Chevron CEO Expects Exxon Arbitration Resolved in Coming Months [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
Exxon began arbitration proceedings in March, arguing it has a right of first refusal over Hess's 30% stake in the Stabroek Block operated and 45% owned by Exxon. Hess has asked for a hearing in the third quarter and a decision in the fourth quarter. “That's the timing we're working toward in a process that's still unfolding,” Chevron Chief Executive Officer Mike Wirth said in a Bloomberg Television interview on Monday. Five to six months is “a sufficient time frame within which to clarify the specific contract provisions here.” Exxon and Chevron have both appointed one arbitrator to what will be a three-person panel that will decide the case. Chevron argues Exxon's right of first refusal does not apply because it's deal is a corporate merger with Hess, rather than an asset sale. “We're confident we have the right interpretation of this contract,” Wirth said. The dispute already has delayed Chevron's acquisition of Hess, threatening to leave the oil giant in strategic limbo f
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