Form 4: Hess Corp Senior Vice President Barbara Lowery-Yilmaz Reports Stock Transactions
SEC Form 4 Filing
Barbara Lowery-Yilmaz, a Senior Vice President at Hess Corporation, reported the vesting of performance share units and subsequent tax-related share withholding on February 5, 2025.
Summary
- On February 5, 2025, Barbara Lowery-Yilmaz, a Senior Vice President at Hess Corporation, reported transactions involving Hess common stock.
- These transactions included the vesting of 16,953 shares from Performance Share Units (PSUs) granted on March 6, 2022.
- The vesting was based on Hess's total shareholder return compared to its peers over a three-year period ending December 31, 2024.
- Additionally, 5,650 shares were withheld to cover tax obligations related to the vesting of these PSUs at a price of $142.74 per share.
- Following these transactions, Lowery-Yilmaz directly owns 144,994 shares of Hess common stock, including 19,443 shares held in escrow under the Corporation's Long Term Incentive Plans.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Hess. It provides transparency into the transactions of company insiders.
Comparison to Industry Standards
- Performance Share Units (PSUs) are a common form of executive compensation in the oil and gas industry, aligning executive incentives with shareholder returns.
- The vesting criteria based on total shareholder return relative to peers is a standard practice to ensure competitive performance.
- Companies like ExxonMobil (XOM) and Chevron (CVX) also utilize similar performance-based equity compensation plans for their executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders by slightly increasing the number of outstanding shares.
- The vesting of PSUs incentivizes the executive to improve company performance, which benefits shareholders.
Key Dates
| Date | Description |
|---|---|
| 2022-03-06 | Date of grant for the Performance Share Units. |
| 2024-12-31 | End of the three-year performance period for the Performance Share Units. |
| 2025-02-05 | Date of the reported transactions (vesting and tax withholding). |
| 2025-02-07 | Date of signature on the Form 4 filing. |
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