Latest news with #NeilChapman
Yahoo
29-05-2025
- Business
- Yahoo
Exxon Leads $1 Trillion Stabroek Dispute as Chevron Awaits Ruling
Exxon Mobil (NYSE:XOM) edged lower despite senior VP Neil Chapman declaring the company the favorite in a $1 trillion Stabroek oil-field arbitration against Chevron (NYSE:CVX). Chapman told investors that London's three-member panel wrapped hearings this week and is expected to rule in Exxon's favor within two to three months, affirming its right of first refusal on Hess's (NYSE:HES) 30% stake in the Guyana joint venture. Chevron's proposed $53 billion acquisition of Hess last year would have handed it control of Stabroekhome to roughly 11 billion barrels of recoverable reserves and a key growth driver for both companies. Exxon owns 45% of Stabroek, while China's Cnooc holds 25%. A loss in arbitration could force Exxon to cede its position or renegotiate the deal; a win could prompt Chevron to abandon or rebid the transaction. Either outcome carries massive strategic stakes given Exxon's $444 billion market cap and Chevron's 13% share-price slide over the past year. Investors should care because the panel's verdict will reshape the competitive landscape in deepwater oil, potentially reallocating one of the sector's richest assetsand swinging momentum between two of Big Oil's powerhouses. With the ruling expected by late summer, markets will be watching for any early commentary from the tribunal or preemptive deal shifts by either Exxon or Chevron. This article first appeared on GuruFocus. 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
Bloomberg
29-05-2025
- Business
- Bloomberg
Exxon to Operate Guyana ‘Business as Usual' If It Loses Chevron-Hess Arbitration
Exxon Mobil Corp. said it will be 'business as usual' in its massive Guyana oil field if it loses its arbitration case against Chevron Corp. and Hess Corp. Exxon remains confident it will prevail in the case over the field's ownership at the International Chamber of Commerce, Neil Chapman, senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be 'no change for us' if Exxon loses, he said.
