(Reuters) - Chevron ( CVX ) purchased about 4.99% of Hess Corp's ( HES ) common shares this year, the oil giant said in a regulatory filing on Monday.

Chevron ( CVX ) said the stock purchase reflects its continuing confidence in completing the pending acquisition of Hess.

In October 2023, Chevron ( CVX ) agreed to acquire Hess in an all-stock deal valued at $53 billion, gaining a stake in Guyana's oil-rich Stabroek block and expanding Chevron's ( CVX ) U.S. shale footprint.

Though the proposed takeover has cleared the FTC's antitrust review, one last hurdle remains - Exxon Mobil's ( XOM ) challenge to the deal. A three-judge arbitration panel is due to consider the case later in May.

The company purchased 15,380,000 shares between January and March at a discount to the exchange ratio set forth in the Merger Agreement.