Chevron Prevails in Exxon Fight, Sealing Deal to Buy Hess
The Dutch Intersection Is Coming to Save Your Life
Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests
LA Homelessness Drops for Second Year
Manhattan, Chicago Murder Rates Drop in 2025, Officials Say
Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint
The decision is a major victory for Chevron, ending a period of strategic limbo that hurt its stock and prompted questions over the quality of the company's due diligence when it agreed to buy Hess in October 2023. Chevron Chief Executive Officer Mike Wirth said he would walk away from the deal if they lost the case.
A representative for Exxon confirmed Hess and Chevron prevailed, and the company said in a statement that 'we disagree with the ICC panel's interpretation but respect the arbitration and dispute resolution process.'
Chevron and Hess didn't immediately respond to requests for comment.
Hess shares surged as much as 8.8% before the start of regular trading. Chevron rose 3.9%.
The clash between North America's biggest energy producers was unprecedented in the modern history of Big Oil, an industry in which companies routinely partner with each other to minimize project risk and share costs. 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.
Hess and Chevron, however, argued the right didn't apply because their deal was structured as a corporate merger rather than an asset sale.
The uncertainty surrounding the deal has been a 'material contributor' to the underperformance of Chevron's stock price compared to its rivals, Wirth said in November.
Acquiring Hess and its stake 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, Hedgeye Risk Management, LLC Managing Director Fernando Valle said.
'Adding Guyana was critical for Chevron, because it's go-forward portfolio was paltry outside of the Permian,' Valle said.
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.
'We wrote these documents — we understood the intent of those documents,' Exxon Chief Executive Officer Darren Woods said in December. 'That gives us a lot of confidence in the position that we've taken.'
Wirth and John Hess consistently backed their legal advice throughout the process.
The deal's expected completion is a win for arbitrage traders who were betting on the spread between Hess's share price and the exchange ratio agreed with Chevron.
Hedge funds including Millennium Management, Pentwater Capital Management and HBK Investments LP had staked billions of dollars on the deal closing, according to data compiled by Bloomberg.
The US Federal Trade Commission on Thursday opened the door for John Hess to join Chevron's board, throwing out an order issued last year that barred him from doing so and accused him of colluding with OPEC.
'Mr. Hess is a highly respected industry leader, and our board would benefit from his global experience, relationships and expertise,' a Chevron spokesman said in a statement.
--With assistance from Mitchell Ferman.
What the Tough Job Market for New College Grads Says About the Economy
How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All
Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover
Why Access to Running Water Is a Luxury in Wealthy US Cities
Forget DOGE. Musk Is Suddenly All In on AI
©2025 Bloomberg L.P.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
From Krispy Kreme to GoPro, has meme-stock trading frenzy returned?
Shares in struggling retailers and ageing consumer brands surged, as amateur traders cast aside Wall Street's skepticism and mobilized online. It's like 2021 all over again. But the latest meme-stock rally could be even bigger than its predecessor four years ago, when investors piled into recognizable but unloved stocks, such as the video games retailer GameStop and the movie theatre chain AMC, according to the founder of the Reddit forum that helped whip up the frenzy. Retailer Kohl's, camera firm GoPro, fast-food chain Wendy's and doughnut chain Krispy Kreme each staged rapid rallies this week, driven by abrupt surges in trading volume reminiscent of the the meme-stock craze of 2021, when social media memes boosted a collection of struggling stocks, triggering extraordinary and volatile leaps in value. Actress Sydney Sweeney helped bring clothing retailer American Eagle Outfitters into the mania after it was announced the Euphoria and White Lotus star would front the brand's latest marketing campaign. The company's shares surged about 10% in trading on Thursday. Meme stocks are 'about to leap-frog in size and scope and scale, so that retail traders are going to redefine what matters', according to Jaime Rogozinski, founder of the wallstreetbets Reddit forum behind many of the volatile rallies. 'The world of finance is clearly changing, with blockchain technologies encroaching, and AI agents that trade on their own,' he said. 'And the collective of retail traders is adapting along with it.' Rogozinski founded wallstreetbets in 2012, but said Reddit ousted him as a moderator in 2020. His bid to sue the social media company for trademark infringement was dismissed by the US court of appeals for the ninth circuit last month. The forum's users home in on stocks and share their own research. 'It's a decentralization of power of who can be financial analyst,' said Noor Al, a moderator on wallstreetbets. 'Great ideas can now come from anyone, anywhere. 'We're seeing the power of retail push stocks, sometimes to the tune of billions of dollars, through the power of ideas, the power of community and the power of the people,' he added. The meme-stock craze of 2021, which produced stars such as Roaring Kitty, was a product of the Covid era, when many amateur traders were stuck at home and flush with pandemic stimulus cash. Whether this latest frenzy produces similar winners is not yet clear. Kohl's finished the week up 32%, GoPro was up 66% and Krispy Kreme was up 41%. The rallies show some investors are willing to take on more risk, as stocks scale record highs and the market, dominated by big tech, becomes harder to beat. Often, meme-stock bets are unbound from economic fundamentals, as investors move to support a brand for romantic or ideological reasons. Donald Trump's Trump Media & Technology Group, home to Truth Social, is valued at more than $5bn on quarterly revenue of about $1m. The wallstreetbets ethos 'has always to some extent been about flaunting and exploiting the ironies, relevance or irrelevance' of the stock market, said Rogozinski, who pointed to Wendy's, the hamburger chain, as a good example. 'Wendy's has always been a meme that goes back a decade. It brings a smile to my face, because on Reddit there's always been this thing where they say: 'Sir, this is a Wendy's.' 'It's an inside joke, and I don't even get where it started. It's just a meme,' he added. The stock's fleeting rise – it rallied 10% in two days, but finished the week broadly flat – shows some retail investors do not necessarily care about the typical factors that drive the market, such as tariffs and war in the Middle East. 'It's this ability for us to almost make fun of the financial system.' Long-term institutional players will always get the last laugh, Rogozinski conceded, because prices will return to normal valuations. 'But in the short term there's lot of money to be had with this volatility, and the fact that stocks are able to move up and down with such ease is but a mere showcase for how the financial system needs a facelift in relevancy.' Related: Bed Bath & Beyond sees 'meme-stock' surge – but is it too little, too late? While current market conditions do not replicate the low interest rates and retail investor buoyancy of the Covid era, market records and a robust economy have made meme stocks attractive once again for some. 'You see all these indications where this is full-blown meme mania,' Brent Kochuba, founder of derivatives-data firm SpotGamma, told Bloomberg. 'The macro economic environment really favors the retail and speculative plays,' agreed Al. 'I think were only going to see more speculation and excitement. It's a good time to tune in, because retail players can react and provide insight faster.' Days traders are not necessarily bothered by a company's financial performance, said Rogozinski. 'You have this activist, elective investor who is saying, 'I don't care what the financial statements look like, I don't care what the discounted cashflow is, I like the food, I like the video-game store, I like the meme. So dude, you can go back to Excel spreadsheets if you want, but I really like the chicken tenders,'' he said. There is now a 'third component' to investment, beyond supply and demand, he claimed, 'which is, 'dude, I don't care if you think it's going to go up or not, or if they have assets or liabilities. I care about this company and I'm going to help it out. I'm going to go buy my jeans from American Eagle.'' Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
34 minutes ago
- Yahoo
Newmont (NEM) Jumps 6.89% on Better Income, Dividend News
We recently published . Newmont Corporation (NYSE:NEM) is one of the best-performing stocks on Friday. Newmont rallied for a second day on Friday, jumping 6.89 percent to close at $65.75 apiece as investor sentiment was bolstered by an impressive earnings performance and news that it will distribute cash dividends to its shareholders. In its earnings release, Newmont Corporation (NYSE:NEM) said net income attributable to shareholders in the second quarter of the year jumped by 142 percent to $2.06 billion from $853 million in the same period last year. Adjusted EBITDA also rose by 52 percent to $2.997 billion from $1.966 billion. Additionally, attributable gold production ended lower by 8 percent during the period at 1.48 million ounces versus 1.61 million ounces year-on-year, driven by the previously announced closing of non-core asset sales. However, the closure was partially offset by higher production from four other sites. Copyright: tomas1111 / 123RF Stock Photo The average realized gold price increased by 41 percent to $3,320 from $2,347 year-on-year. In other news, Newmont Corporation (NYSE:NEM) also declared a $0.25 cash dividend to each common shareholder as of September 4. The dividends will be payable on September 29. While we acknowledge the potential of NEM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Forbes
37 minutes ago
- Forbes
Trump's H‑1B Fix Could Be Improved: Here's What The U.S. Really Needs
There is discussion about cancelling the H1-B visa program or repairing it. President Trump has ... More proposed new changes. The U.S. H-1B visa program, once a gold standard for attracting global talent, is now under severe strain. But Trump's H1-B visa fix is not enough, more than what has been proposed by the Trump administration is needed. America deserves better and it can be done. Historical Background To The U.S. H1-B Program. The Immigration Act formally established the H-1B visa for workers in specialty occupations that require individuals with theoretical or technical expertise, typically in fields such as IT, engineering, mathematics, and medicine. Initially capped at 65,000 visas per year, the program underwent expansion during the 1990s tech boom. In 1998 and again in 2000, Congress temporarily increased the cap—first to 115,000 and then to 195,000—in response to lobbying by the tech industry. Unfortunately, these elevated caps were allowed to expire, returning to 65,000 plus 20,000 for U.S. master's degree holders by 2004. Over the past two decades, reforms have aimed at curbing abuse, ensuring fair wages, and increasing scrutiny of outsourcing firms. The American Competitiveness in the 21st Century Act (2000) introduced portability of H‑1B status and eased green card processing backlogs. Under the first Trump administration, the 2017 'Buy American, Hire American' executive order led to stricter adjudications, a surge in Request for Evidence (RFEs), and a rescission of deference to prior approvals. In 2020, the Department of Homeland Security and Department of Labor introduced wage-based prioritization and significantly raised prevailing wage levels (though these were partially struck down in court). Most recently, the Biden administration proposed modernizing the program to enhance integrity and transparency, while also reaffirming the role of workers in allowing U.S. employers to hire foreign workers temporarily to improve U.S. competitiveness. The program remains the workhorse of the U.S. immigration system. Central to debates on importing skilled immigration, is balancing the economic importance of H-1B demand with concerns over labour market fairness for American workers. However, the H1-B program has largely devolved into a lottery-dependent system that often rewards luck over merit and has become susceptible to manipulation by outsourcing firms. President Donald Trump takes a question from a member of the media. He is in the midst of changing ... More the H1-B work visa program. (Photo by) Fixing The H1B Visa Program President Trump's Way Now, President Trump's 2025 proposal aims to overhaul the system by replacing the random draw with a wage-weighted selection process. The goal is to transform H-1B into an elite pathway for high-wage, high-skill professionals, especially in fields such as STEM, technology, and healthcare. Under this plan, foreign workers would only be admitted to supplement—not displace—the U.S. workforce, addressing concerns about wage suppression and job loss. While aligned with Trump's broader merit-based immigration vision, critics warn that this approach may marginalize lower-wage applicants and disadvantage smaller firms and startups. But is this a real fix? Or could something more creative be considered? What Other Countries Are Doing Several countries have developed or reformed H-1B-style immigration programs to attract high-skilled foreign talent, particularly in STEM fields, amid global competition for innovation and workforce growth. The United Kingdom has introduced the Skilled Worker visa and a Global Talent visa, prioritizing applicants with job offers in shortage occupations or exceptional achievement in fields like AI and engineering. Australia's Temporary Skill Shortage (TSS) visa functions similarly, with a focus on employer sponsorship and labor market testing. Germany's Blue Card system, aligned with the EU framework, facilitates residency for highly qualified workers meeting salary thresholds and educational criteria. Even Japan and South Korea, historically cautious about immigration, are loosening requirements for skilled professionals, while Singapore recently launched the Overseas Networks And Expertise Pass to lure top executives, entrepreneurs, and researchers. Across the board, these nations are balancing economic needs with domestic labour concerns by linking work visas to salary levels, labour shortages, and long-term integration strategies. Ontario Premier Doug Ford is proposing to introduce provincial work permits in Canada. (Steve ... More Russell/Toronto Star via Getty Image) The Canadian Approach to Work Permits: An Example Canada's foreign worker visa system operates primarily through two complementary streams: the Temporary Foreign Worker Program (TFWP) and the International Mobility Program (IMP). The TFWP enables Canadian employers to hire foreign nationals to address labour shortages, to demonstrate the need for a foreign worker, and to ensure that no Canadian will be displaced. In contrast, the IMP facilitates work permits without an LMIA for reasons that serve Canada's broader economic, cultural, or diplomatic interests, such as intra-company transfers, post-graduate work permits, or reciprocal agreements like USMCA (formerly NAFTA). Both streams can lead to permanent residency through pathways like the Express Entry system or Provincial Nominee Programs. Canada prioritizes worker rights by mandating employer compliance with wage standards, working conditions, and access to provincial employment protections, while also offering open work permits in certain humanitarian and spousal sponsorship cases. Canada also offers streamlined employer-sponsored pathways such as the Global Talent Stream, which provides expedited work permits for tech professionals in as little as two weeks. However, recently, Canadian leaders have proposed taking even a more pragmatic approach. Under Section 95 of its Constitution, provinces like Ontario are utilizing their authority to address local labour shortages directly. In 2024, Premier Doug Ford announced a plan for Ontario to issue 100,000 work permits over ten years, targeting high-demand sectors such as healthcare. Canada's Provincial Nominee Program, which already accounts for over 40% of economic immigrants, bypasses lotteries and instead uses a transparent, merit-based points system considering education, age, experience, and language ability. Express Entry, the digital intake portal, allows provinces and employers to select candidates swiftly. Crucially, spouses and dependents receive immediate work permits, supporting household stability and integration. U.S. Constitutional Impediments to H1B Visa Reform? The U.S. should take note. Though immigration is a federal domain under the Constitution, Congress has historically delegated immigration authority in specific contexts, including special visa rules for Guam and the Northern Mariana Islands. There's a clear legal pathway to authorize states to sponsor skilled foreign workers under a federally approved framework. A pilot State-Based Visa Program could allow states like California, Texas, or Florida to recruit for sector-specific shortages using real-time labour data. State departments of labour, working with vetted employers, could certify needs and issue permits valid within their jurisdictions, avoiding the randomness and inflexibility of the current H-1B system. Why It Matters Now President Trump's H1-B visa fix could be improved with something smarter, faster, and fairer. The H-1B program's economic impact is undeniable: skilled immigrants contribute billions to the U.S. economy and are disproportionately represented in AI, STEM, and tech leadership. Tech giants like Google, Microsoft, and Apple were built in part on H-1B talent. But with every failed reform effort, America risks losing its competitive edge. Meanwhile, countries such as Canada, Australia, and the U.K. are establishing streamlined pathways for skilled workers. It's time to fix that.