The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the first half of 2024, according to Chevron. The acquisition is subject to Hess shareholder approval, regulatory approvals and other customary closing conditions. The Source contacted Chevron for comment on the asbestos lawsuit and whether it will provide the funding to close out the case, being heard in Texas Southern Bankruptcy Court, but did not receive a reply. Hess and its subsidiaries ran the Limetree Bay refinery on St. Croix's south shore from 1965 to 1998 — when its partially owned subsidiary Hovensa was formed — allegedly exposing a generation of Crucians to unchecked toxins in their workplace. Hess Oil Virgin Islands Corp. (HOVIC), now called HONX, filed for Chapter 11 protection in Houston in April 2022, claiming in court filings that given the number of plaintiffs in the asbestos case, it would take 40 years to litigate each claim in V.I. District Court.