Chevron CEO Says Hess Outcome Softens Risk for Other Oil Deals

Chevron Corp. says the closing of its $53 billion agreement to buy Hess Corp. will ease uncertainty for other deals in the oil industry.

The ruling announced Friday by the International Chamber of Commerce in favor of Hess and Chevon eliminates the concern that contracts used for partnerships like the one for Guyana’s giant oil field could be used to “peel assets out of a corporate level transaction,” Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV.