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...“We don’t look at that as a true reflection of the market price,” he said of the Hess deal....
...Exxon owns a 45 per cent stake in the Starboek oil block off Guyana’s coast and Hess owns 30 per cent....
...of a stake in a massive oil project off the coast of Guyana....
...Maximilian Hess is the founder of Enmetena Advisory, a fellow at the Foreign Policy Research Institute, and author of ‘Economic War: Ukraine and the Global Conflict between Russia and the West’....
...He added that “there is no possible scenario in which Exxon or Cnooc could acquire Hess’ interest in Guyana as a result of the Chevron-Hess transaction”....
...Exxon argues that its right to pre-empt the sale of the stake in Stabroek is baked into a joint operating agreement with Hess and Cnooc....
...Shares in Hess fell by 2.3 per cent to $143.02 following the arbitration announcement, well below the $171 a share Chevron offered to pay Hess’s shareholders in an all-stock transaction....
...The results were boosted by a 35 per cent annual increase in US production....
...Chevron has agreed to buy US oil and gas producer Hess Corporation in a deal valuing Hess’s equity at $53bn in the latest consolidation in the US energy sector....
...Comparing the share price to 2024 estimated earnings, it is offering a similar premium to Hess investors....
...Hess’s crown jewel is a stake in the Stabroek deepwater field located off the coast of Guyana. A controlling 45 per cent stake happens to belong to Exxon....
...Exxon has begun an arbitration process against Chevron over the latter’s $53bn deal for Hess, arguing it has the right of first refusal over Hess’s stake in the oil-rich Stabroek Block off the coast of Guyana...
...Chevron’s chief executive hit back at ExxonMobil on Tuesday, expressing “surprise” at its decision to seek arbitration in a tense stand-off over a lucrative Guyana oil project....
...Hess, analysts said, had long been a prime target....
...is a change of control at Hess....
...after the clean energy producer shared a bullish outlook and plans to increase its dividend...
...Hess’s chief executive John Hess, who is expected to join Chevron’s board, said the merger would create a “premier integrated energy company”....
...Among the CEOs who have attended are Occidental Petroleum’s Vicki Hollub, Devon Energy’s Rick Muncrief, Chesapeake Energy’s Nick Dell’Osso and John Hess of Hess....
...Chevron on Monday announced its biggest ever acquisition: a $53bn deal for US operator Hess, giving it a foothold in oil production off the coast of Guyana, the industry’s most significant discovery in the...
...Mikells reiterated Exxon’s belief that it had a pre-emption right to Hess’s Guyana asset....
...Hess was followed by a failed bid for a Canadian nickel company, the purchase of a different nickel business in Tanzania in 2022 and last year’s $6.4bn purchase of Australian copper miner Oz Minerals....
...As the oil industry continues to be a hotbed of debate, John Hess intends to weigh in on energy transition conversations as a member of Chevron’s board....
...Meanwhile, some analysts are asking questions about the price Chevron paid for Hess, which has offshore operations in Guyana....
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