Chevron CEO Michael Wirth expressed surprise at Exxon Mobil’s arbitration filing regarding Chevron’s acquisition of Hess’s stake in the Guyana oilfield. The $53 billion takeover deal is at risk due to the dispute over Hess’s valuable 30% stake in the Exxon-operated Stabroek oilfield. Despite ongoing discussions, Exxon abruptly ended talks and initiated arbitration, citing the right of first refusal provision. The arbitration process, expected to last five to six months, aims to clarify the contract terms between the parties.
Chevron’s Surprise: Exxon Mobil Files for Arbitration Over Guyana Deal