Hess Corporation's shareholders agreed to a $53 billion acquisition by Chevron on Tuesday despite ongoing arbitration with Exxon Mobil over Guyana assets. The majority vote was cast in favor, though the exact tally was not disclosed.
The pending deal is at risk because Exxon claims a right of first refusal on Hess' Guyana assets under a joint operating agreement governing a large offshore oil area known as the Stabroek Block.
"We are confident our position on the preemption right will be affirmed in arbitration and are working to advance the process on this straightforward matter," said Chevron spokesperson Bill Turenne in a statement. "We look forward to completing the transaction and welcoming Hess to our company."
