Energy
Chevron CEO Sees Exxon Arbitration Resolved in Coming Months
- Six months is ‘sufficient’ to wrap up dispute, Wirth says
- ICC process threatens to leave Chevron in strategic limbo
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Chevron Corp. expects a resolution to a dispute with Exxon Mobil Corp. over a Guyana oil contract in coming months that would allow for the completion of the $53 billion acquisition of Hess Corp. this year.
Exxon began arbitration proceedings in March, arguing it has a right of first refusal over Hess’s 30% stake in the Stabroek Block operated and 45% owned by Exxon. Hess has asked for a hearing in the third quarter and a decision in the fourth quarter.