03:05 PM EST, 01/08/2025 (MT Newswires) -- Chevron ( CVX ) Chief Executive Michael Wirth said Wednesday he expects a "prompt close" later this year of the company's proposed acquisition of rival energy company Hess (HES).

After gaining both US regulatory and shareholder approvals for the $53 billion buyout, Wirth told the Goldman Sachs Energy, Cleantech and Utilities Conference that the last major hurdle before wrapping up the deal is resolving an arbitration dispute between Hess and its two partners in an offshore exploration and production joint venture in Guyana.

The three-person arbitration panel is scheduled to conduct a hearing in May between Chevron ( CVX ), ExxonMobil ( XOM ) and China's CNOOC over right of first refusal on Hess' share of the Stabroek block and Wirth said they have indicated a decision can be made within 90 days.

"We continue to be very confident in Hess' position in the arbitration. This has been studied extensively and we feel like they clearly have the right side of this argument," Wirth said, according to a transcript available on FactSet.

Wirth also left the door open for future acquisitions provided the terms work for both Chevron ( CVX ) and its shareholders.

"We walked away from a deal when it got pricier than we thought it merited," he explained, later saying, "I think our track record is one of adding quality assets at prices that are accretive for our shareholders."

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