Why Is Chevron Stock Surging on Thursday?
Chevron stock surged Thursday as crude oil broke $92.60 on Middle East supply concerns, and UBS raised its target price to $235.
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8-K filing — Hess Midstream LP (HESM)
Filed: 2026-10-08 AccNo: 0001193125-26-418053 Size: 3 MB Item 1.01: Entry into a Material Definitive Agreement Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers Item 7.01: Regulation FD Disclosure Item 8.01: Other Events Item 9.01: Financial Statements and Exhibits
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Chevron Is Offloading Hess Midstream and Taking a $3 Billion to $4 Billion Hit. Here's What It Means for CVX Stock.
Chevron is divesting its ownership stake in Hess Midstream and DJ Basin crude oil midstream assets in exchange for reduced tariff rates on midstream services in the Bakken through 2045. While the deal results in a $3-4 billion one-time after-tax loss, it will reduce Chevron's Bakken midstream costs by 50% and simplify its balance sheet by removing $3.7 billion in debt. Hess Midstream gains independence and diversification as a multi-basin operator, with the deal being accretive to both companies' shareholders long-term.
Hess Midstream shares are trading lower after Chevron announced that it will fully deconsolidate its stake in the company, including approximately $3.7 billion of its debt.