Chevron to Shed Hess Midstream Stake in Major Bakken Restructuring

What happened: Chevron agreed to divest its Hess Midstream ownership interests and general partner position, plus DJ Basin crude midstream assets, to Hess Midstream. The deal follows Chevron's July 2025 acquisition of Hess Corporation. Key numbers: Chevron receives $200 million in cash. Why it matters: Chevron expects lower Bakken midstream costs to improve earnings and returns, while Hess Midstream becomes an independent company. The transaction continues Chevron's portfolio rationalization after the Hess acquisition and remains subject to regulatory approvals.

Chevron agreed to divest its Hess Midstream ownership interests and general partner position, plus DJ Basin crude midstream assets, to Hess Midstream. The deal follows Chevron's July 2025 acquisition of Hess Corporation.

Chevron expects lower Bakken midstream costs to improve earnings and returns, while Hess Midstream becomes an independent company. The transaction continues Chevron's portfolio rationalization after the Hess acquisition and remains subject to regulatory approvals.