Reuters Exclusive: Hess Guyana's secret value becomes part of Exxon arbitration, sources say
https://www.reuters.com/business/energy/hess-guyanas-secret-value-becomes-part-exxon-arbitration-sources-say-2024-08-20/
4 replies (most recent on top)
How much of that 26+ million MW got for remuneration was based on the HESS acquisition and that value creation? How much will have to be returned if the acquisition fails?
Yeah. This was one gigantic clusterfook
At first it looked like this was just a nuisance lawsuit by Exxon, a delaying tactic. Their attorneys are clearly very sharp, and it's looking more and more like Chevron will either lose the lawsuit, or be forced to 1) compromise and give up some share to Exxon, or 2) be forced to pay much more than $53 billion. Best case scenario is Chevron can't reap any Hess benefits until 2026 at the earliest. In any of these outcomes, expect MW to "retire" (with his arm in a sling, just like JW) within 6 months of the verdict.
I don't see much chance for Chevron to win the arbitration at this stage. And to make things worse, it is now forecast to take until late 2025 or 2026.