Chevron to divest Hess Midstream stake and DJ Basin midstream assets
Chevron agreed to transfer its ownership interests and general partner position in Hess Midstream LP, plus its DJ Basin crude oil midstream assets, in exchange for extended Bakken midstream contracts, new DJ Basin contracts and $200 million in cash. Chevron expects a one-time after-tax loss of approximately $3 to $4 billion at closing, which it expects to treat as a special item, and expects the deal to close by year-end 2026.
Key points
- At closing, Chevron expects a one-time after-tax loss of approximately $3 to $4 billion, treated as a special item.
- Chevron expects to reduce its Bakken unit midstream costs by approximately 50% and to increase return on capital employed.
- Chevron receives $200 million in cash and expects to fully deconsolidate Hess Midstream, including about $3.7 billion of its debt.
- The deal is expected to close by year-end 2026, subject to customary closing conditions and regulatory approvals.
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.