Bearish
Chevron to divest Hess Midstream and DJ Basin assets, expects $3–$4 billion loss
Chevron announced plans to divest its ownership interests in Hess Midstream and DJ Basin crude oil midstream assets, aiming to reduce Bakken unit midstream costs by approximately 50%. The company anticipates a one-time after-tax loss of $3 to $4 billion upon closing the transaction, expected by year-end 2026.
Key points
- Chevron to divest Hess Midstream and DJ Basin assets, expects $3–$4 billion loss
- CEO Mike Wirth states oil and gas demand will continue to grow
Sources
AI-generated from public news sources. Not financial advice.
