Chevron has bought about 4.99% of Hess Corp’s common shares this year.

Chevron purchased 15,380,000 Hess shares between January and March, worth about $2.3 billion based on Hess’ closing share price of $150.45 on Monday.

In a filing on Monday, the oil and gas firm said the move reflects its confidence in completing the planned acquisition of Hess.

The development comes after the second-largest U.S. oil producer agreed in October 2023, to buy Hess in an all-stock deal valued at $53 billion to gain a crucial stake in Guyana’s oil-rich Stabroek block.

U.S. regulators and shareholders have approved the deal, but Exxon Mobil and CNOOC, Hess’ partners in Guyana, have challenged it in court.

A three-judge arbitration panel is due to consider the case later in May.

Chevron will offer 1.025 of its shares for each Hess share.

If the deal closed on Monday, Hess investors would receive $162.69 for each share, based on Chevron’s closing price of $158.72.