Chevron To Proceed With Hess Deal After Winning Exxon Case

Chevron and Hess have won their arbitration battle against Exxon over access rights to an oil project off the coast of Guyana, clearing the path for Chevron to proceed with its $53 billion acquisition of Hess, Grace O’Donnell reported for Yahoo Finance.

The dispute centered on Hess’s 30% stake in a lucrative Guyanese oil venture co-owned with Exxon. I Photo: Chevron Facebook

Following the decision, Chevron stock rose 3% in premarket trading, while Hess shares surged 7%. Exxon shares slipped less than 1%.

The dispute centered on Hess’s 30% stake in a lucrative Guyanese oil venture co-owned with Exxon. Chevron had previously warned it could delay or cancel the acquisition if it lost the arbitration.

Ultimately, Chevron prevailed. “We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process,” Exxon said in a statement.