Chevron moves forward with Hess acquisition, waiting on resolution of Exxon dispute

Chevron is preparing to close its acquisition of Hess, including offering a severance program for some Hess workers. The deal is crucial for Chevron to gain a stake in the Stabroek oilfield block in Guyana, adding to its oil and gas reserves. Integration planning is underway between the two companies.

Chevron has assigned roles in its IT team for the integration, with regular meetings between Chevron and Hess teams. Town hall meetings have been held with Hess staff, who can request a severance package if they choose not to stay. Chevron aims to close the deal within 48 hours of resolving the arbitration.

The acquisition was delayed due to arbitration claims from Exxon and CNOOC, the other minority partner in the joint venture. If the arbitration decision is not in Chevron’s favor, the deal could fail. Chevron CFO indicated the company could swiftly close the deal once the arbitration dispute is resolved. The arbitration panel has reached a decision.

Read more at Yahoo Finance: Chevron preps quick closing of Hess deal and awaits result of Exxon dispute