(Seeking Alpha) Exxon Mobil (NYSE:XOM) said an arbitration hearing regarding Hess’s (NYSE:HES) Guyana assets will occur in late May 2025.
A decision is expected by September of next year, Exxon CEO Darren Woods said in an interview on CNBC earlier.
Hess (HES) and Chevron (NYSE:CVX) disclosed on Wednesday that the arbitration hearing was scheduled for May. The companies reaffirmed they are committed to their planned merger, which was announced last October when Chevron (CVX) agreed to acquire Hess (HES) in a $53B all-stock deal, but Exxon (XOM) claimed a right to the Guyana assets and has challenged the merger.
Hess (HES) and Chevron (CVX) previously had issued guidance for a decision in Q4 2024.
Chevron (CVX) CEO Mike Wirth said he expects the Federal Trade Commission’s review of the Hess (HES) deal will be completed in Q3, he said in a separate interview on CNBC on Friday.
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