ExxonMobil Shares Disagreement With ICC Panel's Interpretation Over Contractual Dispute With Hess

(RTTNews) - Exxon Mobil Corp. (XOM), Friday shared its disagreement with the International Chamber of Commerce panel's interpretation regarding its contractual dispute with Hess Corp. over interests in the Stabroek Block offshore Guyana.

The energy and petrochemicals company stated that it has a duty toward its investors to consider the preemption rights to protect the value it created through innovation and hard work in Guyana.

Despite the disagreement with the panel, the company respects the arbitration and dispute resolution process.

Further, the company welcomed Chevron to the venture, looking ahead to continued industry-leading performance and value creation in Guyana for all parties involved.

In the pre-market hours, ExxonMobil's stock is trading at $111.19, down 0.50 percent on the New York Stock Exchange.