6. Oct 2026
Description
(AWP Alliance News) - Chevron will transfer its ownership interests and general partner position in Hess Midstream to Hess Midstream as part of a deal to restructure Bakken midstream contracts and set new DJ Basin midstream contracts. The package also includes Chevron's DJ Basin crude oil midstream assets, with Chevron receiving USD 200 million in cash consideration.
The revised Bakken agreements extend existing contracts and are expected to cut Chevron's Bakken unit midstream costs by about 50%. Chevron expects to fully deconsolidate Hess Midstream at closing, including about USD 3.7 billion of Hess Midstream debt, and lift return on capital employed by 0.5%.
Closing is expected by year-end 2026, with Chevron forecasting a one-time after-tax loss of about USD 3 billion to USD 4 billion.
https://www.businesswire.com/news/home/20261006636351/en/
Disclaimer: This news brief was created using generative artificial intelligence. Chevron Corporation published the original content used to generate this news brief via Business Wire on October 06, 2026, and is solely responsible for the information contained therein.
