Exxon, Chevron, and Hess in legal battle over Stabroek oilfield, delaying $53 billion deal

From Yahoo Finance: 2025-05-01 14:16:00

The International Chamber of Commerce has set a May 26 hearing for Exxon Mobil’s arbitration dispute with Chevron over the Hess acquisition. The battle is over the valuable Stabroek oil field in Guyana, delaying Chevron’s $53 billion deal. The dispute centers on a right of first refusal clause in the joint operating agreement.

Exxon, Chevron, and Hess are involved in a legal battle over the lucrative Stabroek oilfield, with arbitration set for May in London. The dispute hinges on the right of first refusal clause in the joint operating agreement. Closing the acquisition of Hess is crucial for Chevron, as the field holds over 11 billion barrels of oil equivalent in recoverable resources.

Chevron’s $53 billion deal to acquire Hess is on hold due to an arbitration dispute with Exxon and CNOOC over the Stabroek oilfield. The field has exceeded initial expectations, with Chevron’s confidence in completing the acquisition reflected in its recent purchase of 4.99% of Hess’ common shares.



Read more at Yahoo Finance: Court hearing in Exxon’s dispute over Chevron-Hess deal set for May 26, sources say