Offshore staff
NEW YORK — Hess has received the approval of its stockholders for closing its planned merger with Chevron.
During a meeting of the stockholders, a majority voted in favor.
Final voting results on the proposals will be detailed in a Form 8-K that Hess will file with the US Securities and Exchange Commission following certification by its inspector of election.
No approval of Chevron stockholders is needed, the company added. However, completion of the merger remains subject to other closing conditions, including expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Another major issue that has to be resolved is resolution of arbitration proceedings regarding pre-emptive rights in the Stabroek Block joint operating agreement offshore Guyana.
CEO John Hess said, “Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio and financial resources to deliver significant shareholder value for years to come.”
Chevron provided an overview on May 29 of its business performance and plans at its 2024 Annual Meeting of Stockholders. Among the updates, Chevron said it reached first oil at the Mad Dog 2 project in the Gulf of Mexico and completed installation of the floating production unit for the Anchor Field, an important milestone toward achieving first production this year.
05.29.2024
