Latham Advises Chevron on Divestiture of Hess Midstream and DJ Basin Assets

Chevron Corporation (NYSE: CVX) has announced that several of its subsidiaries have entered into a definitive agreement with Hess Midstream LP (NYSE: HESM) under which Chevron and Hess Midstream have agreed to restructure the terms of their existing Bakken midstream contracts. In exchange for the restructured commercial contracts and US$200 million in cash consideration, Chevron will transfer to Hess Midstream its ownership interests and general partner position in Hess Midstream, as well as Chevron’s DJ Basin crude oil midstream assets.

Latham & Watkins advised Chevron on the transaction with a deal team led by John Greer, Thomas Brandt, and Justin T. Stolte, with associates Morgen Seim, Sam Spiers, Victoria Wade, Catherine Lynch, and Armaan Bhimani, with assistance from Ryan Feagins and Andrew Griffin, advised on the sale of Chevron's ownership interests and general partner position in Hess Midstream, as well as Chevron's DJ Basin crude oil midstream assets. A team led by Michael King, with associates Nathan Zhang, Brock Jones, Alec Born, Natalie Merten, and Josh Horn advised on the renegotiated commercial contracts. Advice was also provided on tax matters by Bryant Lee and Tim Fenn; on public company matters by Will Hackett, with associates Kate Wang and Mary Tursi; on environmental matters by Joshua Marnitz, with associate Brandon Kerns; on employee benefits and compensation matters by Adam Kestenbaum, with associate Christina Schrantz;* on regulatory matters by Pat Nevins and counsel Ammaar Joya; and on IP matters by associate Andrew Abokhair.

*Admitted to practice in Texas only.