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(紐約證券交易所代碼:XOM)及其合作伙伴中海油有限公司已提起仲裁索賠,聲稱他們有權優先拒絕出售赫斯公司(紐約證券交易所代碼:HES)在圭亞那石油生產合資企業中的股份。此舉可能會阻礙雪佛龍公司(紐約證券交易所代碼:CVX)提議以530億美元收購赫斯。現在,預計仲裁小組將在2025年5月審理這些索賠,這進一步推遲了交易。
發生了什麼:路透社報道,仲裁小組的裁決現在預計將在2025年下半年作出。這一延遲增加了雪佛龍和赫斯投資者的壓力。赫斯此前曾表示希望該案在第三季度之前審理,並在年底之前完成仲裁。
10月宣佈的擬議協議將使雪佛龍持有控制圭亞那全部石油生產的財團30%的股份。埃克森美孚以45%的股份領先該財團。這筆交易是雪佛龍二十多年來最大的一筆交易。
埃克森美孚辯稱,根據圭亞那與赫斯和中海油的聯合運營協議,其優先拒絕權條款是由雪佛龍的出價觸發的。但是,雪佛龍和赫斯對這一說法提出異議。
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爲何重要:延遲發生在石油行業動盪的時期。前總統唐納德·特朗普最近指責歐佩克操縱油價以支持副總統卡馬拉·賀錦麗,這增加了該行業的不確定性。
政治格局發生變化的可能性也令人擔憂,由於有人猜測賀錦麗可能會對該行業採取更強硬的立場,石油股下跌。
此外,與埃克森美孚正在進行的仲裁案也一直是爭論的焦點,埃克森美孚聲稱對赫斯在圭亞那的主要資產擁有優先拒絕權,這推遲了聯邦貿易委員會對收購的審查。該仲裁案預計將持續到第四季度,這使收購的時間表進一步複雜化。
價格走勢:雪佛龍公司的股票週三收於160.47美元,當天上漲0.56%。在盤後交易中,該股上漲了0.19%。今年迄今爲止,雪佛龍的股票已升值7.35%。
同時,赫斯公司的股票當天收於153.42美元,當天上漲1.14%。在盤後交易中,該股下跌了3.01%。根據Benzinga Pro的數據,今年迄今爲止,赫斯的股票已上漲5.97%。
圖片來自 Shutterstock
這個故事是使用 Benzinga Neuro 創作的,由 Kaustubh Bagalkote編輯