Exxon Mobil Awaits Arbitration Outcome in Hess Acquisition Dispute

Exxon Mobil's arbitration with Chevron over the acquisition of Hess has concluded. A decision is expected in two to three months. Exxon is confident in its bid to exercise its right-of-first-refusal for Hess' stake in a Guyana oil venture.

Exxon Mobil's arbitration proceedings regarding Chevron's acquisition of Hess concluded this week, with a decision anticipated in two to three months, according to Exxon Senior Vice President Neil Chapman.

Speaking at a Bernstein conference, Chapman expressed confidence that the three-member arbitration panel would rule in Exxon's favor. Exxon believes it holds a right-of-first-refusal to purchase Hess' stake in a Guyana oil joint venture operated by Exxon.

The ongoing contractual dispute highlights the high-stakes nature of energy sector acquisitions and their potential impact on future oil exploration and production.

(With inputs from agencies.)