Hess Confident in Winning Exxon Arbitration, Crucial for Chevron Merger

Hess Corporation is confident of winning its dispute with Exxon Mobil regarding the Stabroek block, crucial for the $53 billion Chevron merger. CEO John Hess claims Exxon’s arbitration is unfounded. The decision from the arbitration panel is expected by September, nearly two years after Hess accepted Chevron’s offer.

Hess Corporation has expressed strong confidence in its chances of prevailing in an arbitration initiated by Exxon Mobil Corporation regarding an essential oil project linked to the anticipated $53 billion Chevron Corporation acquisition. CEO John Hess characterized Exxon’s claim of a right-of-first-refusal for Hess’s 30% interest in the Stabroek block in Guyana as “baseless” and “without merit.”

In conclusion, Hess Corporation remains optimistic about its position in the arbitration with Exxon Mobil, asserting that the claim lacks legal basis. The outcome of this dispute is pivotal for the Chevron merger, which Hess believes will ultimately succeed once the arbitration panel reaches a decision by September.

Original Source: worldoil.com