Chevron's ‘Loose End' on Hess Wasn't Flagged, Tectonic CEO Says [BNN Bloomberg (Canada)]
Tectonic Financial, Inc. - 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (TECTP)
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Source: BNN Bloomberg
that threatens to unravel a roughly $50 billion acquisition, said veteran energy investor Haag Sherman. The chief executive of Tectonic Financial Inc. was surprised Chevron didn't earlier warn investors of the risk that its planned purchase of Hess Corp. could fall apart if Exxon exercises its right of first refusal to Hess' 30% interest in the Exxon-led Stabroek discovery off the coast of Guyana, Sherman said during an interview in Houston on Tuesday. Chevron announced the tie-up with Hess more than four months ago. Exxon's surprise disclosure late Monday that it, along with partner Cnooc Ltd., may elbow Chevron aside and take the stake for themselves sent Hess shares down more than 4% for one of the worst performances in the S&P 500 Index. Right of first refusal is a standard clause in high-risk oil joint ventures. Read More: Chevron, Hess Slip as Exxon Mulls Bid to Block Guyana Deal “If I'm Chevron, that's a loose end I would want tied up,” said Sherman, who helps oversees
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