Hess Corp. shareholders have given their approval for Chevron Corp.'s $53 billion acquisition, despite concerns from some notable investors regarding a dispute with Exxon Mobil Corp. over a crucial asset.

The approval was announced by Hess in a statement following a meeting on Tuesday. Initially, the company's shares dropped on the news but later rebounded, rising by as much as 1%.

“We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction,” Chief Executive Officer John Hess said.

Chevron and CEO Mike Wirth scored a significant victory with Hess Corp. shareholders approving the $53 billion acquisition, securing a stake in a major oil discovery in Guyana.

John Hess personally campaigned for support in the final days. The deal must now navigate FTC approval and an arbitration case with Exxon over control of the Guyanese field, which could extend into 2025.

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