LatAmOil: Chevron says it will finalise purchase of Hess this year

Chevron CEO Mike Wirth has told Bloomberg Television that the company expects an outcome to the dispute with Exxon over the Stabroek Block in Guyana in the coming months, and that its $53bn acquisition of Hess Corp. would be finalised this year.

“That’s the timing we’re working toward in a process that’s still unfolding,” Wirth said. Five to six months is “a sufficient time frame within which to clarify the specific contract provisions here”.

Chevron’s acquisition of Hess is facing arbitration at the International Chamber of Commerce in Paris. Exxon has objected to Chevron’s announcement in November that it would buy Hess for $53bn because of a dispute over Hess’s 30% stake in the prolific Stabroek, in which Exxon is the major (45%) shareholder and operator.

In late April, Hess reported in a filing to the US Securities and Exchange Commission that its acquisition by Chevron may be delayed until 2025. Previously, Chevron appeared set to acquire Hess around mid-2024.