HOUSTON, TEXAS (By Editors at Energy Analytics Institute, 28.Jul.2025, Words: 533) — Effective as of 1 Apr. 2026, Chevron USA is expected to cause the transfer of its interest in Hess Toy Truck LLC (“ToyCo”).
ToyCo is a limited liability company that holds assets comprising the Hess toy truck business, to HFO Holdings LLC, a Delaware limited liability company wholly owned by Mr. John B. Hess (HFO) or its designee for a price to be determined based on an independent appraisal of the value of ToyCo, this, Chevron announced on 28 Jul. 2025 in a Form 8-K filing with the US Securities and Exchange Commission (SEC).
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AirCo deal
Additionally, effective as of 1 Oct. 2025, Chevron USA is expected to cause the transfer of its interest in HG Aircraft LLC (“AirCo”), a limited liability company that holds a leasehold interest in an aircraft, a hangar lease and mechanical tools, to HFO or its designee for a price to be determined based on an independent appraisal of the value of AirCo.
In connection with the proposed transfer, Chevron USA intends to terminate AirCo’s lease in the aircraft, HFO or its designee is expected to pay to the lessor of the aircraft the fair market value of the aircraft (expected between $25mn to $30mn), and Chevron USA is expected to be responsible for the balance of any termination fee in excess of such fair market value (expected between $5mn to $10mn) with respect to the existing lease.
Prior to 1 Oct. 2025, Mr. Hess is expected to continue to have access to the aircraft for personal use in exchange for Mr. Hess’s continued payment of incremental costs for such use of the aircraft under an existing timesharing agreement.
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HLOGO LLC deal
Effective 90 days after the closing, Chevron USA is expected to cause the assignment of its interest in HLOGO LLC, a limited liability company that holds the intellectual property rights with respect to the “Hess” name and all trademarks and logos that contain “Hess” (collectively, the “transferred trademarks”), and the www.hess.com domain and any other domains or social media accounts that contain “Hess” (collectively, the “electronic assets”) to HFO or its designee.
As part of the proposed assignment, HLOGO LLC is expected to grant Chevron USA an exclusive (in the field of oil and gas business), perpetual, irrevocable, fully paid up, royalty free, worldwide license (the “trademark license”) to use and display the transferred trademarks in connection with the oil and gas business (and the ToyCo business prior to its proposed transfer).
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HLOGO LLC is also expected to grant Chevron USA a license with respect to the electronic assets for a period not to exceed three years, subject to any extensions agreed by the parties. The proposed transfer of the transferred trademarks and electronic assets is expected to be made for a price to be determined based on an independent appraisal of the value of the transferred trademarks and electronic assets.
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By editors at Energy Analytics Institute in Houston and Atlanta. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
