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Hurdles remain as Chevron and Exxon Mobil wage a legal battle over Hess’s stake in a lucrative oil project in Guyana.

A large oil industry deal advanced on Tuesday after shareholders of Hess approved a proposed sale of the company to Chevron for $53 billion.

Control over one of the most prized oil assets, off the shores of Guyana, is at stake in the deal, which still faces significant hurdles.

Hess is a junior partner in a lucrative Exxon Mobil-led drilling project in the South American country. Exxon is contesting Chevron’s acquisition of Hess by arguing that Hess can’t sell itself without allowing Exxon to buy its stake in the Guyana project. Chevron and Hess have said Exxon’s interpretation of the terms of Exxon and Hess’s partnership is incorrect.

Exxon has asked an arbitration organization to resolve the dispute.

Some of Hess’s largest investors, hoping to pressure Chevron into sweetening its offer, had withheld their

Keep reading this article on The New York Times Energy & Environment.

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