Giant oil companies very rarely fight like this. The loser usually ends up crippled. Let's see.
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Is Exxon relying on Guyanese Law with respect to their claim?
Texaco had terrible lawyers, they bungled their way into losing the Pennzoil case. Remember when they stupidly allowed their CEO to come to Texas, where he was served with a subpoena he could have avoided in NY? This is another case where if Chevron lawyers are astute, the worst that can happen is they pay off Exxon and CNOOC (maybe taking only 25% instead of 30% of reserves). Yes, Exxon is playing a delaying game to erode the Hess value to Chevron.
Exxon doesn't really believe the JOA is in their favor, they are just sc--wing Chevron on purpose by delaying the sale as long as possible via legal objections. If they can delay a couple years they are thrilled. If they can do it long enough the HESS deal may collapse and then Exxon would be the only logical buyers, at a cheap price. It weakens Chevron and also keeps our idjit project people out of their mega MCP so they can get on with it. It is all a strategy.
Pretty clear @wsu knows nothing about energy global energy. The bulk of energy consumption is in commercial, manufacturing, and agricultural uses and transportation in ships, planes, trucks, construction equipment is not going to be electrified anytime soon if ever.
The fight is irrelevant. With the uktra cheap Chinese electric vehicles flooding the market in the next 24 months, the whole paradigm will change globally. There is a new kid I. The block that is changing all the current order.
Exxon believes the Right of First Refusal in the JOA applies to Coporate take over. Chevron believes the Right of First Refusal in the JOA applies only to field sale. My experience with several JOAs in different fields is Chevron is right. We shall see!