Commodities

Exxon Considers Pre-Emption Rights to Hess’ Guyana Oil Stake

  • Companies could exercise pre-emption rights to Hess stake
  • Exxon says it owes it to investors to consider counter-bid
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Exxon Mobil Corp. and Cnooc Ltd. are considering exercising rights to acquire Hess Corp.’s stake in a giant offshore oil development in Guyana, a move that could break up Chevron Corp.’s $53 billion deal to buy into the field.

Chevron is adamant there’s “no possible scenario” in which Exxon or Cnooc could buy the stake, and said in a statement that it remains fully committed to the Hess deal. But Exxon said it has a duty to its shareholders to explore the right of first refusal over the change of ownership of the Hess stake. Hess shares slid 3.3% to $144.96 at 6:32 p.m. in late New York trading.