Deals
Chevron, Hess Tumble as $53 Billion Deal Faces Long Delay
- Arbitration hearing on Exxon claims now set for May 2025
- Hess falls as much as 8.2%, spread with Chevron offer widens
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Shares of Chevron Corp. and Hess Corp. plunged after announcing an arbitration hearing with Exxon Mobil Corp. related to their $53 billion merger will be delayed until at least mid-2025.
The international arbitration panel handling Exxon’s right-of-first-refusal claim over Hess’ stake in its Guyana oil project has scheduled the hearing for May 2025, with a decision expected in the following three months, the companies said late Wednesday. They had previously issued guidance for a decision in the fourth quarter of 2024.