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. In exchange, the company will receive improved Bakken midstream contract terms and $200 million in cash. This transaction is expected to result in a one-time after-tax loss of approximately $3 to $4 billion upon closing.
Key points
- Divestiture Announcement: Chevron to sell Hess Midstream and DJ Basin assets, receiving improved Bakken terms and $200 million cash.
- Financial Impact: Transaction expected to result in a one-time after-tax loss of $3–$4 billion.
- Operational Focus: Move aims to enhance Bakken cost structure and return on capital employed.
Sources
AI-generated from public news sources. Not financial advice.
