ExxonMobil's (XOM) Right of Refusal Halts Chevron-Hess Deal [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
This delay has stalled a decision on whether ExxonMobil has a right of first refusal over Hess' lucrative Guyana operations. The arbitration panel, tasked with deciding this critical issue, remains incomplete three months after the case was filed, hindering any immediate resolution. The sale has become a contentious issue, primarily because it involves a 30% stake in a lucrative Guyana oil consortium, which has discovered at least 11 billion barrels of oil and expects to produce 1.3 million barrels per day by 2027. ExxonMobil, holding a 45% majority stake in the consortium, claims that Chevron's acquisition of Hess circumvents its preemption right as specified in the joint operating agreement (JOA). Each party in the arbitration appoints one arbitrator, and these two nominate the third. The delay in appointing the final arbitrator has raised concerns about the timeline of the decision, with Hess projecting a resolution by the end of 2024 and ExxonMobil anticipating the dispute to
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- 6/20/24 - Form 11-K
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