The battle between Chevron Corp. and Exxon Mobil Corp. over Guyana’s $1 trillion oil field took another twist last week, when arbitrators said they would need nearly a year to settle the dispute.

Chevron’s stock plunged as the news meant its $53 billion acquisition of Hess Corp., which holds a 30% stake in the Guyana field operated by Exxon, would be further delayed. The shares took another hit later in the week when Chevron missed earnings estimates, and analysts questioned whether the deal would be done at all.

Adding salt to the wound, Exxon handily beat earnings expectations, largely due to completing the $60 billion purchase of Pioneer Natural Resources Co.

The companies’ contrasting fortunes show the value that acquisitions can bring but also the need for low-cost fossil fuels. Gone are the days when Big Oil saw its future outside of oil and natural gas.

The industry is now coalescing around a common climate strategy: make sure gas and crude can be produced as cheaply as possible to withstand whatever price swings the energy transition brings.

Guyana’s oil can be pumped for less than $35 a barrel, making it some of the most profitable crude outside OPEC. By acquiring Hess with its stock, Chevron aimed to get a slice of those profits without incurring debt or adding new supplies to global markets that may drive down prices.

The strategy made sense, but Chief Executive Officer Mike Wirth didn’t count on an Exxon-sized block tackle. Exxon, which discovered oil in Guyana in 2015, is well aware how valuable the Caribbean nation’s resources are and isn’t about to let its biggest rival sweep in without a fight.

Exxon claims it has a right of first refusal over Hess’ share, while Chevron says the right doesn’t apply because the deal is structured as a corporate merger rather than an asset sale.

Contractual disputes between major corporations often are resolved behind closed doors. Asked whether there was a chance of compromise, Wirth said on Chevron’s earnings call Friday the companies held constructive talks earlier this year.

“That time has now passed,” he said.

–Kevin Crowley, Bloomberg News