The definitive agreement to buy back Chevron's entire stake and retire ~40% of outstanding shares is a transformative de-levering and consolidation event. Monitor HSR clearance and closing conditions; the insider purchase by John B. Hess the day after the agreement signals conviction. The stock should re-rate as a pure-play midstream entity post-close.
Price Chart
Executive Summary
Hess Investments North Dakota LLC (an indirect Chevron subsidiary) filed Amendment No. 27 to its Schedule 13D, disclosing a definitive Purchase and Sale Agreement dated October 6, 2026, under which Hess Midstream LP will acquire Chevron's entire consolidated ownership interest in the Issuer. The transaction involves the sale of 449,000 Class A Shares and 77,827,485 Class B units, the transfer of DJ Basin midstream assets, and the acquisition of the general partner interests, with total cash consideration of $200 million plus closing working capital and a commercial contract right. The deal is expected to close by year-end 2026 and will reduce the Issuer's outstanding shares by nearly 40%.
Key Financial Metrics
Key Facts
- HINDL will sell 449,000 Class A Shares and 77,827,485 Class B units to the Issuer.
- Chevron contributes 100% of its consolidated ownership in Hess Midstream LP.
- Outstanding shares expected to decrease by nearly 40% upon closing.
- Total cash consideration of $200 million for the HIP GP Interest, plus closing working capital of CMH.
- Transaction expected to close by year-end 2026, subject to HSR and customary conditions.
- John B. Hess purchased 457,596 Class A Shares at $33.0612 per share on October 7, 2026.
Financial Impact
$200 million cash plus working capital adjustment; outstanding share count to decrease by ~40%
Risk Factors
- HSR antitrust review could delay or block the transaction.
- Material adverse effect on DJ Basin assets could terminate the deal.
- Post-closing integration of DJ Basin assets may face operational challenges.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001193125-26-418098 |
| Document: 0001193125-26-418098-index.html | 0001193125-26-418098 |
| Document: 0001193125-26-418098.txt | 0001193125-26-418098 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | SC 13G | $30.04 $30.61 | ▲ +1.90% | ▲ +2.42% | $31.52 (+4.93%) |
Oct 12, 2026 15d ago | Institutional Cluster | $32.37 $31.20 | ▼ −3.61% | ▼ −3.60% | $31.52 (−2.63%) |
Oct 8, 2026 18d ago | SC 13D/A | $32.26 $32.37 | ▲ +0.34% | ▲ +0.40% | $31.52 (−2.29%) |
Oct 8, 2026 18d ago | 8-K | $32.26 $32.37 | ▲ +0.34% | ▲ +0.40% | $31.52 (−2.29%) |
Oct 7, 2026 19d ago | SC 13G/A | $34.00 $32.26 | ▼ −5.12% | ▼ −5.72% | $31.52 (−7.29%) |
Aug 3, 2026 12w ago | 8-K | $40.77 $40.28 | ▼ −1.20% | ▼ −3.00% | $31.52 (−22.69%) |
May 4, 2026 25w ago | 8-K | $38.71 $38.38 | ▼ −0.86% | ▼ −1.66% | $31.52 (−18.58%) |
Mar 4, 2026 33w ago | 8-K | $38.08 $39.26 | ▲ +3.10% | ▲ +4.42% | $31.52 (−17.22%) |
US Market Status
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