LyrArc Article Gist
Exxon's Darren Woods was shown in WSJ yesterday battling it out with Rockefeller foundation family interests as they fervently opposed his aggressive push for fossil fuel supplies. This WSJ report looks at another side of Darren Woods as he breaks up a potential merger between Hess and Chevron that would give Chevron access to the Stabroek oil block off Guyana's coast for about 1.2 million barrels a day. There is a shrinking pool of investment for fossil fuels during the energy transition away from fossil fuels. There is also a period of 5-10 years that the world economies have to weather through by accessing US+ oil supplies to support easing household spiralling energy costs when Russian oil supplies are no longer accessible. This is leading to a higher value being placed on existing oil blocks such as the Stabroek oil block near the coast of Guyana that Exxon and Hess have developed. Crucial work was done by Hess engineers for the find when Exxon had given up. WSJ looks at the fight between CEO's Wirth of Chevron and Hess of Hess Oil against Darren Woods of Exxon that is shaking up Houston and the banking+ legal advisors involved in the potential merger of Hess and Chevron that Woods has succeeded in ending.