Chevron completed its purchase of Hess after prevailing in a legal dispute with Exxon over one of the most promising oil projects in the world.

Hess Corporation's performance this year has exceeded that of the oil and gas E&P industry, yet Wall Street analysts are reasonably bullish on the stock.

Block shares surged in extended trading Friday, after S&P Dow Jones Indices said the digital payments provider will be replacing Hess in the benchmark S&P 500 Index next week.

Hess Midstream offers stable returns via a fee-based model and Hess Corp partnership, but risks like concentration and debt loom. See more on HESM here.

Block is getting bumped up to the S&P 500, and investors are not wasting time reacting. On Friday, shares of the company jumped more than 10% after hours, according to S&P Global, which announced that Block will replace Hess in the index starting before the opening bell on July 23.

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade

Hess Corporation awaits a key arbitration ruling as Guyana growth accelerates, despite limited disclosures and communication. See why HES stock is a strong buy.