Chevron’s $53 Billion Oil Deal Is Backed by Hess Shareholders

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A large oil industry deal advanced on Tuesday after shareholders of Hess approved a proposed sale of the company to Chevron for $53 billion. Control over one of the most prized oil assets, off the shores of Guyana, is at stake in the deal, which still faces significant hurdles. Hess is a junior partner in a lucrative Exxon Mobil-led drilling project in the South American country. Exxon is contesting Chevron’s acquisition of Hess by arguing that Hess can’t sell itself without allowing Exxon to buy its stake in the Guyana project. Chevron and Hess have said Exxon’s interpretation of the terms of Exxon and Hess’s partnership is incorrect. Exxon has asked an arbitration organization to resolve the dispute. Some of Hess’s largest investors, hoping to pressure Chevron into sweetening its offer, had withheld their support for the deal, which was announced in October. But Hess prevailed at its shareholders’ meeting on Tuesday in convincing a majority that the deal was in their best interest. The company said it would release a tally of the vote later.