The U.S. Federal Trade Commission reportedly plans to delay its decision on Chevron Corporation CVX and Hess Corporation HES merger until after the settlement of an arbitration case with Exxon Mobil Corporation XOM.
The arbitration case with Exxon, claiming a right of first refusal over Hess’s main asset in Guyana, is expected to extend into the fourth quarter, delaying the FTC’s review by several months, reported Bloomberg.
The FTC plans to announce its decision after the arbitration concludes, the report cited people familiar with the matter.
Chevron and Hess both stated they anticipate completing the FTC review process in the third quarter.
Earlier this month, the final member was appointed to a three-person arbitration panel tasked with resolving the Exxon Mobil dispute over the $53 billion merger.
The deal was initially planned to close in the first half of the year. On June 21, the merger of Hess and Chevron was reportedly stalled as the contract arbitration panel remained incomplete three months after the case was filed.
Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund XLE and IShares U.S. Energy ETF IYE.
Price Action: CVX shares are up 0.48% at $156.00 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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2024-07-12 11:21:40Z
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