Form 4: Hess Corp EVP and CFO John P. Rielly Reports Stock Transactions

John P. Rielly, EVP and CFO of Hess Corporation, reports the vesting of performance share units and subsequent tax-related share withholding.

Summary

• On February 5, 2025, John P. Rielly, the EVP and CFO of Hess Corporation, reported transactions involving Hess common stock.
• Rielly acquired 23,825 shares of common stock upon the vesting of Performance Share Units granted on March 6, 2022.
• These units vested based on Hess's total shareholder return compared to its peers over a three-year period ending December 31, 2024.
• Additionally, 11,135 shares were withheld to cover tax obligations related to the vesting.
• Following these transactions, Rielly directly owns 347,890 shares of Hess common stock.
• Rielly also holds 26,565 shares in escrow under the company's Long-Term Incentive Plans, with voting rights but restricted delivery until plan conditions are met.

Sentiment

Score: 6

Explanation: The document is a routine disclosure of stock transactions. The vesting of performance share units suggests the company met certain performance targets, which is mildly positive.

Positives

• The vesting of Performance Share Units indicates that Hess Corporation met certain performance criteria related to shareholder return compared to its peers.

Industry Context

Executive compensation and stock ownership are common practices in the oil and gas industry to align management interests with shareholder value.

Comparison to Industry Standards

• Performance Share Units are a common form of executive compensation in the oil and gas industry, often tied to metrics like total shareholder return (TSR) compared to peers.
• Companies like ExxonMobil, Chevron, and Shell also utilize similar performance-based equity awards to incentivize executives.
• The vesting conditions and performance metrics are typically disclosed in the company's proxy statements.

Stakeholder Impact

• The vesting of performance share units can be seen as a positive signal to shareholders, indicating that the company has met certain performance goals.
• The tax withholding has no material impact on stakeholders.

Key Dates