Exxon-Chevron Arbitration to Drag Out Through 2024, Hess Warns

The arbitration case between Exxon Mobil Corp. and Chevron Corp. over a large oil project in Guyana will likely drag out at least through the end of this year, according to a regulatory filing Friday.

Chevron’s $53 billion purchase of Hess Corp. was expected to close by the middle of this year, but will be substantially delayed by Exxon’s bid to confirm right of first refusal over the latter’s 30% stake in Guyana’s Stabroek Block.

“Hess is seeking to have the merits of the arbitration heard by the third quarter of 2024 and to complete the arbitration by the end ...