Chevron to Divest Hess Midstream LP and DJ Basin Assets

Chevron Corporation announced on October 6, 2026, that it will divest its ownership interests in Hess Midstream LP and its DJ Basin crude oil midstream assets. The decision was disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission, marking a significant strategic shift for the energy giant.

The transaction is expected to close by the end of 2026, subject to customary closing conditions and regulatory approvals. Chevron's preliminary accounting assessment indicates that the divestment will result in a one-time after-tax loss of approximately $3 to $4 billion. This loss is anticipated to be treated as a special item in the company's financial statements.

The company cautioned that forward-looking statements regarding the transaction are subject to various risks and uncertainties. These include potential litigation, the possibility that anticipated benefits may not be realized, and the impact of industry, market, economic, political, or regulatory conditions beyond Chevron's control.

Chevron Corporation is headquartered in Houston, Texas, and its common stock is listed on the New York Stock Exchange under the ticker symbol CVX. The company's decision to divest these assets reflects a broader strategy to streamline its portfolio and focus on core operations.