Chevron CEO Wirth Backs Hess in Exxon Arbitration Over Guyana
- Guyana contracts have been ‘studied extensively,’ Wirth says
- Case is last major hurdle to Chevron completing Hess takeover
John Hess and Mike Wirth.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Chevron Corp. Chief Executive Officer Mike Wirth reiterated his support for Hess Corp. in its arbitration battle with Exxon Mobil Corp. over disagreements about Guyana’s massive oil field.
The case is the final hurdle in Chevron’s $53 billion deal to buy Hess, which was agreed more than a year ago. Exxon, which operates Guyana’s Stabroek Block and owns a 45% stake, claims to have a right-of-first-refusal over Hess’s 30% share.