“Business carries on as normal," said senior vice president Neil Chapman, even if the decision favors Chevron.

Exxon Mobil (XOM) is confident that the outcome of its arbitration fight with Chevron over Hess Guyana assets would go in its favor, said senior vice president Neil Chapman at a Bernstein Conference on Thursday.

Chapman added that the arbitration proceedings could continue for two to three months.

Chevron agreed to acquire Hess in a $53 billion deal in 2023, hoping that the latter company’s stake in a Guyana project would help offset its cash burn elsewhere.

However, the deal's closing has been delayed after Exxon and China’s CNOOC said that the companies have a first right of refusal over Hess’s stake in a lucrative Guyana consortium that produces all of the oil in the South American country.

Exxon and CNOOC essentially claim they have the right to match the purchase price paid for the Guyana assets.

“We believe strongly (that) you have to protect your contractual right. The Chinese believe the same thing, and that's why we went to arbitration,” Chapman said.

Total production in Guyana is expected to reach 1.3 million barrels of oil per day by 2027, as the consortium brings additional projects online at the Stabroek block.

However, Chapman indicated that the companies are not entirely reluctant to onboard Chevron as a consortium partner. Exxon and Chevron collaborate on several projects worldwide.

"But if the judges decide that's not the case, then we get a new partner. Business carries on as normal," He said.

Earlier this week, ExxonMobil CEO Darren Woods stated that the company will maintain its capital allocation plans even if oil prices decline to $50 per barrel. It is also looking to divest its majority-owned French subsidiary, Esso.

Retail sentiment on Stocktwits about Exxon was ‘neutral’ (48/100), while retail chatter remained ‘normal.’

XOM’s Sentiment Meter and Message Volume as of 03:18 a.m. ET on May 30, 2025 | Source: Stocktwits

Exxon stock has fallen 5.2% year to date (YTD).

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