HESS MIDSTREAM SINKS 16%, WORST DAY SINCE MARCH 2020

$HESM fell as much as 16% to $32.30 at the open, from a $38.69 close, its steepest one-day drop since the pandemic crash of March 2020. The trigger: Chevron, its anchor customer, said in an SEC filing it will hand over its entire stake and general partner position in Hess Midstream, plus its DJ Basin crude assets and $200 million in cash, in exchange for extended Bakken contracts that cut Chevron's Bakken midstream costs by about 50%. Those costs are Hess Midstream's revenue. $CVX expects a one-time after-tax loss of $3 to $4 billion at closing, targeted for year-end 2026.