Form 4: Hess Director Reports Share Conversion to Chevron Stock Following Merger

Hess Director William G. Schrader reported the conversion of 33,974 shares of Hess common stock into Chevron shares, effective July 18, 2025, as a result of the previously announced merger.

Summary

• William G. Schrader, a Director of Hess Corporation, reported the disposition of 33,974 shares of Hess common stock.
• The transaction date is July 18, 2025, which is the effective time of the merger between Hess and Chevron Corporation.
• Each outstanding share of Hess common stock was converted into the right to receive 1.025 shares of Chevron common stock, as per the merger agreement dated October 22, 2023.
• Following this transaction, the reporting person beneficially owns 0 shares of Hess common stock directly.
• The disposed shares were held indirectly by a trust established for the benefit of the reporting person, who also serves as the trustee.

Sentiment

Score: 5

Explanation: The filing is a standard regulatory disclosure of a share disposition resulting from a merger, carrying a neutral sentiment as it reports a pre-determined event.

Future Outlook

NA

Industry Context

The transaction is a direct consequence of the merger between Hess Corporation and Chevron Corporation, a significant consolidation event within the global oil and gas industry, impacting market structure and asset ownership.

Related Party Transactions

• The disposed shares were held by a trust established for the benefit of the reporting person, who is also the trustee, indicating an indirect beneficial ownership structure.

Stakeholder Impact

• Shareholders of Hess Corporation, including the reporting director, had their Hess common stock converted into Chevron Corporation common stock at a predetermined exchange ratio as a result of the merger.

Key Dates

Keywords

Hess, HES, Chevron, CVX, Merger, Form 4, Insider Transaction, Director, Share Conversion, Beneficial Ownership, Corporate Action