11:16 AM EDT, 08/01/2024 (MT Newswires) -- The arbitration hearing over the right of first refusal regarding the Stabroek Block offshore Guyana involving Hess' (HES) Hess Guyana Exploration Ltd. unit, Exxon Mobil ( XOM ) and China National Offshore Oil will start in May, adding an element of uncertainty to the completion of Hess' $53 billion merger agreement with Chevron ( CVX ) .

Hess and Chevron ( CVX ) said in filings late Wednesday with the Securities and Exchange Commission that the May date is later than they requested and expected.

"The views of Hess and Chevron ( CVX ) on the merits remain unchanged," the filings stated. "Exxon and CNOOC continue to ignore the plain language of the operating agreement, and Hess and Chevron ( CVX ) remain confident that the arbitration will confirm that the Stabroek [right of first refusal] does not apply to the merger."

Neither Exxon Mobil ( XOM ) nor China National Offshore immediately responded to requests for comment.

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