Latest news with #ChevronHess
Wall Street Journal
18-07-2025
- Politics
- Wall Street Journal
Exoneration for Scott Sheffield
Lina Khan's losing streak continues even after she's left the Federal Trade Commission. On Thursday the agency's three Trump appointees exonerated two U.S. oil shale executives whom the Biden FTC Chair falsely accused of colluding with the Organization of the Petroleum Exporting Countries. Democrats criticize the Trump team for weaponizing government power to target political opponents. Yet they cheered when Ms. Khan and her two fellow Democratic commissioners leveraged their power over the Chevron-Hess and ExxonMobil-Pioneer Natural Resources acquisitions last year to punish the Biden Administration's critics.
Yahoo
04-07-2025
- Business
- Yahoo
Arbitrators reach verdict on Exxon and Chevron dispute over Hess acquisition
Arbitrators have made a decision in the legal dispute between Exxon and Hess concerning a major oilfield project in Guyana, reported Reuters, citing two sources familiar with the matter. The dispute focuses on Chevron's $53bn acquisition of US oil producer Hess, which includes a 30% stake in Guyana's Stabroek block. Exxon holds a 45% interest in the block and operates the joint venture. The deal is a key part of Chevron CEO Mike Wirth's strategy to improve company performance, but this has been delayed due to arbitration claims from Exxon and its joint venture partner CNOOC over pre-emptive rights to Hess' project interest. The Stabroek block could be a valuable addition to Chevron's depleting oil and gas reserves. This ruling is crucial as it will determine whether Chevron can proceed with its planned acquisition of Hess. The International Chamber of Commerce in Paris, France, is responsible for overseeing the arbitration case and is currently reviewing the decision before releasing it to the involved parties. The specifics of the arbitrators' decision and the release date remain undisclosed. An Exxon spokesperson was quoted by the news agency as saying: "We remain confident in our position and appreciate the arbitration panel giving this issue the due consideration it deserves." Chevron announced its intention to acquire Hess in October 2023. Chevron and Hess contend that the right of first refusal clause does not apply to the sale of the entire company. In the event they lose the arbitration, or if they fail to reach an acceptable resolution with Exxon and CNOOC, the acquisition agreement stipulates that the deal would collapse. "Arbitrators reach verdict on Exxon and Chevron dispute over Hess acquisition " was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
