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Oil Executives Cash In on $1.35 Billion of Stock as Crude Surges

  • John Hess leads selling with $85 million sale in first quarter
  • Most sellers compared with buyers since 2012: VerityData
John Hess
John HessPhotographer: F. Carter Smith/Bloomberg

If stock sales are anything to go by, the heads of some of the largest U.S. oil and gas companies may be signaling that this year’s boom in energy shares is limited. 

Hess Corp.’s Chief Executive Officer John Hess offloaded $85 million worth of stock in the first quarter, marking his largest quarterly sale since 2011, according to Bloomberg calculations based on regulatory filings. Meanwhile, Marathon Oil Corp. CEO Lee Tillman sold $34.3 million. All told for the period, more U.S. energy executives sold rather than bought stock in their companies than at any time since 2012, according to VerityData, which advises institutional investors.