US oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil flagged a potential counter-offer for Hess' Guyana assets.
Exxon on Wednesday filed a contract arbitration claim related to Hess' proposed sale of its Guyana oil properties and suggested it might object to Chevron's pending deal for the assets.
The arbitration case seeks to preserve Exxon's right to consider making a bid for Hess' 30% stake in the giant Stabroek offshore oil block if Chevron proceeds with its proposed $53 billion purchase of Hess. .
Hess said Thursday it disagreed with Exxon's interpretation of the agreement and was confident its position will prevail in arbitration.
Chevron's acquisition of Hess was stalled by the U.S. Federal Trade Commission's request for additional information about the merger. That order postponed any closure until at least the middle of this year.
