Hess Corporation has scheduled a special shareholder meeting for May 28 to vote on Chevron Corporation’s $53 billion buyout offer, the company announced in a securities filing on Friday.
The deal, which was proposed by Chevron in October 2023, would give the second-largest U.S. oil producer a foothold in the lucrative offshore oil fields of Guyana, where Hess is a partner with Exxon Mobil.
However, the acquisition has been stalled by a regulatory review and faced a challenge from Exxon Mobil, which has filed an arbitration claim that could potentially block the transaction.
During Chevron’s conference call with analysts earlier on Friday, CEO Michael Wirth expressed confidence that the company will soon be able to certify that it has substantially complied with the Federal Trade Commission’s second request for information.
“We believe that a preemption right does not apply to this transaction and are confident this will be affirmed in arbitration,” Wirth said, referring to Exxon Mobil’s challenge.
The proposed acquisition of Hess by Chevron is part of a broader trend of consolidation in the oil and gas industry, as major players seek to boost production and gain access to new, higher-margin resources.