Chevron appoints John B. Hess to board; post-merger MOU for Hess toy truck, aircraft, trademarks transfer

CHEVRON CORP

John B. Hess appointed to Chevron Board, effective July 28; will join Public Policy and Sustainability Committee.
Chevron and HFO agree to transfer Hess Toy Truck business to HFO by April 2026 at appraised value.
Aircraft lease interest to transfer by Oct 2025; termination fee expected $5-10M beyond $25-30M fair market value.
Hess trademarks to be assigned to HFO 90 days post-close; Chevron gets perpetual oil & gas license.
Transition services: IT support ~$50K/month, office space $50K/month, employee costs ~$255K/month through 2027.

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