VerityData to Bloomberg: Boom of Oil & Gas Insiders Selling Stock in Q1, Execs Excel at Timing

Bloomberg reported that during Q1 2022, U.S. energy executives sold rather than bought stock in their companies than at any time since 2012, according to VerityData.

The sales were led by Hess Corp CEO John Hess, who offloaded $85 million worth of stock, and Marathon Oil Corp. CEO Lee Tillman, who sold $34.3 million.

“Historically, oil executives are really good at getting maximum value from selling stock at the right time,” Ben Silverman, head of research at VerityData, told Bloomberg. “The message is that the cycle here isn’t going to be a long one.”