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

XRP Logs 4,335% Surge in Hourly Liquidation Imbalance, What's Next? - U.Today

1 Mins read
After struggling to hold steady at the $3 resistance level despite strong market momentum, XRP has finally returned to the red zone,…
News

Jurisdiction Miss Sinks Novel Crypto Suit Claim In Chancery - Law360

1 Mins read
By Jeff Montgomery ( October 6, 2025, 7:55 PM EDT) — In a first-of-its-kind decision, Delaware’s Court of Chancery on Monday upheld…
News

Japanese Stocks to Gain on Takaichi Win, Yen Drops: Markets Wrap

2 Mins read
(Bloomberg) — The yen fell after a ruling-party vote positioned pro-stimulus lawmaker Sanae Takaichi to become Japan’s next leader, boosting prospects for…

Leave a Reply

Your email address will not be published.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

44 − = 39