Hess Midstream to acquire Chevron DJ Basin assets for $200M, fully consolidating Chevron stake

Hess Midstream agreed to acquire all of Chevron's consolidated interests in the company, including 449,000 Class A shares, the general partner interests, and Chevron's Denver Julesburg Basin midstream assets (400,000 bpd oil gathering, 300 mmcf/d gas gathering, and a 20% stake in the Saddlehorn long-haul pipeline). The $200 million cash payment plus closing working capital and commercial rights will effectively reduce outstanding shares by nearly 40% and give HESM full control from Chevron. This material strategic consolidation is expected to close by year-end 2026, subject to HSR approval and

Hess Midstream is buying out its parent company Chevron's remaining ownership stake and acquiring substantial midstream assets in Colorado for $200 million cash, which will make Hess Midstream fully independent and significantly reduce the number of shares outstanding.