Goldman Sachs names Hess chief to its board as it guides oil company sale

Goldman Sachs has appointed oil tycoon John Hess to its board of directors, the firm announced on Monday, just as the Wall Street investment bank advises his company on its $53bn takeover by Chevron. The move comes as Goldman stands to make as much as $80mn in fees for helping Hess sell the family-run oil business in a contentious deal that has created a stand-off with ExxonMobil.

Goldman is the lead financial adviser to Hess in its acquisition by Chevron. The firm has also advised Hess on a number of other transactions in recent years, including the $2bn sale of its Russian assets and an $850mn deal for its storage terminals in 2013. “Advising companies and their management teams is a core part of our business, and we’re thrilled to have John Hess, a long-standing client, join our board,” the firm said in a statement.

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