Oil Giants Clash: Exxon vs. Chevron Battle for Guyana Riches

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**Clash of the Oil Giants: Exxon and Chevron’s Battle for Offshore Supremacy**

In the high-stakes arena of oil exploration, the rivalry between Exxon Mobil and Chevron has reached a tipping point over a lucrative offshore oil asset in Guyana. The outcome of this battle could determine which of these industry titans emerges victorious this year.

Exxon’s Stellar Performance

Exxon Mobil has been on a winning streak in 2024, outperforming the energy sector and the broader market. Its stock has surged by approximately 15%, hitting an all-time high during the oil rally in April. This exceptional performance has been attributed to the company’s strong execution and unwavering capital discipline.

Chevron’s Lagging Behind

In contrast, Chevron has faltered in comparison to its rival. The company’s stock has only gained around 6% this year, impacted by production hiccups in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan. These issues have soured investor sentiment and hindered Chevron’s overall performance.

The Stakes in Guyana

The prize at the heart of the Exxon-Chevron feud is the Stabroek Block, an offshore oil development in Guyana. Exxon holds a commanding 45% stake in the project, while Chevron is eager to gain access through its pending acquisition of Hess Corp., which owns a 30% stake.

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