No one is more aware of skyrocketing oil prices than John B. Hess, chairman and CEO of the Hess Corporation.
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In the last three weeks, Hess has sold almost $115 million in Hess company shares. Most of the stock was held personally; about $23 million was in a charitable trust he controls.
Hess also exercised options to buy shares at an average $19.43, while the stock was trading at $94.
With exquisite timing, he sold under a sales plan adopted March 20. Oil prices reached a new high today, at nearly $114 a barrel.
Hess Corporation stock has also benefitted from the recent discovery of a large offshore oil field in Brazil. Hess owns 40 percent of an adjacent field.
It’s a matter of increasing demand and diminishing supply, John Hess told Newsweek late last month.
“Unfortunately, the frontiers are getting more difficult to access, and some oil-producing nations are giving priority to their political agendas,” he said. “The I.E.A. [International Energy Agency] predicts global demand to average 98.5 million barrels a day in 2015; it’s hard to see how we can meet that level of production.
“To have sustainable economic growth 10 years from now, both consumers and producers need to start acting now.”
Hess apparently took his own advice.
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