HES shares drop as fight with XOM over Guyana oil threatens Chevron takeover

News Snapshot:

Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Hess was down nearly 4% in morning trading Tuesday. Chevron shares fell more than 2%. Chevron entered an agreement to purchase Hess for $53 billion in an all-stock transaction in October — a play to gain a foothold in Guyana's massive offshore oil assets. Hess has a 30% stake in a consortium with Exxon and Cnooc to develop Guyana's Stabroek oil block, which is estimated...