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Exxon Arbitration with Chevron over Guyana Assets Could Extend into 2025

OIL

Exxon Mobil’s arbitration with Chevron over Hess Guyana oil assets could extend into 2025 according to CEO Darren Woods.

  • Chevron agreed to buy Hess for $53bn in October but Exxon has asserted that it has a right of first refusal over the Guyana development under an agreement that governs a consortium developing the country’s oil resources.
  • “This is around confirming our rights to this very valuable asset,” Woods said. “My view is it will go into 2025.”
  • Chevron wants arbitration concluded by Q4 and disputes that the right is applicable to a corporate merger.
  • The companies still need to appoint a third arbitrator before entering the discovery phase, Woods said.
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