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...He argued that Exxon should have taken its concerns to the SEC, rather than sue its shareholders. But he said Exxon could “resolve the issue” by dropping the lawsuit....
...Exxon is also pursuing LNG projects in Papua New Guinea and Mozambique....
...At the time, Exxon said the deal would allow it to rapidly boost production....
...arguing it has the right of first refusal over Hess’s stake in the Guyanese development.On Monday, Exxon chief Darren Woods insisted the conflict would not undermine the companies’ ability to work together...
...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...
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”....
...Exxon confirmed talks were ongoing with Chevron and Hess and said the company “owe[d] it to our investors and partners to consider our pre-emption rights”. Read more here...
...Exxon did not immediately respond to a request for comment....
Also in today’s newsletter, Calpers weighs vote against Exxon chief and the highlights from this week’s Milken Institute conference
...Exxon produced 11.2mn metric tonnes of polyethylene last year and operates a chemical recycling plant for plastic in Baytown, Texas....
...The reason lies in a ruling made last week by America’s Federal Trade Commission about Exxon’s $64.5bn bid for Pioneer, the shale oil entity....
...Under the deal’s terms, Chevron has a right to walk away from the deal without paying a break-up free if Exxon wins the arbitration....
...The Exxon situation is a case in point....
...Last year was Exxon’s second-most profitable on record, with profits of $36bn, only behind 2022....
...In a separate statement, Exxon said the FTC’s allegations regarding Sheffield are “entirely inconsistent with how we do business”....
...A controlling 45 per cent stake happens to belong to Exxon. Exxon now claims that it has the first right to acquire the Hess stake in the project given a change of control....
...Exxon is leading a fightback by the petrochemicals industry against UN plans to limit the production of plastics....
...Exxon owns 45 per cent of the oil block off Guyana’s coast. Mikells reiterated Exxon’s belief that it had a pre-emption right to Hess’s Guyana asset....
...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....
...Exxon has accused the groups of being “driven by an extreme agenda”....
...The acquisition — Exxon’s biggest since it merged with Mobil in 1999 — is set to be completed on Friday....
...The role will be central to the completion of Exxon’s biggest transaction in decades: a $60bn deal for shale operator Pioneer Resources that was announced this month....
...Exxon operates the Stabroek project and owns a 45 per cent stake in it....
...Sitting on Exxon’s board risked “amplifying his public messaging and the effectiveness of his private contacts with Opec”, the agency said....
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