Exxon-Hess arbitration panel nears formation, sources say [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
By Sabrina Valle HOUSTON (Reuters) - The final member has been chosen for a three-person arbitration panel meant to settle Exxon Mobil's claim against Chevron's $53 billion purchase of Hess Corp, two people familiar with the matter told Reuters. The panel's formation would be a milestone in a long-delayed process that has cast uncertainty over the mega-merger, which both Chevron and Hess had hoped would close in the first half of 2024. "The appointment of the full arbitration panel is now being completed. We expect to learn more about the (proceedings) schedule in the coming weeks," said one of the people familiar with the matter. Exxon filed the arbitration claim with the International Chamber of Commerce (ICC) in March, arguing that it has a right of first refusal over Hess's assets in Guyana. Exxon operates all oil production in Guyana, home to one of the world's biggest recent oil finds, with Hess and China's CNOOC as partners. Exxon asserts that the acquisition of He
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