Chevron Corporation (CVX)

The company now

Chevron agreed on 6 October 2026 to hand its stake in Hess Midstream and its DJ Basin crude pipelines to Hess Midstream, for $200 million in cash and cheaper, longer Bakken shipping contracts 2. Chevron expects its Bakken pipeline costs per barrel to fall by about 50 percent, and a one-time after-tax loss of about $3 to $4 billion at closing 2. The company said the loss arises because the future savings cannot be booked as an asset 2.

The deal takes Hess Midstream off Chevron's books along with about $3.7 billion of that company's debt, and Chevron expects it to close by the end of 2026 2. Hess Midstream said the Bakken contracts now run through 2045 and that Chevron is expected to cut its Bakken drilling rigs from three to two in December 2026, Reuters reported 14.

Behind the deal sits a strong second quarter: earnings were $12.1 billion, against $2.5 billion a year earlier, on higher oil prices, better refining margins and more barrels sold 1. Oil prices jumped after the conflict in the Middle East escalated, and Brent crude averaged $104 a barrel in the quarter against $68 a year before 51. Production rose 20 percent, largely from the former Hess fields 1.

The open question is how the third quarter went, with the results call set for 30 October 2026 19.

As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.

Newer filings are on file since this was written; an update is queued.