Jul. 18 at 5:16 PM
$HES wins arbitration battle w/
$XOM & clears the way for it to be bought by
$CVX more than 20 months after the
$53B deal was announced.
Exxon, which operates & owns 45% of Guyana’s offshore Stabroek Block, claimed it had a right of first refusal over the disposition of Hess’s 30% stake.
Hess and Chevron, however, argued the right didn’t apply b/c their deal was structured as a corporate merger rather than an asset sale.
Both sides had expressed extreme confidence in their opposing positions on the wording of the Guyana contract, which was written more than 15 years ago.
