re: Chevron’s $53 Billion Deal for Hess in Jeopardy on Possible Exxon Challenge

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You own 30%, Exxon owns 45% and you just think you can up and sell it without giving them first right of refusal?

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Happens all the time in acquisitions. However, as others have stated, it depends on what the operating agreement states. Your standard, unedited AAPL JOA form, I THINK (it’s been a while since I read through one) allows for first right of refusal should a party decide to sell its interests in the leases/AMI area; however, I don’t believe that right applies should one of the parties be bought.

I’d imagine, though, that neither Exxon or Hess just simply went with the standard form and didn’t redline or amend anything.