Exxon Mobil Corp XOM and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp 's HES stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron Corp 's CVX proposed $53 billion acquisition of Hess. The arbitration panel is now expected to hear these claims in May 2025, further delaying the deal. What Happened : The arbitration panel's decision is now anticipated in the second half of 2025, Reuters reported. This delay adds pressure on Chevron and Hess investors.