07:29 AM EDT, 07/18/2025 (MT Newswires) -- Exxon Mobil ( XOM ) said Friday it disagreed with an International Chamber of Commerce tribunal decision that favored Chevron ( CVX ) in a contractual dispute over Hess' (HES) stake in Guyana's Stabroek Block.

The arbitration ruling allows Chevron ( CVX ) to move forward with its $53 billion proposed acquisition of Hess.

"We disagree with the ICC panel's interpretation but respect the arbitration and dispute resolution process," Exxon Mobil ( XOM ) said in a statement.

The company said it believes enforcing its preemption rights was essential to protect the value it created for investors through "innovation and hard work at a time when no one knew just how successful this venture would become."

Exxon Mobil ( XOM ) also said it and CNOOC, which also holds a stake in the project, remain aligned in their view that contract terms must be upheld to avoid setting a bad precedent for the industry.

Exxon Mobil ( XOM ) said it welcomes Chevron ( CVX ) to the venture and looks forward to continued strong performance in Guyana.

Shares of Chevron ( CVX ) and Hess were up over 3% and more than 7%, respectively, in recent Friday premarket activity, while Exxon Mobil ( XOM ) shares were down 0.5%.