Form 4: Hess Director's Shares Convert to Chevron Stock Following Merger Completion

Hess Corporation Director Lisa Glatch's beneficial ownership in Hess common stock ceased as her shares were converted into Chevron Corporation common stock due to the recently completed merger.

Summary

• Lisa Glatch, a Director of Hess Corporation, reported a change in her beneficial ownership of Hess common stock.
• A total of 5,081 shares of Hess Common Stock, with a $1.00 par value, were disposed of.
• Following this transaction, Lisa Glatch beneficially owns 0 shares of Hess Common Stock.
• This change occurred on July 18, 2025, which was the effective time of the merger between Hess and Chevron Corporation, through its subsidiary Yankee Merger Sub Inc.
• Pursuant to the merger agreement dated October 22, 2023, each outstanding share of Hess common stock was converted into the right to receive 1.025 shares of Chevron common stock.

Sentiment

Score: 7

Explanation: The document reports the expected completion of a major corporate merger, which is a significant and anticipated strategic event. While it marks the end of Hess as an independent entity, the share conversion is a positive and procedural outcome for former Hess shareholders.

Positives

• The completion of the merger with Chevron Corporation signifies the successful execution of a strategic transaction for Hess shareholders, as their shares were converted into Chevron stock, providing them with ownership in a larger, diversified energy company.

Negatives

• Lisa Glatch no longer holds direct beneficial ownership of Hess Corporation common stock following the merger, as Hess has ceased to be an independent entity.

Future Outlook

The document primarily reports a past transaction resulting from a merger and does not provide forward-looking statements or guidance beyond the completion of the merger itself.

Industry Context

The merger of Hess Corporation with Chevron Corporation represents a significant consolidation within the global oil and gas industry. This strategic acquisition aligns with broader industry trends where major energy companies seek to enhance their scale, optimize asset portfolios, and secure long-term production capabilities through large-scale M&A activities.

Stakeholder Impact

• Shareholders: Former Hess shareholders have had their shares converted into Chevron common stock at a 1.025 exchange ratio, effectively transitioning their investment into Chevron Corporation.

Key Dates

Keywords

Hess Corporation, Chevron Corporation, Merger, SEC Form 4, Insider Transaction, Share Conversion, HES, Oil and Gas, Corporate Governance