hess deal.

Chevron shares were down over 1% Friday afternoon, while Exxon was down over 3%.

Justice Department accuses telehealth Zealthy of fraud, says remedy may bankrupt it

The feds say they don’t think Zealthy has the liquidity to pay what it owes customers.

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bottling it

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Americans aren’t drinking as much Mexican beer — that’s not been good for Constellation

The nation’s largest beer importer by sales just saw a 10-year growth streak come to an abrupt end.

Will investing in kids games finally make Netflix Games “the Netflix of games”?

Netflix is launching a game for preschoolers, its latest foray into stuff-you-play instead of stuff-you-watch.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

American Airlines updates bag fees and Basic Economy fares

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Max Knoblauch4/9/26

Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.