CERA Week – the best XOM vs CVX-HES Guyana theory.

By Paul Sankey Published on March 20, 2024 at 8:55 AM

CERA Week key interest – certainly among the gaggle of merger arbitrage clients that attended this week – was for Chevron, Hess, and ExxonMobil, not least with XOM suddenly releasing a Guyana exploration 8K after the market Friday into the conference open, where Day 1 the star plenary speaker was ExxonMobil CEO Darren Woods. He said a lot, directly pertaining to Guyana, so the 8K was clearly related. One key line was “we are not …

Morning Chevron-Hess Ruh ROFR

By Paul Sankey Published on February 27, 2024 at 9:42 AM

Never a dull day in oil. Last evening the Chevron 10-K caused panic among merger-arb clients who saw the Hess deal premium blow out on news that ExxonMobil was claiming the right of first refusal over the key Stabroek block in Guyana, the very heart of Chevron’s deal for Hess. Source: CNBC Source for both: Bloomberg, Sankey ResearchText from Proxy: “The Stabroek JOA contains a right of first refusal (the Stabroek ROFR) provision that, if …