Shares of energy companies fell sharply as traders hedged their bets on the outlook for consolidation in the sector.

Shares of oil produce Hess slipped amid doubts that it would close its merger with Chevron after Exxon Mobil invoked a clause that would allow it to remain involved in the massive Guyana oilfield.

Exxon has "throw a monkey wrench" into the Hess deal, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Oil futures slipped even after confirmation from the Organization of the Petroleum Exporting Countries that voluntary production cuts would be extended.

Write to Rob Curran at

(END) Dow Jones Newswires

03-04-24 1756ET