Exxon Mobil ‘disagrees’ with ICC panel’s ruling regarding Hess dispute

Exxon Mobil (XOM) released a statement following a ruling by the International Chamber of Commerce Tribunal related to its contractual dispute with Hess (HES) over interests in the Stabroek Block offshore Guyana: “We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract terms are always adhered to and not set a bad precedent for ourselves and industry. Given the significant value we’ve created in the development of the Guyana resource, we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how successful this venture would become. We welcome Chevron (CVX) to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved.”