Hess Midstream Partners LP

Oil companies announced four separate transactions in four trading days as Brent crude held above $100 a barrel, with the U.S. Energy Information Administration now expecting Brent to average $96.32 a barrel in 2026 and $83.74 in 2027, up from $91.01 and $73.74 a month ago in its October Short-Term Energy Outlook. The EIA said Brent averaged $114 a barrel in September, $23 higher than in August, and touched a daily high of $131 on September 15 after attacks on Saudi Arabia's East-West pipeline temporarily halted flows on a route that bypasses the Strait of Hormuz, and it assumes Middle East oil flows stay constrained through the fourth quarter with shut-ins averaging 4.5 million barrels per day. Cenovus Energy agreed on October 5 to acquire Athabasca Oil Corporation for C$12.00 per Athabasca share, payable in cash, Cenovus shares or a combination, for an implied enterprise value of C$5.7 billion, adding about 45,000 barrels of oil equivalent per day and expected to generate about $85 million a year in synergies. Energy Transfer agreed on October 6 to acquire Vaquero Midstream for about $2.6 billion, made up of $1.95 billion in cash and about 33.3 million newly issued Energy Transfer common units, adding roughly 300 miles of pipeline in Texas and the Caymus Processing Complex with about 675 million cubic feet per day of capacity. Chevron subsidiaries signed definitive agreements on October 6 with Hess Midstream to extend Bakken midstream terms, expecting to cut Bakken unit midstream costs by about 50%, divest its Hess Midstream interests and transfer DJ Basin crude oil midstream assets for $200 million in cash, and fully deconsolidate Hess Midstream including about $3.7 billion of its debt. Crescent Energy agreed on October 8 to acquire Devon Energy's Eagle Ford assets for an estimated net purchase price of about $3.85 billion after adjustments, adding about 68,000 barrels of oil equivalent per day of net production and more than 600 Tier 1 net locations, and launched a $1 billion offering of Class A common stock the same day. Shell issued its third quarter 2026 update note on October 7, pointing to an indicative refining margin of $42 a barrel, up from $24 in the second quarter, with Integrated Gas production expected at 740,000 to 780,000 barrels of oil equivalent per day and third quarter results scheduled for October 29.

SpaceX is reportedly seeking about $40B to finance a major Nvidia chip purchase, with Apollo Global Management expected to lead the financing. The package could include roughly $10B of bank loans and $30B of investment-grade debt, the Financial Times reported, adding another large financing commitment to the AI infrastructure buildout. Separately, David Ellison said technology will be central to Skydance's strategy following the completion of its $110B acquisition of Warner Bros. Discovery, noting in a memo obtained by Business Insider that technology is changing how content is created, distributed, and consumed. Constellation Energy jumped 12.2% Tuesday after announcing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation, lifting Talen Energy, Vistra, and NRG Energy by 12.4%, 10.7%, and 7%, respectively, while the State Street Utilities Select Sector SPDR rose 3%. Chevron agreed to sell interests in Hess Midstream and its DJ Basin crude midstream assets as it restructures related contracts, with revised Bakken agreements expected to cut midstream costs for its Bakken operations by roughly half. Ray Dalio warned the AI investment cycle is approaching a point where rising interest rates and heavy borrowing could trigger a reversal.

Hess Midstream LP announced it will hold a conference call on Monday, August 3, 2026, at 10:00 a.m. Eastern Time to discuss its second quarter 2026 earnings release. Participants can register in advance to receive a unique PIN and dial-in number, and the call will also be accessible by webcast on the company's website.