Exxon CEO Denies Interest in Buying Hess, Focuses on Preemption Rights In Dispute with Chevron: Report

Exxon Mobil Corporation XOM CEO Darren Woods reportedly stated that the company is not aiming to buy Hess Corporation HES.

Instead, Exxon is trying to secure preemption rights over Hess’ Guyana assets in its dispute with Chevron Corporation CVX, reported Reuters.

In his first public remarks on the company’s purpose of an arbitration case that could block Chevron’s $53 billion deal for Hess, Woods reportedly said that they would not have waited for Chevron to announce its deal if Exxon had wanted to buy Hess.

Exxon wants to “evaluate that value and do what is in the best interest of Exxon Mobil shareholders, given the investments that we’ve made and all the work we’ve done to make that successful.”

As per the report, Hess and Chevron stated that they disagree with Exxon’s interpretation of the joint operating agreement that governs the Exxon, Hess, and CNOOC Ltd consortium for all of Guyana’s oil production.

In October 2023, Chevron inked a deal to buy Hess for $53 billion or $171 per share in an all-stock transaction.

In December, Chevron and Hess received a second request from the FTC, delaying the waiting period for their proposed deal.

As per the report, this request pushed back the closing date to at least the middle of this year.

Also Read: Exxon’s Refinery Revamp On Track, Nears Sale Of Major LNG Terminal: Report

Price Action: XOM shares are up 1.09% at $112.48 on the last check Monday.

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