8-K
filed October 8, 2026, 5:06 PM ET
ticker HESM
CIK 0001789832
M&A
confidence high
sentiment neutral
materiality 0.95
Hess Midstream to acquire Chevron DJ Basin assets and GP interests for $200 million plus commercial rights
Hess Midstream LP
- Hess Midstream and HESM OpCo signed a Purchase and Sale Agreement on October 6, 2026 with Chevron subsidiaries Noble Energy, CMH NewCo and HINDL.
- Consideration includes $200 million cash for the HIP GP Interest plus CMH closing working capital and an irrevocable commercial contract right; HESM shares expected to fall nearly 40%.
- DJ Basin Assets include ~400,000 bbl/d oil gathering, 300 MMcf/d gas gathering, 420,000 bbl storage, and a 20% interest in the 300,000 bbl/d Saddlehorn pipeline.
- Bakken Commercial Agreements cut Chevron tariff rates, run through Dec 31, 2045 with two 5-year extensions, and include an 80% minimum revenue commitment until Dec 31, 2033.
- Chevron directors Kristi H. McCarthy, Kristen M. Ghattas, Barbara F. Harrison and Gerbert Schoonman are expected to resign; CEO Jonathan C. Stein gets target pay of at least $6.5M.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.85
Jonathan C. Stein was appointed as Director at Hess Midstream LP.
- Action
- appointed
- Role
- Director
Exact text from the filing
In connection with entering into the Purchase Agreement, the Company entered into an offer letter (the “Offer Letter”) with Jonathan C. Stein, pursuant to which Mr. Stein will continue to serve as Chief Executive Officer of the Company and be appointed to the initial Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Barbara F. Harrison resigned as Director at Hess Midstream LP.
- Action
- resigned
- Role
- Director
Exact text from the filing
The description of the expected resignations of Kristi H. McCarthy, Kristen M. Ghattas, Barbara F. Harrison and Gerbert Schoonman as directors of GP LLC at Closing included under “Amendments to Existing Governing Documents” in Item 1.01 is hereby incorporated by reference.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Kristi H. McCarthy resigned as Director at Hess Midstream LP.
- Action
- resigned
- Role
- Director
Exact text from the filing
The description of the expected resignations of Kristi H. McCarthy, Kristen M. Ghattas, Barbara F. Harrison and Gerbert Schoonman as directors of GP LLC at Closing included under “Amendments to Existing Governing Documents” in Item 1.01 is hereby incorporated by reference.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Kristen M. Ghattas resigned as Director at Hess Midstream LP.
- Action
- resigned
- Role
- Director
Exact text from the filing
The description of the expected resignations of Kristi H. McCarthy, Kristen M. Ghattas, Barbara F. Harrison and Gerbert Schoonman as directors of GP LLC at Closing included under “Amendments to Existing Governing Documents” in Item 1.01 is hereby incorporated by reference.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Gerbert Schoonman resigned as Director at Hess Midstream LP.
- Action
- resigned
- Role
- Director
Exact text from the filing
The description of the expected resignations of Kristi H. McCarthy, Kristen M. Ghattas, Barbara F. Harrison and Gerbert Schoonman as directors of GP LLC at Closing included under “Amendments to Existing Governing Documents” in Item 1.01 is hereby incorporated by reference.
View on SEC.gov
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