Chevron, Hess Tumble as $53 Billion Deal Faces Long Delay (1)

Shares of Chevron Corp. and Hess Corp. plunged after announcing an arbitration hearing with Exxon Mobil Corp. related to their $53 billion merger will be delayed until at least mid-2025.

The international arbitration panel handling Exxon’s right-of-first-refusal claim over Hess’ stake in its Guyana oil project has scheduled the hearing for May 2025, with a decision expected in the following three months, the companies said late Wednesday. They had previously issued guidance for a decision in the fourth quarter of 2024.

Hess plunged as much as 8.2% in New York trading, the biggest intraday loss since March 2023. Chevron dropped ...