Hess shareholders approved Chevron's $53 billion all-stock acquisition proposal, but the deal still faces challenges due to Exxon's arbitration claim over right of first refusal for Hess's stake in a key Guyana oil field.
Hes s Corporation's shareholders approved Chevron's $53-billion all-stock acquisition proposal, marking a significant milestone in the merger process. This approval comes despite the ongoing arbitration between ExxonMobil and Chevron over Exxon's claimed right of first refusal ROFR for Hes s's stake in the Stabroek block, a key asset in Guyana's prolific oil fields.
Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio, and financial resources to deliver significant shareholder value for years to come.' Despite the shareholder approval, significant challenges remain. Institutional Shareholder Services, a proxy-advisory firm, had recommended abstaining from the vote, citing concerns over the deal's valuation and the potential delays introduced by the arbitration with Exxon.
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