Exxon Mobil Corp (NYSE:XOM) and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp's (NYSE:HES) stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron Corp's (NYSE:CVX) proposed $53 billion acquisition of Hess. The arbitration panel is now expected to hear these claims in May 2025, further delaying the deal.
What Happened: The arbitration panel's decision is now anticipated in the second half of 2025, Reuters reported. This delay adds pressure on Chevron and Hess investors. Hess had previously expressed its desire for the case to be heard by the third quarter and the arbitration to be completed by year-end.
The proposed deal, announced in October, would give Chevron a 30% stake in the consortium controlling all of Guyana's oil production. Exxon leads the consortium with a 45% stake. The deal is Chevron's largest in over two decades.
Exxon has argued that its right of first refusal clause, as per the Guyana joint operating agreement with Hess and CNOOC, was triggered by the Chevron bid. However, Chevron and Hess dispute this claim.
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Why It Matters: The delay comes amid a tumultuous time for the oil industry. Former President Donald Trump recently accused OPEC of manipulating oil prices to favor Vice President Kamala Harris, adding to the industry's uncertainty.
The potential for a shift in the political landscape has also been a cause for concern, with oil stocks seeing declines amid speculation that Harris could take a tougher stance on the industry.
Additionally, the ongoing arbitration case with Exxon, which claims a right of first refusal over Hess's main asset in Guyana, has also been a point of contention, delaying the FTC's review of the acquisition. The arbitration case is expected to extend into the fourth quarter, further complicating the timeline for the acquisition.
Price Action: Chevron Corp's stock closed at $160.47 on Wednesday, up 0.56% for the day. In after-hours trading, the stock increased 0.19%. Year to date, Chevron's stock has appreciated by 7.35%.
Meanwhile, Hess Corp's stock closed at $153.42 on the same day, up 1.14% for the day. In after-hours trading, the stock declined 3.01%. Year to date, Hess's stock has risen by 5.97%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
埃克森美孚公司(纽约证券交易所代码:XOM)及其合作伙伴中海油有限公司已提起仲裁索赔,声称他们有权优先拒绝出售赫斯公司(纽约证券交易所代码:HES)在圭亚那石油生产合资企业中的股份。此举可能会阻碍雪佛龙公司(纽约证券交易所代码:CVX)提议以530亿美元收购赫斯。现在,预计仲裁小组将在2025年5月审理这些索赔,这进一步推迟了交易。
发生了什么:路透社报道,仲裁小组的裁决现在预计将在2025年下半年作出。这一延迟增加了雪佛龙和赫斯投资者的压力。赫斯此前曾表示希望该案在第三季度之前审理,并在年底之前完成仲裁。
10月宣布的拟议协议将使雪佛龙持有控制圭亚那全部石油生产的财团30%的股份。埃克森美孚以45%的股份领先该财团。这笔交易是雪佛龙二十多年来最大的一笔交易。
埃克森美孚辩称,根据圭亚那与赫斯和中海油的联合运营协议,其优先拒绝权条款是由雪佛龙的出价触发的。但是,雪佛龙和赫斯对这一说法提出异议。
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为何重要:延迟发生在石油行业动荡的时期。前总统唐纳德·特朗普最近指责欧佩克操纵油价以支持副总统卡马拉·哈里斯,这增加了该行业的不确定性。
政治格局发生变化的可能性也令人担忧,由于有人猜测哈里斯可能会对该行业采取更强硬的立场,石油股下跌。
此外,与埃克森美孚正在进行的仲裁案也一直是争论的焦点,埃克森美孚声称对赫斯在圭亚那的主要资产拥有优先拒绝权,这推迟了联邦贸易委员会对收购的审查。该仲裁案预计将持续到第四季度,这使收购的时间表进一步复杂化。
价格走势:雪佛龙公司的股票周三收于160.47美元,当天上涨0.56%。在盘后交易中,该股上涨了0.19%。今年迄今为止,雪佛龙的股票已升值7.35%。
同时,赫斯公司的股票当天收于153.42美元,当天上涨1.14%。在盘后交易中,该股下跌了3.01%。根据Benzinga Pro的数据,今年迄今为止,赫斯的股票已上涨5.97%。
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这个故事是使用 Benzinga Neuro 创作的,由 Kaustubh Bagalkote编辑