Arbitration panel decision a win for Chevron and Hess holders, says Jefferies

After the International Chamber of Commerce Tribunal released a decision that favored Hess (HES) and Chevron (CVX), paving the way for their deal to close, Jefferies called the resolution “a win” for both sets of shareholders. The firm, which had previously incorporated the expected $1B in run-rate cost synergies and incremental free cash flow from Guyana’s fourth FPSO into its base case, adds that removing the uncertainty is “also a clear positive.” Jefferies maintains a Buy rating and $178 price target on Chevron shares.