Hess CEO John Hess Sells $142 Million in Chevron Stock After Merger — Then Joins Goldman Sachs Board

When Chevron completed its acquisition of Hess Corp in 2025, John Hess — the CEO who built Hess Corp into a $45 billion energy major — had to dispose of every one of his HES shares. On July 18, 2025, he filed Form 4s showing the disposition of over 637,000 HES shares across multiple accounts, converted into Chevron stock at the merger exchange ratio.

What came next was swift: Hess sold 925,000 shares of Chevron (CVX) in three concentrated block sessions between August and November 2025, generating approximately $142 million in proceeds. Then, in a separate move, he joined the Goldman Sachs board of directors.

The three CVX selling blocks

After receiving Chevron shares through the merger, Hess wasted little time converting them to cash. Each session followed the same pattern: sell in 2-3 large lots within a single day.

Date	CVX Shares Sold	Avg Price	Est. Proceeds
Aug 22, 2025	375,000	$158.30	$59.4M
Nov 20, 2025	275,000	~$150.80	~$41.5M
Nov 21, 2025	275,000	~$150.20	~$41.3M
Total	925,000		~$142.2M

The August block was the largest — 375,000 shares at $158.30, capturing CVX near its post-merger pricing. By November, the selling continued but at lower prices (~$150), suggesting these were scheduled dispositions rather than price-sensitive decisions.

The HES disposition: cleaning house

On July 18, 2025, Hess filed 15 separate Form 4 entries showing dispositions (code D) of HES shares at $0 per share — the standard treatment for a stock-for-stock merger conversion. The shares were held across multiple accounts:

• Three lots of ~55,310 shares
• Three lots of ~79,254 shares
• Three lots of ~38,211 shares
• Three lots of ~33,747 shares
• Three lots of ~24,166 shares

All showed 0 shares remaining after — a complete exit from HES. After 30+ years as CEO and as the namesake family heir, John Hess no longer holds a single share of the company his father founded.

The Goldman Sachs board seat

In a move that signals his post-merger career trajectory, Hess began receiving Goldman Sachs (GS) stock awards in 2025:

• Jul 17: 36 GS shares awarded
• Oct 15: 33 GS shares awarded
• Jan 16, 2026: 390 GS shares awarded

These small, periodic grants are the hallmark of non-executive director compensation. Hess is now on the other side of the table — from running an energy company to overseeing one of the world’s largest investment banks.

Career scale

Across his career, John Hess has filed 20,422 Form 4 transactions with $1,368,898,418 in total sells and $54,764,504 in buys. He still holds approximately 1,403,045 CVX shares — worth roughly $211 million at ~$150.

What to watch

• Whether Hess continues selling CVX in 2026 — his remaining 1.4M shares represent substantial post-merger liquidity.
• CVX share price recovery: Hess sold November blocks at $150, down from $158 in August. Further declines could accelerate or pause the selling program.
• Goldman Sachs board activity and any committee appointments that increase GS equity compensation.
• Whether other former Hess executives follow a similar post-merger selling pattern.