Chevron bought about 4.99% of Hess Corp's common shares this year, reflecting its confidence in completing the planned acquisition of Hess, the oil giant said in a regulatory filing on Monday.

Chevron agreed to purchase Hess in October 2023, aiming to expand its presence in the oil-rich Stabroek block.

Chevron Corp. bought nearly 5% of Hess Corp. as a show of confidence that it will win the arbitration battle with Exxon Mobil Corp.