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Hess-Chevron Merger Hits Snag As Arbitration Delays Put Timeline In Doubt: Report

The merger of Hess Corporation (NYSE:HES) and Chevron Corporation (NYSE:CVX) is reportedly stalled as the contract arbitration panel remains incomplete three months after the case was filed. This delay is stalling the decision on whether Exxon Mobil has a right of first refusal over Hess’ Guyana operations, reported Reuters. According to the report, the third and final arbitrator has not yet been appointed, and this delay could mean that no decision will be made this year, contrary to Hess’ forecast. Each side appoints one arbitrator, who then nominates the third. The International Chamber of Commerce, overseeing ...