Hess Family Stake Valued at $5 Billion With Chevron Takeover

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...