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Exxon Mobil (NYSE:XOM) CEO Darren Woods said the arbitration with Chevron (NYSE:CVX) over a massive oil block off the coast of Guyana may be pushed into next year.
“I think that John Hess made the point that he felt like this would slip into 2025,” Woods said earlier in an interview on CNBC. “My view is that it will go into 2025 as well.”
Exxon (XOM) filed a case before the International Chamber of Commerce in March seeking to claim a right to a first refusal over any sale of Hess’ (NYSE:HES) 30% stake in an oil block off the coast of Guyana.
“My view is it will go down in history as one of the best deepwater developments in the industry,” Woods told CNBC on Monday. “We are doing everything we can to protect that value, protect the value to shareholders.”
Hess (HES) warned last month that the arbitration case could drag on until next year, at least six months later than a prior goal of finalizing the deal in the middle of this year.
Hess (HES) asked for a hearing in the third quarter and a decision in the fourth quarter, Chevron (CVX) CEO Mike Wirth told Bloomberg late last month.
“That’s the timing we’re working toward in a process that’s still unfolding,” Wirth said in a Bloomberg Television interview at the time. Five to six months is “a sufficient time frame within which to clarify the specific contract provisions here.”
