Hess Corporation Announces Leadership Changes After Merger Completion

Hess Corporation has announced executive and board changes following the merger. Harsh Goyal, Andrew D. Stead, and Nicola E. Woods became directors, while Bruce L. Niemeyer became President. Niemeyer, 63, comes from Chevron, where he served as President of Chevron Americas Exploration & Production Company and Vice President of Strategy and Sustainability. He has held various leadership positions at Chevron since 2013.

Hess Midstream LP (NYSE: HESM) has announced significant changes to its Board of Directors and executive leadership following the completion of the merger between Hess Corporation and Chevron Corporation. The merger, which was finalized recently, has led to Chevron beneficially owning approximately 37.8% of Hess Midstream on a consolidated basis [1].

Effective immediately, John B. Hess, Gregory P. Hill, and John P. Rielly have left the Hess Midstream Board. Their positions are being taken over by Chevron executives. Andy Walz, President of Chevron Downstream, Midstream & Chemicals, has been appointed as the new Chairman of the Board. Joining him on the Board are Kristen Ghattas and Kristi McCarthy from Chevron, while Gerbert Schoonman will remain in his position. The company’s three independent directors—Stephen J.J. Letwin, David W. Niemiec, and John P. Reddy—will continue to serve on the Board and its Audit Committee. Hess Midstream plans to appoint a fourth independent Board member [1].

In executive changes, Jonathan C. Stein, previously the Chief Financial Officer, has been promoted to Chief Executive Officer, replacing John B. Hess. Michael J. Chadwick has been appointed as the new Chief Financial Officer, succeeding Mr. Stein. Chadwick has held increasingly senior financial roles since joining Hess in 2000, most recently serving as Vice President and Controller since 2022 [1].

Hess Midstream is a fee-based midstream company that owns, operates, develops, and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries, and third-party customers. The company's operations are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. With annual revenues exceeding $1.5 billion and a strong 76.7% gross profit margin, Hess Midstream maintains a robust 7.39% dividend yield and has received a "GOOD" overall financial health score from InvestingPro [2].

The changes reflect a strategic alignment with Chevron’s leadership and operational expertise. Hess Midstream remains focused on strong operational and financial performance and delivering significant shareholder returns on a consistent and ongoing basis [1].

References:
[1] https://www.morningstar.com/news/business-wire/20250718987699/hess-midstream-lp-announces-changes-to-the-board-of-directors-and-leadership-transition
[2] https://www.investing.com/news/company-news/hess-midstream-names-new-leadership-following-chevronhess-merger-93CH-4141845