Chevron Celebrates Big Victory in Fight With Exxon
Exxon, which operates and owns 45% of Guyana's offshore Stabroek Block, claimed it had a right of first refusal over the disposition of Hess's 30% stake. Acquiring Hess and its interest in Guyana significantly increases the quality of Chevron's oil assets beyond the Permian Basin of Texas and New Mexico, narrowing the gap with Exxon. 'This creates a premier international and oil and gas company,' declared Chevron Chief Executive Officer Mike Wirth. Meanwhile, some hedge funds are really cashing in on the deal.
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