Hess Midstream agrees to buy Chevron's DJ Basin assets for $200 million cash plus working capital
Hess Midstream LP and its subsidiary signed an agreement on October 6, 2026 to acquire Chevron's DJ Basin crude oil and gas gathering and storage assets and to take over Chevron's ownership interests in the partnership and its general partner. The company will pay $200 million in cash plus closing working capital, and the filing says the partnership's outstanding shares are expected to fall by nearly 40% at closing. Bakken commercial agreements with Chevron will be amended to reduce tariffs and extend terms through 2045, and the company updated its 2026 guidance.
Key points
- Partnership to pay Chevron-affiliated sellers $200 million in cash plus closing working capital of CMH, with a post-closing adjustment
- Chevron to contribute its consolidated ownership interests in Hess Midstream, with outstanding shares expected to decrease by nearly 40% at closing
- Bakken agreements amended to reduce tariffs for Chevron, with terms extended to December 31, 2045 and a minimum revenue commitment of 80% through December 31, 2033
- 2026 guidance updated to net income of $650 million to $675 million and Adjusted EBITDA of $1,225 million to $1,250 million; closing expected by year-end 2026
The filing
Written by AI on Nov 9, 2026, 11:43 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 08, 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.