Chevron plans to sell its stake in Hess Midstream along with its DJ Basin assets, according to a report carried by Yahoo Finance.

The sale plan marks the first clear signal of how Chevron intends to reshape the portfolio it inherited and built across US onshore plays. The two packages target different buyers: midstream infrastructure tied to Hess operations, and upstream acreage in the Colorado-based DJ Basin.

What does the Hess Midstream stake represent?

Hess Midstream owns the gathering, processing and export infrastructure serving Hess Corporation's production, primarily in the Bakken play of North Dakota. Chevron acquired Hess in a deal completed in 2024 after an arbitration fight over Exxon Mobil's claimed right of first refusal on the Guyana Stabroek block — a claim the arbitration panel rejected in July 2024, clearing Chevron's path.

Chevron has not disclosed the size of the midstream stake it aims to sell or an indicative valuation. Hess Midstream trades publicly, which gives any buyer a market benchmark for pricing the interest.

Why exit the DJ Basin?

The DJ Basin is one of the largest US onshore oil plays by volume, centered on Weld County, Colorado. Chevron built its position there largely through the 2020 acquisition of Noble Energy, which brought roughly 190,000 bpd of combined US onshore production at the time, weighted to the DJ and to the Permian Basin of West Texas.

Exiting the basin would concentrate Chevron's US unconventional capital in the Permian and the new Delaware Basin acreage inherited from Hess in North Dakota and Guyana offshore stakes.

Deal context and structure

The report did not specify:

• A timeline for either sale process
• Advisers running the auctions
• Expected proceeds or valuation ranges
• Whether the assets will go to single buyers or be split

Sanctioned divestments and signed agreements are absent from the announcement as reported; both sales remain at the marketing stage rather than the closing stage.

Watch items

Banker marketing documents, expected valuations, and first-round bid deadlines are the next markers to watch. The Hess Midstream stake sale also tests appetite for publicly benchmarked midstream equity at a time when US crude take-away economics from the Bakken remain sensitive to pipeline tariffs and differentials.