Chevron said it entered into a definitive merger agreement with Hess Corporation on October 22, 2023. Under the structure, a Chevron subsidiary will merge into Hess, with Hess continuing as the surviving corporation and a direct, wholly owned subsidiary of Chevron.

1. 01

   Chevron said it entered into a definitive merger agreement with Hess Corporation on October 22, 2023. Under the structure, a Chevron subsidiary will merge into Hess, with Hess continuing as the surviving corporation and a direct, wholly owned subsidiary of Chevron.

2. 02

   The company said Hess Guyana Exploration Limited (HGEL), a wholly owned Hess subsidiary, is currently in arbitration over the right of first refusal (Stabroek ROFR) under an operating agreement with affiliates of Exxon Mobil Corporation and China National Offshore Oil Corporation (CNOOC) regarding the Stabroek Block.

3. 03

   The company said the arbitration merits hearing on whether the Stabroek ROFR applies to the merger is scheduled for May 2025, with a decision expected within 3 months after that. It said Chevron and Hess had expected and requested an earlier hearing, but the arbitrators' common schedules did not allow it.

4. 04

   The company said the views of Chevron and Hess on the merits remain unchanged and that it is confident the arbitration will confirm the Stabroek ROFR does not apply to the merger. It also said the two companies remain committed to the merger.

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Original filing

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