News

Chevron’s Hess Acquisition

1 Mins read

Chevron recently issued a warning regarding its planned acquisition of Hess, citing potential challenges from Exxon Mobil and the China National Offshore Oil Corporation (CNOOC). The two companies have asserted that the planned deal could trigger their rights to increase stakes in a Guyana venture.

SEC Filing Reveals Concerns

In a Securities and Exchange Commission filing, Exxon and CNOOC communicated to Hess and Chevron that the U.S. deal may activate a change-of-control provision enabling them to enhance their ownership in the venture.

Negotiations Underway

Currently, discussions are ongoing to address the issue, with the option of arbitration available if needed. Chevron has indicated that failure to resolve the matter satisfactorily could result in the abandonment of the Hess deal.

Stakeholder Interests

Hess presently holds a 30% interest in the Guyana venture, housing over 11 billion barrels of oil equivalent. Exxon commands a 45% stake, while CNOOC maintains a 25% share.

Revised Offer

Originally valued at $53 billion, Chevron’s all-stock bid for Hess now stands at $157.85 per share, representing a 7% decrease from the initial announcement.

The filing expressed Chevron’s and Hess’s belief that the described circumstances are unlikely to materialize, underscoring the resolve to navigate through potential impediments.

Related posts
News

N. Korean tech workers faked IDs for overseas defense jobs

1 Mins read
N. Korean tech workers faked IDs for overseas defense jobs. April. 03, 2025 07:50. by 남혜정기자 [email protected]. North Korean cyberattacks involving the…
News

School curriculum resources to teach children about risks of in-game purchases

3 Mins read
The Oak National Academy – an arm’s length body to help schools deliver curriculum content – has launched a package of teaching…
News

Endeavour Silver is Producing First Batch of Concentrate at the Terronera Mine; Remains on Track for Wet Commissioning in Early Q2

3 Mins read
VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) provides a…

Leave a Reply

Your email address will not be published. Required fields are marked *

+ 79 = 82