HOUSTON, May 29 (Reuters) - The arbitration proceedings

in Exxon Mobil's ( XOM ) contractual dispute over Chevron's ( CVX )

planned acquisition of Hess concluded this week

and a decision is expected in about two to three months, Exxon

senior vice president Neil Chapman said on Thursday.

While speaking at a Bernstein conference, Chapman said he

was confident that a three-member arbitration panel would rule

in Exxon's favor and determine it had a right-of-first-refusal

to purchase Hess' stake in a Guyana oil joint venture operated

by Exxon.

Chevron ( CVX ) struck a $53 billion deal to buy Hess in October 2023,

with the prize asset being Hess' 30% stake in the prolific

Stabroek block off the coast of Guyana.

But the deal, key to Chevron ( CVX ) CEO Mike Wirth's strategy to

turn around the company's lagging performance, was delayed when

Exxon and CNOOC, the other minority partner in the block, filed

arbitration claims last year asserting pre-emptive rights to

Hess' interest in the project.

The fate of Chevron's ( CVX ) acquisition now hangs in the balance

as the arbitration panel deliberates.

"We remain confident that the arbitration will confirm the

Stabroek right of first refusal does not apply to the merger," a

Hess spokesperson said. Chevron ( CVX ) did not immediately respond to

request for comment.

Chapman said there would be no change if Chevron ( CVX ) wins and

gains entry into the Stabroek block, even as he expressed

confidence that Exxon would prevail in the arbitration

proceedings.

"But if the judges decide that's not the case, then we get a

new partner. Business carries on as normal," he said.