Exxon-Chevron dispute rests on change of control of Guyana asset, Reuters says

Exxon Mobil’s (XOM) legal efforts to halt Chevron’s (CVX) proposed $53B takeover of Hess (HES) rest on whether the deal would invovle a change of control of Hess’ prize subsidiary in Guyana, Reuters’ Sabrina Valle reports, citing people knowledgeable about the argument. The two U.S. oil majors are in an arbitration dispute over the globe’s biggest oil discovery in nearly two decades, in offshore Guyana, the author says. Exxon, which operates all production in Guyana with a 45% stake in a lucrative venture, has challenged the transaction in which Chevron would acquire Hess’ 30% stake, the author notes.