Chevron Corporation has announced the purchase of 15,380,000 shares of Hess Corporation common stock in open market transactions between January and March 2025. This represents approximately 4.99% of Hess's outstanding shares as of January 31, 2025. These purchases were made at a discount to the exchange ratio set in the merger agreement between Chevron and Hess, which was signed on October 22, 2023. The acquisitions reflect Chevron’s confidence in the completion of its pending acquisition of Hess. These purchases are in addition to Chevron’s ongoing stock repurchase program for the first quarter of 2025.

Chevron also issued a cautionary statement regarding forward-looking information, outlining risks such as market conditions, regulatory approvals, geopolitical conflicts, and operational uncertainties that could impact the Hess transaction and other business operations.