The restructuring follows Chevron’s acquisition of Hess Corp. in July 2025. Chevron inherited Hess Corp.’s 37.8% interest in Hess Midstream, which provides midstream services to Chevron’s Bakken operations. Hess Midstream subsequently adjusted its outlook after Chevron reduced its Bakken drilling program to 3 rigs from 4 in late 2025. The lower activity led Hess Midstream to suspend its planned Capa gas plant project and lower its throughput and capital-spending expectations. Chevron is now expected to reduce its Bakken drilling program to 2 rigs in December, with Hess Midstream’s minimum revenue commitments for 2027-29 based on the 2-rig program, Hess noted. Bakken agreements Hess Midstream and Chevron will reduce the tariff rates Chevron pays for crude oil and natural gas gathering and processing services in the Bakken for 2027-33 and extend the agreements through 2045. Bakken agreements currently structured on a cost-of-service basis will convert to fixed-fee arrangements with inflation escalators. The revised agreements will include a minimum revenue commitment equal to 80% of Hess Midstream’s expected Bakken revenues attributable to Chevron through 2033. The minimum revenue commitment will be established 3 years in advance and, once established for a given year, can only increase based on updated annual development plans provided by Chevron. Minimum commitments for 2027-29 have been established on the basis of a 2-rig program, Hess Midstream said in a separate release. Hess Midstream said the revised commercial arrangements are expected to support Chevron’s investment in the Bakken. Chevron expects to sustain Bakken production through continued technology deployment and operational improvements drawn from its global shale and tight-oil portfolio. Hess Midstream expects Bakken throughput volumes to decline about 5% in 2027 as a result of reduced Chevron activity and then generally plateau beginning in 2028. DJ Basin assets Hess Midstream will acquire Chevron’s crude oil and natural gas

OGJ: Energy security is becoming a major driver of the energy transition. The DNV outlook found that energy-importing countries are scaling clean energy three times faster than energy-exporting countries. From the perspective of an oil and gas operator, what is the most important implication of that divergence? Alvik: I think it’s important to realize that the customers of the oil and gas business are, longer term, trying to avoid being dependent on that commodity. If you’re exporting oil like the US or Norway or Canada or Brazil or Saudi, your key strategy is to meet the shortfall of Middle East oil and gas as much as possible. But for the importer, both the vulnerability of the supply chains and the price hikes, as well as the attacks on the infrastructure, are demonstrating how vulnerable you are when you are importing any sort of critical commodity to your country, like energy is. And on top of that, you have the industry. If you have a large renewable industry, you would like that to grow. China is the best example. If you have a large oil and gas industry, you would like [that] to grow. The US is a major example of that. So, there are diverging interests leading to diverging results between importers and exporters, and this is clearer than ever. OGJ: Definitely. The Strait of Hormuz is a big part of what’s put energy security back at the center of the conversation. Do you think the current disruption represents a temporary shock to energy markets, or could it fundamentally change how governments and companies think about their exposure to imported oil and gas? Alvik: I think it could fundamentally change. The same way as the Russian attack on Ukraine dramatically changed how Germany, or Poland, or other countries were looking

“These are long-life assets located in an area where Cenovus already has a deep operating experience and strong understanding of the resource,” McKenzie said on a conference call with analysts. “They also represent one of the only remaining large-scale opportunities to add meaningful thermal reserves, resource and future development inventory within the core of the oil sands.” Among Cenovus’ growth plans is accelerating production from Athabasca’s Corner project northwest of Christina Lake by consolidating two planned expansion phases. Doing so would let Corner’s output grow to 40,000 boe/d by 2032, 3 years faster than today’s forecast. Also in the cards are efficiency projects at Athabasca’s Leismer assets that would grow production by half to about 60,000 boe/d by 2032. Michael Berger, a senior analyst at Enverus Intelligence Research, said buying Athabasca “refills Cenovus’ growth pipeline” as it relates to future production growth. The deal, he added, also “represents an escalation in oil sands deal valuations” that reflects the energy sector’s changing global dynamics. “The higher price paid by Cenovus compared to historical deals reflects a rerating of Canadian oil sands producers higher as the industry’s critical position in providing long-term oil resource in a resource-constrained world grows sharper,” Berger wrote in a commentary analyzing the acquisition plan. “While U.S. plays offer up to a decade of core inventory, the oil sands hold multiple decades. Additionally, scarcity always demands a premium and logical large-scale oil sands acquisition targets have been significantly drawn down.” The planned transaction is expected to be roughly 70% funded by cash and 30% by Cenovus shares and should close by the end of this year. It also will consolidate ownership of Duvernay Energy Corp., an oil-weighted joint venture the two companies created nearly 3 years ago that today operates more than 170 locations on roughly 90,000 net

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WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced a conditional loan commitment of up to $4.2 billion to finance nuclear uprates and modernization across Vistra’s nuclear fleet in Pennsylvania and Ohio. Today’s announcement will deliver more reliable American energy, strengthen the grid, lower costs, and meet growing power demand across the 13-state PJM Interconnection, L.L.C. (PJM) region. The investment advances President Trump’s Executive Order Reinvigorating the Nuclear Industrial Base, and marks another major step in restoring American nuclear leadership. “President Trump promised to unleash an American nuclear renaissance, and the Energy Department is delivering,” said U.S. Secretary of Energy Chris Wright. “By getting more power out of the nuclear plants we already have, we can deliver more affordable, reliable, around the-clock energy for American families and businesses.” The projects will preserve nearly 4 gigawatts (GW) of reliable baseload power—enough to power more than 3 million homes—and add 433 megawatts (MW) of new nuclear capacity, helping meet growing electricity demand in Pennsylvania, Ohio, and across the PJM region. The investments will support approximately 3,000 project-related jobs in engineering, construction, and planned outage work while preserving thousands of permanent, well-paying jobs. “President Trump and Secretary Wright have set a clear direction for America’s nuclear future, and EDF is financing the projects that advance that mission,” said EDF Director Gregory A. Beard. “These investments will extend the life of existing reactors, increase nuclear generation, and deliver abundant, around-the-clock power to lower costs and power American prosperity for decades to come.” Vistra’s planned investments at Beaver Valley in Pennsylvania and Davis-Besse and Perry in Ohio will produce more electricity from existing nuclear plants without requiring new transmission corridors or equivalent new generation resources, while supporting the plants’ operation for an additional 20 years beyond their existing licenses. EDF’s

WASHINGTON—The U.S. Department of Energy today announced its intent to deploy Defense Production Act (DPA) funding to develop a second high-voltage connection between Southcentral and Interior Alaska, strengthening grid infrastructure essential to national defense. The Alaska Energy Authority’s Beluga-Healy Transmission Project combines up to $150 million in DPA funding with $268 million in non-federal funding, representing a planned total investment of $418 million in Alaska’s grid.  Approximately 223 miles of new transmission line connecting Beluga and Healy will be built. Once complete, grid operators will have an additional pathway to move power between Alaska’s most densely populated communities and major military installations–lowering electricity costs and strengthening grid reliability for approximately 75% of Alaska’s population. Thanks to President Trump and the passage of the Working Families Tax Cut, $1 billion in federal funding has been appropriated for energy-related projects deemed critical to national security. Presidential Determination No. 2026-10 identifies transmission lines and conductors, substations, and power-control and protection equipment as essential to national defense. “Supporting improvements to Alaska’s transmission infrastructure with Defense Production Act funds reflects the Trump Administration’s commitment to strengthening national security, improving grid reliability, and lowering electricity costs,” U.S. Secretary of Energy Chris Wright said. “Thanks to Senator Sullivan, I received an extensive briefing from the Alaska Energy Authority during my recent visit to Anchorage in August. This meeting, combined with briefings from Alaska Command, confirmed the need to support an expansion of Alaska’s energy infrastructure. This project will not only support the major U.S. military expansion currently underway in Alaska, but also mining and other resource development critical to our national security.” “Alaska’s weather is unforgiving, and its grid needs another way to keep power moving,” said Office of Electricity Assistant Secretary Katie Jereza. “Beluga-Healy will provide that critical second route, helping protect communities from disruptions and