Form 4: Hess Director Converts All Shares to Chevron Stock Following Merger Completion

Hess Corporation Director Karyn F. Ovelmen has disposed of all 9,025 shares of Hess common stock, converting them into Chevron Corporation common stock as a result of the previously announced merger agreement.

Summary

• Karyn F. Ovelmen, a Director of Hess Corporation, reported the disposition of 9,025 shares of Hess common stock.
• The transaction occurred on July 18, 2025, and resulted in zero beneficial ownership of Hess common stock by Ms. Ovelmen.
• This disposition was pursuant to the Agreement and Plan of Merger, dated October 22, 2023, between Hess Corporation and Chevron Corporation.
• At the effective time of the merger, each outstanding share of Hess common stock was converted into the right to receive 1.025 shares of Chevron Corporation common stock.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing reporting a completed transaction resulting from a previously announced merger, thus it carries a neutral sentiment.

Industry Context

This filing reflects the finalization of a significant merger within the energy sector, where a major oil and gas producer, Hess Corporation, has been acquired by Chevron Corporation, a supermajor. Such mergers typically lead to consolidation and strategic realignments within the industry.

Stakeholder Impact

• Shareholders of Hess Corporation, including Director Karyn F. Ovelmen, had their Hess common stock converted into Chevron Corporation common stock at an exchange ratio of 1.025 Chevron shares for each Hess share, effectively transitioning their investment from Hess to Chevron.

Key Dates

Keywords

Hess Corporation, Chevron Corporation, Merger, Stock Conversion, Director, Insider Transaction, Form 4, HES