Hess Corporation requested that an arbitration tribunal hear the merits of its dispute with ExxonMobil and CNOOC in the third quarter, with a view of having an outcome in the fourth quarter. This was reported by Mike Wirth, Chief Executive Officer of Chevron during the company’s 2024 Q1 earnings conference.
“We see no legitimate reason to delay that timeline. It’s consistent with what Exxon has outlined as what they would expect. But I can’t say that’s exactly how it unfolds because we haven’t seen specific scheduling from the tribunal yet,” Wirth stated.
Following Chevron’s announcement of its agreement to acquire Hess, Exxon and Hess raised a dispute, arguing that they have pre-emption rights to Hess’ 30% stake in the Stabroek Block before Hess could be sold to Chevron. Chevron and Hess believe the pre-emption clause in the Stabroek Block joint operating agreement does not apply to their merger.
Hess said in a securities filing that it set May 28 for a shareholder vote on the planned Chevron buyout, Reuters reported.
Hess had said the dispute could push the conclusion of the deal to 2025.
