08:54 AM EDT, 07/18/2024 (MT Newswires) -- Exxon Mobil's ( XOM ) attempt to prevent Chevron's ( CVX ) $53 billion acquisition of Hess (HES) hinges on whether the purchase would involve a change of control of Hess' Guyana stake, Reuters reported Thursday, citing people familiar with the matter.

Exxon Mobil ( XOM ) and Chevron ( CVX ) are in arbitration over reserves found in offshore Guyana, Reuters reported. Exxon has a 45% stake in the consortium overseeing the offshore site while Hess controls 30%. Exxon Mobil ( XOM ) has challenged Chevron's ( CVX ) bid to take control of Hess over the Guyana holdings, arguing it should get first dibs at purchasing the reserves, Reuters reported.

Exxon Mobil ( XOM ), Chevron ( CVX ), and Hess did not reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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