John Hess on geopolitics
From API State of American Energy 2025 [Mike Sommers and John Hess Panel] · · The American Petroleum Institute
“Sanctions on Russia — and potentially on Iran — create uncertainty about supply; you’ve already seen prices move up and if those barrels don’t make it to market the market will tighten further.”
On , John Hess, Chief Executive Officer & Director at Hess Corp, spoke about geopolitics during API State of American Energy 2025 [Mike Sommers and John Hess Panel] on The American Petroleum Institute.
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About John Hess
John Hess, CEO of Hess Corporation, has been a prominent voice in discussions about the proposed $53 billion all-stock acquisition of Hess by Chevron, announced in October 2023. Hess described the deal as a "strategic fit" that creates "the premier oil and gas company," stating that Hess brings growth in resources, production, and cash flow, while Chevron provides financial strength and a diversified portfolio. He noted that the companies had been in discussions for years but that the pricing only recently aligned. Hess also confirmed that the company's toy trucks would continue to be sold, stating he and Chevron CEO Mike Wirth reached a "mutually agreeable understanding" on the matter. In public appearances, Hess has consistently argued that oil and gas will be needed "for decades to come" and are essential for an "affordable, just and secure energy transition." He has described the U.S. oil and gas industry as a "strategic industry" that supports 12 million jobs and provides lower electricity costs compared to Europe and Asia. Hess has criticized what he called "EV mania," arguing that government mandates are distorting the market, and has called for the repeal of certain tailpipe rules. He has also emphasized the need for continued investment in oil and gas, citing a structural deficit in global investment, and has highlighted the growth potential of the Gulf of Mexico and the Stabroek block in Guyana, where Hess is a 30% interest holder.