Summary by Futu AI
Chevron Corporation, during the CERAweek 2024 conference on March 19, 2024, discussed its pending acquisition of Hess Corporation, with excerpts from the conversation made available on March 22, 2024. Chevron CEO Mike Wirth emphasized the importance of the transaction for shareholders of both companies, Guyana's country, US energy security, and the industry. Despite efforts to engage Stabroek block partners constructively, Chevron was surprised by their abrupt end to discussions and the filing for arbitration. Wirth expressed confidence in Chevron's understanding of the joint operating agreement and is looking forward to the arbitration outcome. The communication also contained forward-looking statements regarding the potential transaction's consummation and anticipated benefits, subject to risks, uncertainties, and assumptions. Regulatory approvals, ongoing arbitration proceedings, and integration of operations are among the key factors that could impact the transaction's outcome. Investors and stockholders have been advised to read the proxy statement/prospectus and other documents filed with the SEC carefully for important information regarding the acquisition.