Hess Corporation Archives - Page 2 of 7

$53 billion Chevron-Hess deal may stall into 2025 over ExxonMobil’s claim to prolific assets offshore Guyana

June 24, 2024

World Oil Publisher’s Note: Chevron will be a presenter at the upcoming EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to

Oil giants Exxon, Chevron lean on big-ticket deals to build bigger reserves

May 31, 2024

Yahoo Finance Cash-rich Exxon Mobil and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. The consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash hoard from higher

Hess CEO rallies support as $53 billion Chevron deal approaches investor vote amid ExxonMobil arbitration

May 23, 2024

World Oil (Bloomberg) – John Hess, the boss of the oil company that bears his family name, is talking to directly with shareholders in an effort to ensure enough support for a $53 billion acquisition by Chevron Corp., according to people familiar with the matter. The Hess Corp. chief executive officer is telling investors he got the best deal possible,

Hess investors advised by Glass Lewis to back $53 billion Chevron acquisition

May 20, 2024

World Oil (Bloomberg) – Chevron Corp.’s $53 billion deal to buy Hess Corp. received a nod of support from a major proxy advisory firm that said shareholders should vote in favor of it. Glass Lewis & Co. issued a report on Thursday saying that while some aspects of the merger are less than ideal, Hess shareholders will have the opportunity

Hess shareholder HBK to abstain from voting on $53 billion Chevron acquisition over arbitration risks

May 14, 2024

World Oil (Bloomberg) – HBK Capital Management, one of the biggest shareholders in Hess Corp., is planning to abstain from voting on the oil company’s $53 billion acquisition by Chevron Corp. The hedge fund agrees with Institutional Shareholder Services Inc. that shareholders should not vote in favor of the deal, one of the firm’s partners, Nikos Panagiotopoulos, said in an interview. “Hess

ExxonMobil CEO sees Chevron arbitration over Hess purchase, assets offshore Guyana going into 2025

May 6, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. Chief Executive Officer Darren Woods foresees arbitration with Chevron Corp. over a premier asset offshore Guyana stretching into 2025 due to the importance of the case to both companies. The companies still need to appoint a third arbitrator before they go into the discovery phase, Woods said during an interview on CNBC on

Chevron to resolve ExxonMobil arbitration over Guyana discovery soon following $53 billion Hess acquisition, CEO predicts

April 30, 2024

World Oil (Bloomberg) – Chevron Corp. expects a resolution to a dispute with Exxon Mobil Corp. over a Guyana oil contract in coming months that would allow for the completion of the $53 billion acquisition of Hess Corp. this year. Exxon began arbitration proceedings in March, arguing it has a right of first refusal over Hess’s 30% stake in the

Hess Corporation increases oil and gas production on backs success in U.S. Bakken, offshore Guyana

April 25, 2024

World Oil Hess’ E&P net income was $997 million in Q1 2024, compared with $405 million in Q1 2023. Net production was 476,000 boed in Q1 2024, compared with 374,000 boed in the Q1 2023, primarily due to higher production in Guyana and the Bakken. In the second quarter of 2024, E&P net production is expected to be in the

Hess CEO calls for refilling of U.S. Strategic Reserves to increase energy security

March 20, 2024

World Oil (WO) – During a discussion titled, “Energy security in a volatile world: The importance of markets” at CERAWeek by S&P Global in Houston, Texas, Hess Corp. CEO and namesake John Hess made an impassioned call to refill the U.S. Strategic Petroleum Reserve. Sitting down with S&P Global Sr. VP of Geopolitical and International Affairs Carlos Pascual and Xcoal

CERAWEEK- US should not “flip-flop” on gas export policy- Hess CEO

March 19, 2024

Yahoo Finance HOUSTON – The United States should not flip-flop on its gas export policy, Hess CEO John Hess said on Tuesday. U.S. President Joe Biden’s administration has hit pause on permits for new liquefied natural gas (LNG) export plants to ensure projects do not undermine U.S. targets to cut greenhouse gas emissions. “Consumers have to rely on the United

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

March 7, 2024

World Oil (Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off Guyana. Hess told employees in an email it was confident its arguments would prevail in the arbitration case Exxon filed with the

Hedge funds bet on Chevron amidst ExxonMobil’s claim to Hess’ stake in prolific oil field offshore Guyana

March 6, 2024

World Oil (Bloomberg) – Hedge fund managers that wagered billions on Chevron Corp.’s October deal to buy Hess Corp. are sticking to their bets despite another roadblock that could potentially torpedo the acquisition. Exxon Mobil Corp. said last week it has the first right to purchase Hess’s stake in a lucrative offshore oil development they jointly own off the coast of

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