Hess Family Gets $5 Billion as Founder’s Son Sells to Chevron

Leon Hess founded Hess Corp. with a secondhand truck delivering fuel oil during the depression. Ninety years later, his son, John Hess, has agreed to sell the US oil producer to Chevron Corp. in a deal that crystallizes the value of the stake controlled by the family at about $5 billion.

The Hess chief executive officer’s stake in the company, together with the stock held by family members and trusts, total 29.2 million shares, according to the latest proxy filing. Of those, more than 25 million are related to trusts, the Hess Foundation, a limited partnership and limited ...