How One Clause Sparked Exxon-Chevron Feud That Turned Personal
It began toward the end of 2023, when the US oil industry was basking in the aftermath of the price surge caused by Russia’s invasion of Ukraine.
Source: Bloomberg
The 20-month feud between the Western Hemisphere’s two most powerful oil companies over the biggest offshore discovery in a generation hinged on a single clause of a contract few people have ever seen.
The passage in a confidential agreement signed more than a decade ago that governs how producers work together in Guyana’s booming oil field was the basis for Exxon Mobil Corp.’s arbitration case that threatened to undo Chevron Corp.’s $53 billion takeover of Hess Corp.