Hess (NYSE:HES) and Chevron (CVX) confirmed they were committed to their planned merger and said an arbitration hearing had been held over Hess’s assets in Guyana. scheduled for May 2025and a decision can be expected within the next three months.

The companies stated that They expected and requested an earlier hearing, but the arbitrators’ joint schedules did not allow it.

Chevron (CVX) agreed to acquire Hess (HES) last October in an all-stock deal valued at $53 billion, but Exxon Mobil (XOM) claimed rights to assets in Guyana and challenged the merger.

Exxon (XOM) and Chinese partner Cnooc (OTCPK:CEOHF) “continue to ignore the clear language of the operating agreement,” Hess (HES) and Chevron (CVX) said, but they “remain confident that the arbitration will confirm that Stabroek [right of first refusal] does not apply to mergers.”

Hess (HES) closed Wednesday’s trading session +1.1% after posting better-than-expected second-quarter adjusted earnings; total production rose 27% year-on-year to 494,000 boe/d, mainly due to a 75% augment in Guyana to 192,000 boe/d from 110,000 boe/d in the same quarter last year.