Hess Warns Exxon Arbitration Case Could Push Sale to Chevron Into 2025

Hess (NYSE:HES) said Friday that Exxon Mobil’s (XOM) arbitration case that could thwart the company’s planned sale to Chevron (CVX) could drag on until next year, at least six months later than a prior goal of finalizing the deal in the middle of this year.

Hess (HES) said in an SEC filing that it seeks to have the merits of the arbitration heard by Q3 2024 and complete the arbitration by the end of the year, but it cannot predict the date that the transaction might be completed.

Exxon (XOM) filed a case before the International Chamber of Commerce last month seeking to claim a right to a first refusal over any sale of Hess’ (HES) 30% stake in the massive oil block off the coast of Guyana.

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