Goldman Sachs has appointed John Hess to its board of directors, as reported by the Financial Times. This announcement comes as Goldman Sachs advises Hess’ company on its $53 billion acquisition by Chevron.
Hess will leave his roles at Hess Corporation and Hess Midstream and will join Chevron’s board of directors once the acquisition closes.
Hess facing three lawsuits over disclosures in Chevron deal | OilNOW
However, the deal is currently in limbo due to ongoing arbitration with ExxonMobil. Exxon claims a right to first refusal regarding an asset offshore Guyana.
The arbitration is stalled and may extend into 2025. Despite facing regulatory approval hurdles, Goldman Sachs could earn up to $80 million in fees from this deal. Hess shareholders approved the sale to Chevron despite some opposition.
Goldman Sachs has a history of advising Hess on various transactions.
Hess shareholders greenlight Chevron merger | OilNOW
The firm emphasized their longstanding relationship with John Hess in their statement. “We are pleased to share the news that John Hess has joined our Board,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “I know that our Board, our management team, and our shareholders will benefit from his nearly 30 years of experience as a public company CEO leading the development and execution of Hess Corporation’s strategic transformation and driving growth across global markets.”
