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via finance.yahoo.comBusiness & Companies

Chevron reshapes midstream portfolio with Hess to cut Bakken costs by 50%

FROM THE WIRE · FINANCE.YAHOO.COM

Chevron Corporation CVX is reshaping its midstream portfolio through agreements with Hess Midstream LP HESM that could strengthen the economics of its Bakken operations. Chevron will divest its ownership interests and general partner position in Hess Midstream, along with DJ…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bullishChevron divests Hess Midstream stakes and DJ Basin assets for $200M and improved terms, cutting operating costs significantly.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Chevron divests its stakes in Hess Midstream LP and DJ Basin midstream assets for $200M in cash.
  2. 02The deal will reduce Bakken midstream costs by roughly 50%, including gathering, transportation and processing.
  3. 03New Bakken agreements extend through 2045, providing long-term cost visibility.
  4. 04Chevron will fully deconsolidate Hess Midstream, removing approximately $3.7B from its balance sheet.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
Chevron CorporationCVXStock205.46 USD+0.12%today -1.02%Positive Hess Midstream LPHESMStock32.57 USD-0.06%today -15.82%Neutral California Resources CorpCRCStock51.48 USD-0.42%today -1.88%Neutral Shell plcSHELStock96.79 USD+0.10%today -0.85%Neutral Crude Oil WTICOMMODITY:WTICommodity89.05 USD-0.48%today -0.44%Neutral
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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