Chevron CEO Mike Wirth is extending an olive branch to the Exxon CEO who waged a 16-month fight to derail the biggest deal of his career https://t.co/KOa9C2h0h4 ...

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In a pivotal moment for the energy sector, Chevron Corporation‘s CVX has won a dispute with Exxon Mobil Corporation XOM over Hess Corp’s HESS offshore oil assets in Guyana.Exxon CEO Darren Woods confirmed the latest news in an interview with CNBC on Friday.The International Chamber of Commerce’s (ICC) ruling, which favors Chevron, allows the oil major to complete its $53 billion acquisition of Hess.“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. A ...

Core Viewpoint - Chevron Corp. has agreed to acquire Hess Corp. for $53 billion, aiming to enhance production growth in the U.S. oil industry, which is optimistic about the future of fossil fuels [2][3]. Company Overview - Chevron, a prominent player in the oil industry, is known as one of the "seven sisters" that emerged after the breakup of the Standard Oil monopoly in 1911 [3]. - Hess Corp. is recognized as a significant independent oil producer in the U.S., with valuable assets including a 30% stake in the Guyana development, which is a key attraction for Chevron in this acquisition [4]. Strategic Implications - The merger is expected to enhance Chevron's growth profile into the next decade, potentially driving greater long-term value for shareholders [5]. - The acquisition is anticipated to be accretive to Chevron's bottom line, generating significant free cash flow and production growth into the 2030s [9]. Regulatory and Competitive Landscape - Chevron initially expected minimal regulatory hurdles for the acquisition, but ExxonMobil filed a challenge to the arrangement, citing concerns over contract terms and preemption rights [3][6]. - The International Chamber of Commerce ruled in favor of Chevron, allowing the acquisition to proceed despite ExxonMobil's objections [7]. Production and Economic Impact - ExxonMobil has significantly developed the Stabroek Block offshore Guyana, with current production levels exceeding 650,000 barrels of oil per day (bopd) and expectations to double production to over 1.3 million bopd by the end of 2027 [8]. - The government of Guyana is projected to receive over $10 billion annually from oil-related payments by the end of the decade, highlighting the economic significance of these developments [8].

Group 1 - Chevron (CVX.US) won an arbitration battle against ExxonMobil (XOM.US), clearing a key obstacle for its $53 billion acquisition of Hess (HES.US) [1] - The arbitration, lasting over 20 months, concluded with an international chamber expert group supporting Chevron and Hess, ruling that ExxonMobil does not have a right of first refusal on a 30% stake in the Stabroek block offshore Guyana [1][2] - Following the arbitration result, Hess's stock surged 7.67% in pre-market trading, while Chevron's stock rose 3.7%, indicating positive market sentiment towards the deal [1] Group 2 - The Stabroek block has proven recoverable reserves exceeding 11 billion barrels of oil equivalent, with production surpassing 600,000 barrels per day, making it one of the fastest-growing oil and gas production bases globally [2] - The arbitration victory ended a period of strategic uncertainty for Chevron, which had faced stock pressure due to legal risks [2] - The U.S. Federal Trade Commission (FTC) also lifted a ban on Hess founder John Hess joining Chevron's board, further facilitating the transaction [2] Group 3 - The resolution of this arbitration marks a significant outcome in the commercial competition among North America's three major energy giants, allowing Chevron to solidify its asset base in Guyana [3] - This case provides an important precedent for defining rights in global oil and gas industry mergers and acquisitions [3]

Chevron has prevailed against Exxon Mobil in a dispute over Hess Corporation's offshore oil assets in the South American nation of Guyana, Exxon CEO Darren Woods told CNBC's Becky Quick on Friday.The ruling by the International Chamber of Commerce in favor of Chevron clears the way for the oil major to complete its $53 billion acquisition of Hess Corporation. Chevron shares jumped about 3% in premarket trading. The dispute had created significant uncertainty over whether Chevron's acquisition of Hess would ...

Hess wins its arbitration battle with Exxon Mobil, clearing the way for it to be bought by Chevron more than 20 months after the $53 billion deal was announced https://t.co/VLQqigF1e5 ...

We've got some breaking news uh to to interrupt us from uh from Becky Quick who joins us on the Squawk Newsline about Exxon Mobile. Becky, must be big. Uh yeah, this is big news, Joe.I actually just got off the phone with Darren Woods, the chairman and CEO of Exxon Mobile and that long awaited news we've been waiting for out of the arbitration with Chevron um and Hest over who owns the rights to the Guyana oil field has come through. Chevron has been successful. Chevron won in this arbitration case.This has ...

Group 1 - The Federal Trade Commission (FTC) has lifted the ban on Scott Sheffield and John Hess joining the boards of ExxonMobil (XOM.US) and Chevron (CVX.US) respectively, previously imposed due to alleged collusion with OPEC regarding oil pricing and production [1][2] - Sheffield, founder of Pioneer Natural Resources, and Hess, CEO of Hess Corporation, both denied any collusion with OPEC [1] - ExxonMobil acquired Pioneer Natural Resources for $63 billion last year, while Chevron's proposed acquisition of Hess for $53 billion is still pending approval [1] Group 2 - Chevron welcomed the FTC's decision, stating that Hess is a respected industry leader whose experience and expertise will benefit their board [1] - The FTC concluded that there was no evidence of anti-competitive behavior or violations of antitrust laws related to the acquisitions, indicating that the ban would undermine the FTC's mission and credibility [2] - The FTC's decision followed a change in its composition, with two Democratic commissioners being dismissed and a Republican majority now opposing the previous ban [2]

The US FTC set aside an order barring the former Pioneer Natural Resources CEO from joining Exxon Mobil’s board https://t.co/yk0MYS3Gkf ...