(Hess, 7.Mar.2024) — Today, ExxonMobil announced that it is filing for arbitration regarding the applicability of a right of first refusal (ROFR) / pre-emption provision in the Stabroek joint operating agreement. We believe that the ROFR / pre-emption provision does not apply to the Chevron-Hess merger. We remain fully committed to the transaction and look forward to closing. We disagree with ExxonMobil’s interpretation of the agreement and are confident that our position will prevail in arbitration.
You may recall that Chevron Corporation filed an S-4 with the U.S. Securities and Exchange Commission (SEC) with required disclosures about the combination of our companies for review by shareholders prior to a shareholder vote on the merger. As described in the S-4, there is no possible scenario in which Exxon or CNOOC could acquire Hess’ interest in Guyana as a result of the Chevron-Hess transaction.
While the arbitration process is underway, we will continue working with the U.S. Federal Trade Commission (FTC) on its review of the transaction, preparing for a shareholder vote and planning for the integration of our companies.
In light of today’s development, we are reviewing the expected timeline for legal closing and will provide further detail in our next merger update. In the meantime, please continue to stay focused on what the Hess team does so well – safe, reliable and responsible operations and strong performance.
Thank you for your continued dedication to our company.
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EDITOR’S NOTE: The above press release comes from an email sent to employees of Hess Corporation on 6 Mar. 2024 by Hess management in connection with the proposed acquisition of Hess by Chevron.
