Chevron Corporation (CVX) To Divest Hess Midstream Stake; Cuts Bakken Midstream Costs ~50%
Chevron entered agreements to restructure Bakken contracts and set new DJ Basin contracts, cutting Bakken unit midstream costs by ~50%. It will transfer its Hess Midstream interests and DJ crude assets, deconsolidate ~$3.7B HESM debt, and expects a $3—$4B after-tax loss at closing.Material DetailsC…