Locator: 48779CVX.
Also, former Hess CEO allowed to join the CVX board. Best news since CBS announced it will axe Stephen Colbert.
The decision was reached at the beginning of the month (of July). Why did it take so long for the decision to be released? Whatever. Here's the decision.
I never expected this decision.
Link here to WSJ: top story, front page; just posted!
An arbitration panel has cleared the way for Chevronto close its $53 billion purchase of Hess dismissing Exxon Mobil’s claim that it had a contractual right to bid for Hess’s crown-jewel assets in Guyana.
The ruling handed down Friday from the International Chamber of Commerce in Paris resolves an often tense and long-running dispute between the two largest descendants of John D. Rockefeller’s Standard Oil monopoly over one of the world’s most coveted oil projects. Chevron plans to move swiftly to close the deal, which it had originally struck in October 2023.
Exxon threw a wrench in Chevron’s plans last year when it asserted a right to pre-empt its rival’s bid for Hess’s 30% stake in Guyana’s prolific Stabroek offshore block. Chevron had argued a right-of-first-refusal on the Guyana project wouldn’t apply to the corporate takeover of Hess.
Exxon’s move to block the deal stunned the oil industry, which hadn’t seen titanic oil companies battle to these extremes since a court fight with Pennzoil forced Texaco into bankruptcy in the 1980s.
Exxon said in a statement that it disagreed with the ICC panel’s interpretation but respects the arbitration and dispute resolution process.
