{
  "id": 12670465,
  "title": "Chevron to Divest its Ownership Interests in Hess Midstream and DJ Basin Crude Midstream Assets",
  "url": "https://urgent.news/2026/10/07/chevron-to-divest-its-ownership-interests-in-hess-midstream-and-dj",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-07T17:00:39.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/chevron-to-divest-its-ownership-interests-in-hess-midstream-and-dj-basin-crude-midstream-assets/"
  },
  "original_language": "en",
  "account": null,
  "summary": "Chevron Corporation has announced plans to divest its ownership interests in Hess Midstream and DJ Basin Crude Midstream assets. The company's subsidiaries have entered into definitive agreements with Hess Midstream LP to restructure the terms of their Bakken midstream contracts and establish new DJ Basin midstream contracts. These agreements will extend the Bakken contracts and are expected to reduce Chevron's Bakken unit midstream costs by approximately 50%, improving future earnings and return on capital employed. In exchange for $200 million in cash consideration, Chevron will transfer its ownership interests and general partner position in Hess Midstream, as well as its DJ Basin crude oil midstream assets. The transaction is expected to be accretive to return on capital employed by 0.5% on an absolute basis and generate long-term future economic value through a lower cost structure and improved earnings. Chevron expects to fully deconsolidate Hess Midstream, including approximately $3.7 billion of its debt, and recognize a one-time after-tax loss of approximately $3 to $4 billion at closing. The transaction has been approved by the Conflicts Committee of the Board of Directors of the general partner of Hess Midstream and is subject to customary closing conditions and regulatory approvals, with an expected closing date by year-end 2026.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}