Hess faces legal challenges over Chevron deal disclosures, supplementing proxy statement

From NASDAQ MarketSite: 2024-05-22 12:13:00

Hess Corporation faces legal challenges over the adequacy of disclosures in its proposed sale to Chevron, with three lawsuits and shareholder demands. Despite maintaining the claims are baseless, Hess is voluntarily supplementing its proxy statement to address concerns ahead of the May 28 shareholder vote.

Chevron’s $53 billion acquisition of Hess aims to bolster its presence in Guyana’s oil-rich fields, pending regulatory approvals. Legal battles in Delaware and demand letters from shareholders highlight concerns about disclosure deficiencies. The outcome of the upcoming vote and Hess’s proactive measures will shape the merger’s future.

Hess, rated as a Buy by Zack Rank, faces legal hurdles in its Chevron deal while Marathon Petroleum and SM Energy offer strong investment opportunities in the energy sector. Both companies are well-positioned for sustainable growth and value creation with positive earnings outlooks and strategic oil-centric expansions. Download a Special Report for 5 dividend stocks to fund your retirement.



Read more at NASDAQ MarketSite: Hess (HES) Faces Legal Hurdles Over Chevron Deal Disclosures