Deals
Chevron, Hess Shares Slip as Exxon Considers Bid to Block Guyana Deal
- Hess shares were among the worst performers in the S&P 500
- Dispute threatens to kick off rare, high-stakes public battle
Shares of Chevron Corp. and Hess Corp. slipped after Exxon Mobil Corp. said it’s considering a move that could break up the companies’ $53 billion merger and increase its share of Guyana’s giant offshore oil reserves.
Exxon said late Monday it’s exploring its right of first refusal over the change of ownership in Hess’s 30% stake in Guyana’s massive Stabroek oil field. That stake is Hess’s key asset, and the primary reason Chevron agreed to buy the company in October. Chevron countered that there’s no possible way that Exxon or partner Cnooc Ltd. could buy Hess’s stake and that it remains fully committed to the deal.