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Oil major %Chevron (NYSE: $CVX ) says it is preparing to close its $53-billion U.S. acquisition of Hess Corp. (HES) within 48 hours of a decision being rendered in a legal challenge to the takeover filed by %ExxonMobil (NYSE: $XOM ).

Completing the Hess purchase is key to Chevron CEO Mike Wirth's long-term strategy. To that end, Chevron says that it has already prepared a severance package for Hess workers.

If successful, Chevron will gain Hess' 30% interest in the Stabroek oilfield in Guyana, which is currently operated by ExxonMobil and holds more than 11 billion barrels of oil equivalent.

The Stabroek oilfield is critical to helping replenish Chevron's declining %Oil and natural gas reserves.

The potential acquisition also comes with Chevron in the midst of a restructuring that includes laying off up to 20% of its workforce.

Hess had about 1,800 employees at the end of 2024. Hess employees have been told they can request a severance package from Chevron.

While it can take several months for companies to close an acquisition, Chevron says it aims to legally close the takeover of Hess within 48 hours of resolving the arbitration case with ExxonMobil.

Chevron will aim to completely absorb Hess within 45 days of a decision in the matter being made.

Chevron initially expected to close the Hess acquisition in early 2024. That was delayed due to legal claims from ExxonMobil, which argues that they have a contractual right of first refusal to purchase Hess' stake in the Stabroek oilfield.

For its part, Chevron has argued that the clause does not apply to the sale of Hess as a whole company.

A three-member arbitration panel that reviewed the dispute over the Stabroek oilfield has reached a decision.

What's left is for the Paris-based International Chamber of Commerce, which is overseeing the arbitration, to review the decision and release the findings to both Chevron and ExxonMobil.

CVX stock is flat on the year (up 0.47%) and trading at $147.40 U.S. per share.