The Chevron-Hess deal was originally slated to close in the first half of 2024, but that timeline has been delayed due to a dispute with Exxon Mobil.
Exxon claims a right of first refusal over Hess' lucrative assets in Guyana under a joint operating agreement.
Exxon filed for arbitration in March to defend the rights it claims under the joint operating agreement. Chevron and Hess have told investors that the pending deal would terminate if Exxon prevails in the dispute. Shareholders would also not be entitled to Chevron's dividend during the arbitration process, according to ISS. The dividend was touted by Hess as one of the main benefits of the deal, according to ISS.
The Chevron-Hess deal was originally slated to close in the first half of 2024, but that timeline has been delayed due to the dispute with Exxon. Chevron CEO Mike Wirth told analysts on a conference call last month that Hess has asked the arbitration court to issue a ruling in the fourth quarter, which should allow the companies "to close the transaction shortly thereafter.". The CEO has said Exxon does not intend to make a bid for Hess.
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