Chevron, Hess say arbitration meeting scheduled for May 2025

On October 22 , Chevron Corporation (CVX) entered into a definitive merger agreement with Hess Corporation (HES ), pursuant to which, subject to the terms and conditions of the merger agreement, subsidiary of Chevron will be merged with and into Hess, with Hess continuing as the surviving corporation of such merger and as a direct, wholly-owned subsidiary of Chevron . Hess Guyana Exploration Limited HGEL , a wholly owned subsidiary of Hess, is currently in arbitration with respect to the right of first refusal contained in an operating agreement among HGEL and affiliates of Exxon Mobil Corporation and China National Offshore Oil Corporation CNOOC regarding the Stabroek Block offshore Guyana. The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months. Chevron and Hess had expected and requested that this hearing be held earlier, but the arbitrators’ common schedules did not make this possible..The views of Chevron and Hess on the merits remain unchanged. Exxon and CNOOC continue to ignore the plain language of the operating agreement, and Chevron and Hess remain confident that the arbitration will confirm that the Stabroek ROFR does not apply to the Merger. Chevron and Hess remain committed to the Merger and look forward to combining the two companies. This information was contained in a regulatory filing.