Summary
This 8-K/A filing from Chevron Corporation (CVX) serves as an amendment, providing updated details on transactions related to the recently closed acquisition of Hess Corporation. Specifically, it clarifies the terms under which Chevron U.S.A. Inc. will transfer its interest in Hess Toy Truck LLC (ToyCo) and HFO Holdings LLC's interest in HLOGO LLC (which holds the "Hess" brand intellectual property and electronic assets) to John B. Hess. These transactions are a consequence of the acquisition and involve the sale of membership interests in ToyCo for $40,000 and HLOGO for $863,000. Investors should note that Chevron has secured a perpetual, royalty-free license to use the "Hess" trademarks in its oil and gas business and for the ToyCo business, which is a strategic advantage. Additionally, the filing details a transition services agreement and associated vendor costs for separating the Hess family office IT infrastructure, with a portion of these costs being allocated to services performed after Mr. Hess joined the board. While the financial impact of these specific transactions is relatively minor given Chevron's scale, they represent the unwinding of specific Hess Corporation assets post-acquisition.
Key Highlights
- 1Chevron U.S.A. Inc. to transfer interest in Hess Toy Truck LLC (ToyCo) to John B. Hess for $40,000, effective April 1, 2026.
- 2Chevron U.S.A. Inc. to transfer interest in HLOGO LLC (holding "Hess" brand IP and electronic assets) to John B. Hess for $863,000, effective December 17, 2025.
- 3Chevron has secured a perpetual, irrevocable, royalty-free, worldwide license to use "Hess" trademarks in its oil and gas business and for the ToyCo business.
- 4Chevron also secured a three-year license with automatic renewals for "Hess"-related electronic assets and domains.
- 5The transactions are a consequence of Chevron's recently closed acquisition of Hess Corporation.
- 6Details provided on vendor costs for separating Hess family office IT infrastructure post-acquisition, with partial allocation to services after Mr. Hess joined the board.