Hess Midstream LP Announces Transformative Transaction Leading to New Independent Multi-basin Midstream Company
Business Wire•06/10/2026•17:20 ET
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Key Highlights
- ➤Hess Midstream will acquire Chevron’s DJ Basin gathering and storage assets, including a 20% Saddlehorn stake.
- ➤Chevron will contribute all Hess Midstream ownership interests, reducing outstanding shares by nearly 40%.
- ➤Hess Midstream will pay Chevron $200 million cash for the transaction.
- ➤2027 Adjusted EBITDA projected at $850-$950 million, with Adjusted Free Cash Flow of $525-$625 million.
- ➤Bakken agreements extend through 2045, with reduced tariffs and an 80% minimum revenue commitment through 2033.
Expert Statements
Jonathan Stein, Chief Executive Officer of Hess Midstream
“Hess Midstream will be strongly positioned to deliver growth and returns as an independent, multi-basin midstream company with leading positions in the Bakken and DJ Basins and contracts in place through 2045”
Jonathan Stein, Chief Executive Officer of Hess Midstream
“This transaction is expected to be accretive on an Adjusted EBITDA per share basis, accelerating value to our shareholders while providing a solid foundation for future capital allocation and shareholder returns.”
Hess Midstream LP Announces Transformative Transaction Leading to New Independent Multi-basin Midstream Company
* Hess Midstream LP and Chevron have executed a definitive agreement that will establish Hess Midstream LP as an independent, multi-basin midstream company. The transaction includes the following:
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