The rivalry between ExxonMobil and Chevron has plumbed a new depth. On Monday, securities filings revealed a hang-up in Chevron’s $60bn stock deal to acquire smaller rival Hess Corporation. Hess’s crown jewel is a stake in the Stabroek deepwater field located off the coast of Guyana. A controlling 45 per cent stake happens to belong to Exxon.
Exxon now claims that it has the first right to acquire the Hess stake in the project given a change of control. Chevron and Hess naturally dispute this. They say the particular legal structure deployed does not implicate the control change. Both sides are in the midst of negotiations that could end up in arbitration.
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