--- title: "Post-Merger Form 4: When Insiders Switch Tickers" type: learn slug: post-merger-form-4-ticker-conversion-hess-chevron-reading canonical_url: https://13finsight.com/learn/post-merger-form-4-ticker-conversion-hess-chevron-reading published_at: 2026-05-15T06:54:03.239Z updated_at: 2026-05-15T06:54:06.715Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 693 locale: en source: 13F Insight --- # Post-Merger Form 4: When Insiders Switch Tickers > John Hess now files Form 4 transactions in Chevron stock — not Hess Corp — following the 2025 merger. Pinpointing post-merger insider activity requires tracking the conversion ratio and the new ticker. Here's the framework. When two US public companies merge, the legacy insiders of the acquired company typically receive shares of the acquirer in exchange for their original company stock. SEC Form 4 reporting requirements follow the insider, not the ticker — so post-merger Form 4 filings from legacy insiders document transactions in the new combined company's stock. John B. Hess, former CEO of Hess Corporation, now files Form 4 transactions in Chevron stock following the 2025 Chevron-Hess merger. The cumulative Form 4 ledger spans pre-merger Hess Corp transactions (legacy HES ticker) and post-merger Chevron transactions (CVX ticker), creating a unified picture across two ticker symbols. Reading these filings requires understanding the conversion mechanics and tracking the new ticker.How M&A conversion works for insidersWhen Company A acquires Company B in an all-stock or stock-and-cash deal:Conversion ratio. Each share of Company B converts to a specified number of Company A shares (often plus cash). For Chevron-Hess, the ratio was approximately 1.025 CVX shares per Hess share.Form 4 reporting transition. Pre-merger Form 4s report transactions in Company B's ticker. Post-merger Form 4s report transactions in Company A's ticker (the surviving company).Cost basis carries forward. The insider's tax cost basis transfers across the conversion at the same dollar value, prorated across the new shares.Schedule 13G/A updates. Beneficial-ownership disclosures must be amended to reflect the new entity. The Hess family's 8.58% stake in Hess Corp converted to 8.58% beneficial ownership of approximately the same dollar value in Chevron.Reading the cumulative Form 4 ledger across mergersThe cumulative sell ledger for an insider whose company merged spans both tickers:Pre-merger HES sales: Reported with HES ticker, original-stock prices, pre-merger dates.Post-merger CVX sales: Reported with CVX ticker, new-stock prices, post-merger dates.Conversion event itself: Reported with code C (conversion) at the merger close date, showing the share-count change.For John Hess specifically, the cumulative $1.37 billion sell ledger spans:Pre-2025 transactions in Hess Corp common (HES ticker, prices in the $50-$170 range across multiple cycles)Post-2025 transactions in Chevron common (CVX ticker, prices in the $140-$185 range)The 2025 conversion event itself (recorded with code C)The Schedule 13G/A resetWhen the merger closes, beneficial ownership disclosures must be updated:Pre-merger Schedule 13G/A: Reports the insider's stake in the acquired company.Post-merger Schedule 13G/A: Reports the insider's stake in the surviving company (newly issued at the conversion ratio).Beneficial-ownership percentage typically declines. If Chevron's market cap is materially larger than Hess Corp's was, John Hess's 9-10% beneficial ownership of Hess Corp pre-merger becomes a 1.2%+ stake in Chevron post-merger (smaller in percentage terms but larger in absolute dollar value).Examples of recent merger-driven Form 4 transitionsMergerYearInsider TransitionChevron-Hess2025John Hess Form 4 now CVX; 8.58% beneficialExxonMobil-Pioneer Natural Resources2024Scott Sheffield Form 4 transitions to XOMCapital One-Discover Financial2024-2025Discover insiders Form 4 transitions to COFMicrosoft-Activision Blizzard2023Bobby Kotick Form 4 closed post-mergerMicrosoft-Nuance Communications2022Mark Benjamin Form 4 transitions to MSFTHow to track post-merger insider activityThree practical steps:Identify the insider's reporting CIK. The CIK persists across mergers — it identifies the person, not the company. SEC EDGAR's insider history page indexed by CIK shows all filings across both pre-merger and post-merger periods.Read the conversion event Form 4 (code C). The transaction reports the exact share-count change at the merger close. This anchors the cumulative ledger across the ticker transition.Cross-reference with the surviving company's institutional book. The former insider's continuing position appears in the new company's holder table. John Hess's 8.58% Chevron beneficial ownership shows up alongside Berkshire Hathaway's 7.24% and Fisher Asset Management's 1.54% as one of the structural concentrations in CVX.What this tells institutional readersDon't treat ticker switches as exits. Pre-merger Form 4 sales accumulating in HES followed by post-merger sales in CVX represents one continuous monetization narrative, not an exit from one stock plus a new position.The conversion event matters for cost-basis interpretation. Recent sales at post-merger prices are at the conversion-adjusted cost basis. The economic decision is whether to monetize the merger-conversion gain versus continued holding.Track Schedule 13G/A and Form 4 together post-merger. Both Forms refresh after the merger and provide the complete picture of the insider's continuing beneficial ownership in the new entity.For tracking insider activity across mergers in real time, see the institutional signals feed. For related Form 4 reading techniques, see our Form 4 cumulative ledger reading guide. ## FAQ ### Why is John Hess filing Form 4s on Chevron stock? Chevron's $53 billion acquisition of Hess Corporation closed in mid-2025. The merger converted Hess Corp common stock into Chevron common stock at approximately 1.025 CVX shares per Hess share. John Hess's pre-merger founder-family position converted into Chevron common shares. SEC Form 4 reporting follows the insider, not the ticker — so post-merger Form 4s document transactions in the surviving company's stock (CVX) rather than the acquired company's legacy ticker (HES). ### How does cumulative Form 4 ledger work across mergers? The cumulative sell ledger spans both tickers. Pre-merger transactions report under the acquired company's ticker; post-merger transactions report under the surviving company's ticker. The conversion event itself is recorded with code C (conversion) at the merger close date showing the share-count change. For John Hess, the $1.37 billion cumulative ledger includes pre-2025 Hess Corp transactions (HES), the 2025 conversion event, and post-2025 Chevron transactions (CVX). ### What happens to Schedule 13G/A after a merger? Beneficial-ownership disclosures must be amended to reflect the new entity. Pre-merger Schedule 13G/A reports the insider's stake in the acquired company. Post-merger Schedule 13G/A reports the insider's stake in the surviving company (newly issued at the conversion ratio). The beneficial-ownership percentage typically declines because the surviving company's larger market cap dilutes the legacy insider's share. John Hess went from ~10% of Hess Corp to 8.58% of the larger Chevron entity. ### How do I track an insider across a ticker change? Use the insider's reporting CIK rather than the company ticker. The CIK persists across mergers — it identifies the person, not the company. SEC EDGAR's insider history page indexed by CIK shows all filings across both pre-merger and post-merger periods. Read the conversion event Form 4 (code C) for the exact share-count transition. Cross-reference with the surviving company's institutional book to see the former insider's continuing position. ### What is transaction code C in Form 4? Transaction code C denotes a conversion — typically reported when one type of security converts to another. In a merger context, the conversion event records the change of legacy stock into the surviving company's stock at the conversion ratio. Code C also appears when a multi-class structure converts (Class B to Class A) or when convertible securities convert to common stock. The transaction is mechanical rather than discretionary, so it does not signal directional view. ### Do all M&A deals trigger Form 4 ticker switches? Yes for stock-for-stock or stock-and-cash deals where the acquired company shareholders receive shares of the surviving company. Pure cash deals trigger different reporting — insider receives cash and no longer has Section 16 reporting obligations unless they took a board seat. Convertible-debt or warrant-driven mergers can be more complex. Most large public-company mergers use stock-for-stock or hybrid consideration. --- Source: 13F Insight — https://13finsight.com/learn/post-merger-form-4-ticker-conversion-hess-chevron-reading Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-15T06:54:06.715Z