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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Elroy Jetson7/18/2025 10:44:08 AM
   of 206084
 
Chevron has completed its $53 billion purchase of Hess after prevailing in a legal dispute with Exxon over one of the most promising oil projects in the world.

Exxon which had written their joint venture contract with Hess claimed that their contract language meant Hess couldn’t sell itself without first giving Exxon the opportunity to buy its stake in their mammoth project in offshore Guyana.

But Exxon has never written legally competent contracts, preferring to rely on their own arrogance and unwarranted false assumptions.
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With the companies unable to come to an agreement, the fate of the deal ended up in the hands of a panel of arbitrators from the International Chamber of Commerce who heard the case behind closed doors in late May. The case involved the three partners in the project, which meant that Chevron was technically not a party to the proceeding.

Chevron's CEO Mike Wirth described the arbitrators’ decision as affirming “a longstanding practice and legal understanding that asset-level rights of first refusal do not apply in parent company merger and acquisition transactions.”

China's CNOOC said it was disappointed in the arbitration panel’s decision, and Exxon said it disagreed with it.

“We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved,” an Exxon spokesman said in a statement.
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