Hess Stock Price, News & Analysis

Hess Corporation (NYSE: HES) has historically been described as a global independent energy company engaged in the exploration and production of crude oil and natural gas. According to multiple company announcements, Hess focused on finding, developing and producing oil and gas resources, positioning itself within the petroleum and broader energy industry.

On October 22, 2023, Hess Corporation entered into an Agreement and Plan of Merger with Chevron Corporation and a Chevron subsidiary, providing for Chevron to acquire Hess. Under this agreement, the Chevron subsidiary merged with and into Hess on July 18, 2025, with Hess continuing as the surviving corporation and becoming a direct, wholly owned subsidiary of Chevron. Following this transaction, Hess’s common stock ceased to operate as an independent, publicly traded equity and is now part of Chevron’s consolidated corporate structure.

In its public communications, Hess described itself as a leading global independent energy company engaged in exploration and production activities. Company disclosures highlight operations that included offshore developments such as participation in the Stabroek Block in Guyana, onshore production in the Bakken shale in the United States, and offshore production in regions referred to as the Gulf of America and Southeast Asia. These activities were reported within an Exploration and Production segment, with a separate Midstream segment that generated net income and undertook capital expenditures related to midstream operations.

Hess’s Exploration and Production reporting distinguished between regions such as Bakken (onshore U.S.), Gulf of America (offshore U.S.), Guyana (offshore), and Southeast Asia (offshore). Company earnings releases described net production volumes from these areas and referenced developments on the Stabroek Block, including multiple oil developments such as Yellowtail, Uaru, Whiptail and Hammerhead. These disclosures show that Hess’s business model centered on upstream oil and gas activities, with a portfolio of offshore and onshore assets.

The Midstream segment, as described in Hess’s financial reports, generated net income and undertook capital and exploratory expenditures. Hess also reported that a consolidated subsidiary, Hess Midstream Operations LP, repurchased units held by Hess Corporation and another investor, and that Hess continued to own a significant percentage of Hess Midstream LP on a consolidated basis. These disclosures indicate that Hess’s operations included both upstream exploration and production and midstream-related activities through its interests in Hess Midstream.

Hess’s public communications also referenced its recognition in environmental, social and governance (ESG) performance and disclosure. In a joint announcement with the Government of Guyana and the Mount Sinai Health System, Hess was described as being recognized as an industry leader in ESG performance and disclosure and as co-funding a national healthcare initiative in Guyana. This initiative, launched in 2022 and later extended, aims to transform Guyana’s public health system, with Hess providing funding alongside the Government of Guyana and Mount Sinai.

After the completion of the Chevron acquisition, Hess became a wholly owned subsidiary of Chevron Corporation. A subsequent Form 15 filing certified the termination of registration of Hess Corporation’s securities under Section 12(g) of the Securities Exchange Act of 1934 and the suspension of its duty to file reports under Sections 13 and 15(d). The filing confirms that, pursuant to the merger agreement, the Chevron subsidiary merged with and into Hess on July 18, 2025, and that Hess continues as the surviving corporation and a direct, wholly owned subsidiary of Chevron.

For investors and researchers, the HES ticker now primarily represents the historical equity of Hess Corporation prior to its acquisition by Chevron. The company’s historical disclosures provide insight into its role as a global independent energy company focused on exploration and production of crude oil and natural gas, its regional production areas, its midstream interests, and its involvement in ESG-related initiatives such as the Guyana healthcare partnership.

Hess Corporation’s role within the energy sector

Across its public statements, Hess consistently described itself as a global independent energy company engaged in exploration and production. Its reported activities in offshore Guyana, the Bakken shale, the Gulf of America and Southeast Asia position the company within the upstream segment of the petroleum and natural gas industry. Financial and operational updates emphasized net production from these regions, capital and exploratory expenditures, and reserve additions.

Hess’s involvement in large offshore developments, including multiple sanctioned projects on the Stabroek Block, illustrates its focus on long-lived oil developments. Company reports also highlighted proved reserves and reserve replacement metrics, underscoring the importance of resource development and reserve growth to its business model. These disclosures provide context for understanding Hess’s strategic value within Chevron’s broader integrated portfolio after the acquisition.

Corporate transformation and current status

The merger with Chevron represents a significant corporate transformation for Hess Corporation. The Agreement and Plan of Merger, entered into on October 22, 2023, led to the merger of Chevron’s subsidiary into Hess on July 18, 2025. As a result, Hess is no longer an independent public company; instead, it functions as a direct, wholly owned subsidiary of Chevron. The subsequent Form 15 filing confirms the termination of registration of Hess’s common stock and other listed notes, indicating that Hess has suspended its duty to file periodic reports as a separate registrant.

For users analyzing the historical HES stock, it is important to recognize that the ticker now reflects a former public company that has been integrated into Chevron. Historical financial statements, operational updates and ESG disclosures remain relevant for understanding Hess’s legacy operations and the rationale behind the acquisition, but ongoing performance and strategy are now reported within Chevron’s consolidated disclosures.

ESG and public-private initiatives

Hess’s participation in the national healthcare initiative in Guyana, in collaboration with the Government of Guyana and the Mount Sinai Health System, is a notable example of its ESG-related activities. Public statements describe the initiative’s goals, including transforming Guyana’s public health system, establishing a national cancer center, modernizing health facilities and implementing advanced digital health systems. The initiative is funded jointly by Hess Corporation and the Government of Guyana and is led by Mount Sinai entities focused on global health and international ventures.

These disclosures show that, alongside its core exploration and production activities, Hess engaged in public-private partnerships connected to the regions where it operated, such as Guyana. The company’s recognition for ESG performance and disclosure, as referenced in its communications, provides additional context for how it presented its role in the energy sector and in host communities.