Commodity Price FluctuationsFurther downside in commodity prices could lower CVX and HES share prices, reducing the benefits of the merger.
Exploration CostsHES incurred exploration expense of $139m in 4Q, including costs for a dry hole at the Vancouver exploration well.
Legal And Arbitration RisksLosing the arbitration decision could allow CVX to terminate the merger, leading to potential negative impacts on share price.