Chevron to Divest Hess Midstream, DJ Basin Assets in Bakken Contract Restructuring
MT newswire2026/10/06 21:4305:43 PM EDT, 10/06/2026 (MT Newswires) -- Chevron (CVX) said late Tuesday it will divest its ownership interests and general partner position in Hess Midstream (HESM), along with its DJ Basin crude oil midstream assets, in exchange for extended and improved Bakken midstream commercial terms and $200 million in cash. The revised agreements are expected to reduce Chevron's Bakken unit midstream costs by about 50% and improve return on capital employed, the company said. Chevron expects to fully deconsolidate Hess Midstream, including about $3.7 billion of debt, it said. Chevron expects to recognize a one-time after-tax loss of about $3 billion to $4 billion at closing. The transaction is expected to close by year-end, it added.
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