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Hess Shareholders Approve Chevron's $53 Billion Acquisition Amid Exxon Dispute

May 28, 2024, 06:21 PM

Hess Corporation's shareholders have approved Chevron's $53 billion acquisition of the company. The vote, which took place on Tuesday, clears a significant hurdle for the merger. Despite the approval, there were calls from several large shareholders and Institutional Shareholder Services (ISS) to postpone the vote. Additionally, a dispute with Exxon over Guyanese assets remains unresolved, adding uncertainty to the final outcome of the merger. The deal, which required majority approval from Hess's 308 million outstanding shares, is a major move in the energy industry, as Chevron aims to leverage Hess's oil-rich Guyana fields.