Hess Board Recommends Shareholders Vote in Favor of $53 Billion Chevron Merger Deal

Hess on Thursday said in a securities filing that its board unanimously recommended shareholders vote in favor of the company’s sale to Chevron and that Exxon Mobil had initially supported the deal.

The $53 billion deal’s closing has been delayed by a second request for information by the U.S. Federal Trade Commission and by contract arbitration filings by Hess’s partners in Guyana – Exxon Mobil
and CNOOC Ltd – seeking to assert a right of first refusal on any sale of Hess’s Guyana assets.

The merger is “fair to and in the best interests of the Hess stockholders,” Hess’s U.S. Securities and Exchange filing said.

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