Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
Business Wire•06/10/2026•17:15 ET
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Key Highlights
- ➤Bakken unit midstream costs expected to fall approximately 50%
- ➤Chevron receives $200 million cash consideration from Hess Midstream
- ➤Chevron expects to deconsolidate approximately $3.7 billion of Hess Midstream debt
- ➤Return on capital employed expected to increase 0.5% on an absolute basis
- ➤One-time after-tax loss estimated at approximately $3 to $4 billion
Expert Statements
Andy Walz, President of Downstream, Midstream and Chemicals at Chevron
“This transaction resets the commercial framework between our upstream and midstream assets in the Bakken and DJ Basins”
Andy Walz, President of Downstream, Midstream and Chemicals at Chevron
“It lowers our Bakken cost structure while positioning Hess Midstream to advance as an independent company.”
Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets
* Chevron to divest its ownership interests in Hess Midstream and DJ Basin crude oil midstream assets in exchange for extended and improved Bakken midstream commercial terms
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