$53 Billion Guyana Oil Clash Heads to London Tribunal

This Monday, Exxon Mobil and Hess are scheduled to participate in a crucial court hearing to determine the fate of the $53 billion Chevron agreement to acquire Hess. According to the original report, this agreement, announced in October 2023, is fundamental in the strategy of Chevron CEO Mike Wirth, to improve the company's performance.The dispute over GuyanaDisagreement focuses on Stabroek Block, a key asset on the coast of Guyana, where Hess h…

$53 Billion Guyana Oil Clash Heads to London Tribunal

A high-stakes arbitration kicks off Monday in London that could make or break Chevron’s $53 billion bid to acquire Hess Corp—and with it, a coveted 30% stake in Guyana’s booming Stabroek Block. ExxonMobil and CNOOC, Hess’s partners in the block, claim they have a right of first refusal on that stake, arguing the Chevron-Hess deal triggers the clause. But Chevron and Hess counter that the right doesn’t apply to full corporate mergers. The outcome…

Traders Wager $10 Billion on Chevron-Hess Deal Beating Exxon Case

Merger-arbitrage funds’ biggest wager of the year faces a crucial test in the coming days, as a private arbitration panel begins hearing Exxon Mobil Corp.’s challenge to Chevron Corp.’s $53 billion takeover of Hess Corp.