A 20-month conflict arose between Exxon Mobil and Chevron over a confidential contract clause governing operations in Guyana's oil fields. This dispute jeopardized Chevron's $53 billion acquisition of Hess Corp. Both companies faced significant strategic upheaval, while American oil executives' relationships strained under high stakes. The feud unfolded in the wake of record profits following the surge in oil prices after Russia's invasion of Ukraine. This backdrop led to substantial corporate takeovers, with Exxon notably acquiring Pioneer Natural Resources for $60 billion.
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.
Chevron CEO Mike Wirth stated, 'It should have been resolved much quicker. This was a straightforward, plain reading of a contract.' This reveals the complexity of the situation.
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