Exxon running circles around us. Not only do they prevent us from getting the Hess assets, they tied our hands for any M&A until 2025. Checkmate Mike! Good thing that salary keeps going up. Someone get an OE PowerPoint ready!
https://oilprice.com/Latest-Energy-News/World-News/Chevron-Hess-Tie-Up-Could-Drag-Until-Next-Year-Courtesy-of-Exxon.html
what's a nale?
Another nale in the coffin...
May 12 (Reuters) - U.S> Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to "pump the breaks" on Chevron Corp's (CVX.N), opens new tab proposed $53 billion acquisition of Hess Corp (HES.N), opens new tab.
"The FTC should side with consumers and pump the breaks on this deal," Schumer said in a post, opens new tab on social media platform X, adding that the deal would give oil majors more leverage to raise gas prices.
Exxon CEO Darren Woods said Monday that the dispute with Chevron
over Hess Corporation’s oil assets in Guyana likely will not be resolved in 2024.
“My view is it will go into 2025 or 2026,” Woods told CNBC’s David Faber at the Milken Institute’s Global Conference in Los Angeles. Hess had previously indicated that the case could drag into next year.
“This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess,” Woods said. “What we need to do is take our time to do what’s right to make sure that we do all the due diligence and we get to the answer — the right answer.”
Exxon is claiming a right of first refusal on Hess’ assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation’s prolific oil resources. The oil major filed for arbitration in March at the International Chamber of Commerce in Paris.
Woods said the panel of arbitrators is still being selected and then the process will go into discovery. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.
All eyes will be on EB on 26th. She is freaking out right now preparing for the earnings call. Let's see what she is worth. I hear she really su-ks....
Cconoco buying BP …. Not going to happen … UK Govt will axe that quickly … BP is an institution in UK, and its untouchable to any American company. Shell would be acceptable. I know, I worked at BP for many years, in both UK and America.
Seriously who is downvoting? Impressive how they come in bunches. Just enough to stay ahead of the likes…
Looks like MW's "planned excellence" is falling apart. Without M&A Chevron will wither and disappear by the end of the decade.
The Chevron Way will always deliver higher returns and lower carbon
The plan is enterprise leading performance.
Hilarious to watch 9 down votes simultaneously come right at midnight HOU time last night. MW’s PR team? Not build to monitor this site? An exec logging in after a few cocktails?
Exxon has always been better than Chevron
Meanwhile, Conoco is looking at buying BP which would make them bigger than Chevron.