07:11 AM EDT, 07/05/2024 (MT Newswires) -- (Adds reply from Chevron ( CVX ) official in fourth paragraph)

Exxon Mobil's ( XOM ) claim against Chevron's ( CVX ) $53 billion purchase of Hess (HES) is nearing arbitration as a final member has been selected for the three-person arbitration panel, Reuters reported Wednesday, citing two people familiar with the matter.

"The appointment of the full arbitration panel is now being completed. We expect to learn more about the (proceedings) schedule in the coming weeks," Reuters quoted an unnamed source. Each side had to appoint one arbitrator and those two appointees would nominate the third, according to the report.

In its arbitration claim filed with the International Chamber of Commerce in March, Exxon said it has a right of first refusal over Hess's assets in Guyana. Chevron ( CVX ) and Hess argue that Exxon's right of first refusal is not applicable to the structure of the merger and language of the Guyana partnership agreement.

"The appointment of the full arbitration panel is now being completed. We expect to learn more about the timing of proceedings in the coming weeks," a Chevron ( CVX ) official familiar with the situation told MT Newswires.

Exxon, Chevron ( CVX ) and Hess did not respond 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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