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 …