Energy companies rose as oil prices pushed back near the $80-a-barrel mark amid continued tensions in the Middle East after an Israeli strike in Rafah killed dozens of civilians and a cross-border clash between Israeli and Egyptian forces left an Egyptian officer dead.
Hess's shareholders voted to approve a $53 billion deal to sell the company to Chevron, clearing a hurdle for the companies to combine. The companies have been engaged in a public brawl with Exxon Mobil that still threatens to sink the deal and possibly recast the futures of Chevron and Hess.
The vote was closely watched as several large shareholders had said they would abstain from voting due to the feud between Exxon, Chevron and Hess over Hess's share of a generational oil treasure in Guyana. Exxon says it has a right to challenge Chevron's offer for Hess's shares in a drilling consortium it is part of alongside China's Cnooc and is pursuing arbitration.
Saudi Arabia is likely to announce as soon as this week plans to sell $10 billion to $20 billion worth of stock in Aramco, the world's most valuable oil company, according to people familiar with the matter.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
05-28-24 1703ET
