Chevron divests Hess Midstream and DJ Basin assets, expects $3-4B one-time loss

Chevron announced the divestiture of its ownership in Hess Midstream LP and DJ Basin crude oil midstream assets, with a preliminary accounting assessment indicating a one-time after-tax loss of $3 to $4 billion upon closing. The material loss and asset sale are concrete financial events that reduce near-term reported earnings, though the transaction closure is contingent on regulatory approvals and customary closing conditions expected by year-end 2026.

Chevron is selling off its midstream pipeline assets and expects to take a $3–4 billion loss when the sale closes later this year. This is a big one-time accounting charge.