Exxon, Cnooc Explore Bid to Snatch Guyana Stake From Chevron (2)

Exxon Mobil Corp. and Cnooc Ltd. are considering exercising rights to acquire Hess Corp.’s stake in a giant offshore oil development in Guyana, a move that could break up Chevron Corp.’s $53 billion deal to buy into the field.

Chevron is adamant there’s “no possible scenario” in which Exxon or Cnooc could buy the stake, and said in a statement that it remains fully committed to the Hess deal. But Exxon said it has a duty to its shareholders to explore the right of first refusal over the change of ownership of the Hess stake. Hess shares slid 3.3% to ...