CHEVRON TAKES $4 BILLION LOSS TO EXIT HESS MIDSTREAM

Chevron is unwinding its stake in Hess Midstream, handing over its ownership interests and DJ Basin crude assets for just $200 million in cash. The trade deconsolidates $3.7 billion in Hess Midstream debt and books a one-time after-tax loss of up to $4 billion. In return, $CVX says new Bakken contracts cut midstream unit costs by about 50% and lift return on capital employed by 0.5%. The deal is expected to close by year-end 2026.