Hess shareholders set to vote on Chevron deal
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 28 May 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, May 28th. I'm Julie Morgan. |
| 0:13.0 | Will hesh shareholders support the $53 billion deal with Chevron? |
| 0:18.0 | Micron is building a new D-Ram factory, |
| 0:21.2 | and the feds Neil Cashkari is sticking to the script. |
| 0:25.0 | Today hesh shareholders will decide on its planned 53 billion dollar sale to Chevron. |
| 0:31.0 | This is widely expected to be a close vote as investors remain |
| 0:35.1 | concerned over the ongoing dispute with ExxonMobil over the Guyana Project. |
| 0:40.1 | Hess owns a 30% stake in the block which is one of the largest oil discoveries in recent years and with secure |
| 0:47.5 | Chevron's long-term oil reserves. Exxon owns a 45% stake in the block. |
| 0:54.0 | ExxonMobil filed an arbitration case challenging Hesse's proposed sale to Chevron, |
| 0:59.0 | claiming it had a right of first refusal to buy Hesse's stake in the block. |
| 1:04.1 | Chevron and Hesse disagree with that claim. |
| 1:06.8 | While proxy advisor Glass Lewis has recommended that shareholders vote for the deal, |
| 1:11.8 | institutional shareholder services has told shareholders vote for the deal, Institutional Shareholders Services |
| 1:14.2 | has told investors to abstain from the vote |
| 1:17.3 | till more details of the arbitration emerge. |
| 1:20.4 | At least three shareholders are reportedly expected to abstain. |
| 1:24.4 | If the vote is not above the 50% threshold, one analyst told the Financial Times |
| 1:30.0 | that Hess may adjourn the vote today and introduce a compensation payment or something similar to get over the finish line. |
| 1:37.4 | Chevron will hold its annual shareholder meeting on Wednesday. |
| 1:42.3 | Micron Technology will build a new D-RAM chip. meeting on |
... |
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