Hess Corp. Faces Major Changes Amid Chevron Acquisition and S&P 500 Replacement

In a significant shift within the energy sector, Hess Corporation, a global independent energy company known for its operations in exploration, development, production, and sales of crude oil, natural gas liquids, and natural gas, is undergoing major changes. As of July 2025, Hess Corp. is set to be replaced in the S&P 500 index by Block Inc., the fintech firm founded by Jack Dorsey. This move highlights the growing influence of digital payments and cryptocurrency in mainstream finance.

The transition is set to take effect prior to the opening of trading on Wednesday, July 23, 2025. Block Inc.’s inclusion in the S&P 500 underscores the evolving landscape of the financial markets, where technology and digital innovation are becoming increasingly prominent.

Simultaneously, Hess Corp. is at the center of a monumental corporate transaction. Chevron Corp. has completed its $53 billion acquisition of Hess, a deal that has been in the works for over 20 months. This acquisition, which faced a legal challenge from Exxon Mobil Corp., was finalized after Chevron won an arbitration battle. The merger aims to create a premier integrated oil and gas company, combining world-class assets, people, and capabilities to drive industry-leading free cash flow growth and shareholder returns.

The completion of the Chevron-Hess deal has been met with enthusiasm from hedge fund managers, who are reaping significant returns from their investments in the pending corporate tie-up. Notable hedge funds, including Citadel Advisors, Adage Capital Management, and HBK Investments, have benefited from this year’s largest pending corporate transaction.

As Hess Corp. exits the S&P 500 and integrates into Chevron, the energy landscape continues to evolve. The merger is expected to enhance Chevron’s position in the industry, while Block Inc.’s entry into the index reflects the broader trend of digital transformation in finance. These developments mark a pivotal moment for both the energy and financial sectors, signaling a future where traditional industries and digital innovation increasingly intersect.