Hess, Chevron's $53 billion deal at risk on Exxon, Cnooc possible bid - Breaking The News

Hess, Chevron's $53 billion deal at risk on Exxon, Cnooc possible bid

27 February

1 min read

EPA-EFE/CRISTOBAL HERRERA-ULASHKEVICH

Chevron Corp. said that its bid for a stake in an oil project in Guyana through the purchase of Hess Corporation for $53 billion could face uncertainty as Exxon Mobil and The China National Offshore Oil Corporation (Cnooc) have claimed they have the authority to preempt Chevron's offer.

In a regulatory filing seen by the Wall Street Journal, Chevron cautioned investors about potential delays or failure to complete the purchase of Hess' stake as anticipated. Although, Exxon owns a 45% share and Cnooc 25% in the Guyana oil project, Chevron spokesman Braden Reddall said Chevron and Hess don't see a "right-of-first-refusal applies" to this deal.

In December, almost two months after the formal announcement, it was known that the United States Federal Trade Commission (FTC) requested more information on the acquisition from both companies.

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