Hess Flags Possible Delay for Chevron Deal as Exxon Steps In
- Hess says it’s ‘confident’ its arguments will prevail in case
- Company shares rose as much as 1.7% in Thursday trading
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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 International Chamber of Commerce. The company plans to offer more details about the timeline in its next merger update, according to the email made public Thursday in a regulatory filing.