Chevron Corp. N>’s proposed purchase of oil producer Hess faces a lengthy new delay, with an arbitration panel not expected to holding a hearing on the merits of the case until May 2025, the company said on Wednesday.
Exxon Mobil in March filed an arbitration claim seeking a pre-emption right to be able to buy Hess’s lucrative stake in a Guyana oil-producing joint venture, a move that threatened to block Chevron’s biggest deal in more than two decades.
(Reporting by Gary McWilliams)