Chevron Corp: to divest Hess Midstream and DJ Basin assets

What happened On Oct 6, 2026, Chevron Corporation announced that it will divest its ownership interests in Hess Midstream LP and its DJ Basin crude oil midstream assets. The company furnished a news release as Exhibit 99.1 to the Current Report on Form 8-K. In a preliminary accounting assessment, Chevron reported that upon closing it will deconsolidate Hess Midstream and recognize a one-time after-tax loss estimated at approximately $3,000,000,000 to $4,000,000,000, which it expects to treat as a special item.

Key details

• Announcement date: Oct 6, 2026; news release attached as Exhibit 99.1.
• Estimated one-time after-tax loss: $3,000,000,000 to $4,000,000,000, expected to be treated as a special item.
• Transaction conditions: subject to specified terms, satisfaction of customary closing conditions, required regulatory approvals, and any closing adjustments.
• Expected close: by year-end 2026.

Why it may matter

• The filing reports Item 7.01 (Regulation FD disclosure) and Item 8.01 (Other Events); Item 8.01 covers Chevron’s preliminary accounting assessment and the estimated one-time after-tax loss and deconsolidation.
• The filing contains forward-looking statements and lists factors that could cause actual results to differ. The filing does not show why the company acted.