Hess Midstream LP (HESM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.6B

Revenue growth

2.8%

Net income, last twelve months

$375.0M

Earnings per share

$2.90

Operating margin

62.1%

Net margin

23.2%

Free cash flow

$837.8M

Market value

$4.1B

Price to earnings

10.9x

Cash

$5.0M

Debt

$3.7B

Shares outstanding

128.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 3 August 2026.

• Net income and EPS below prior year. Net income attributable to Hess Midstream LP was $96.4 million, or $0.75 basic per Class A share, against $0.74 a year earlier. Total net income was $173.7 million, against $179.7 million.
• Adjusted EBITDA slightly below prior year. Adjusted EBITDA was $313.7 million, compared with $316.0 million in the second quarter of 2025. Net cash provided by operating activities was $278.6 million.
• Revenue down on lower throughput. Revenues and other income were $399.0 million, down $15.2 million year on year. Lower throughput was partly offset by higher tariff rates and third-party services.
• Interest expense roughly unchanged. Interest expense, net of interest income, was $54.5 million, roughly flat against $55.4 million a year earlier.
• All assets in Bakken and Three Forks. Assets are oil, gas and produced water handling assets in the Williston Basin of North Dakota, serving Chevron, its subsidiaries and third-party customers.
• Gathering operating income declined. Gathering income from operations was $120.0 million, against $131.8 million a year earlier, on affiliate services revenue of $203.2 million.
• Processing income slightly lower. Processing and Storage income from operations was $109.0 million, against $110.6 million. Income from equity investments in this segment rose to $6.1 million from $4.0 million.
• Terminaling and Export income rose. Terminaling and Export income from operations was $25.7 million, up from $20.6 million a year earlier, on affiliate services revenue of $36.5 million.
• Affiliate revenue down, third-party up. Affiliate services revenue was $379.8 million, against $405.3 million. Third-party services revenue rose to $17.9 million from $8.2 million.
• Gas and crude gathering volumes lower. Gas gathering averaged 445 thousand Mcf per day and crude oil gathering 103 thousand barrels per day, against 464 and 127 a year earlier.
• Other stream volumes mostly lower. Gas processing averaged 433 thousand Mcf per day, crude terminals 117 thousand barrels per day, and water gathering 121 thousand barrels per day, against 449, 137 and 138. NGL loading was flat at 17.
• New-well activity drove volume declines. Oil terminaling throughput fell 15% and water gathering 12% year on year. Management attributed the declines to lower production from lower new-well activity.
• Gas processing affected by plant maintenance. Gas processing throughput fell 4% year on year, which management attributed to planned maintenance at the Tioga Gas Plant.
• Operating costs fell on lower employee costs. Operating and maintenance expenses were $85.9 million, against $94.1 million a year earlier. Total operating costs and expenses were $145.8 million, down from $154.0 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 67 held.

Every filing

The newest filings with the SEC of 125 held.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

320 funds held it at 30 Jun 2026: 141 added and 81 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Shell plc (SHEL): revenue $266.9B, market value $299.0B
• TotalEnergies SE (TTE): revenue $201.2B, market value $205.1B
• Petróleo Brasileiro S.A. (Petrobras) (PBR): revenue $89.2B, market value $142.0B
• Canadian Natural Resources Limited (CNQ): revenue $27.8B, market value $114.1B
• Eni S.p.A. (E): revenue $92.9B, market value $88.3B
• EOG Resources Inc. (EOG): revenue $27.0B, market value $84.4B
• Occidental Petroleum Corp. (OXY): revenue –, market value $62.8B
• Diamondback Energy, Inc. (FANG): revenue $17.1B, market value $57.9B
• Devon Energy Corp. (DVN): revenue $19.7B, market value $56.4B
• Woodside Energy Group Ltd. (WDS): revenue $13.0B, market value $43.5B

What the company does

Hess Midstream LP is a fee-based limited partnership that owns and operates midstream assets in the Bakken and Three Forks shale plays of the Williston Basin in North Dakota. It charges fees for gathering, compressing and processing natural gas, fractionating NGLs, gathering and moving crude oil, storing propane and gathering and disposing of produced water. Chevron is its Sponsor and main customer, and 97% of revenues came from fee-based commercial agreements with Chevron, including third-party volumes delivered under those agreements. The company has no employees of its own, and about 195 full-time employee equivalents support its operations. Its principal office is at 1400 Smith Street, Houston, Texas.

How the business is organised

The company reports three segments: gathering, processing and storage, and terminaling and export. Hess Midstream LP holds a 62.3% controlling interest in the Partnership, which is named Hess Midstream Operations LP. Chevron holds the other 37.7% as a noncontrolling economic interest. Chevron became the Sponsor when its merger with Hess closed on 18 July 2025, and it indirectly owns the general partner. Class A Shares trade on the New York Stock Exchange. Chevron and its affiliates hold a 37.9% voting interest in the company.

Gathering

The gas gathering system runs through McKenzie, Williams and Mountrail Counties. It has about 1,430 miles of pipeline, capacity of up to approximately 685 MMcf/d and compression capacity of approximately 550 MMcf/d. The crude oil gathering system has about 615 miles of pipeline and capacity of up to approximately 290 MBbl/d. The produced water system has about 360 miles of pipeline and 13 water handling and disposal facilities with a combined permitted disposal capacity of 185 MBbl/d. The company also sends water to 13 third-party facilities with about 180 MBbl/d of permitted capacity. These systems connect Chevron and third-party wells to the company's plants and terminals.

Processing and storage

The Tioga Gas Plant in Tioga, North Dakota, has a processing capacity of 400 MMcf/d and a 60 MBbl/d fractionation facility. It was first built in 1954. The Partnership also owns 50% of Little Missouri 4 (LM4), a 200 MMcf/d gas processing plant built with Targa Resources Corp., which operates it. The company is entitled to 100 MMcf/d of that capacity. The Mentor Storage Terminal in Mentor, Minnesota, is a propane cavern with rail and truck facilities and about 330 MBbls of working storage. At Chevron's direction, the cavern is generally filled in the warmer months and drawn down in the colder months, which helps Chevron manage seasonal propane demand.

Terminaling and export

The Ramberg Terminal Facility in Williams County receives crude oil by pipeline and truck, with combined receipt capability of approximately 200 MBbl/d. It sends the oil to the Tioga Rail Terminal or into the Dakota Access Pipeline and other third-party pipelines. The Tioga Rail Terminal can load 140 MBbl/d of crude oil and 30 MBbl/d of NGLs and connects to the BNSF Railway. The company owns 550 crude oil rail cars built to DOT-117 safety standards, which it runs as unit trains of approximately 100 to 110 cars. These trains deliver to the East Coast, West Coast and Gulf Coast regions of the United States. The Johnson's Corner Header System has delivery capacity of approximately 100 MBbl/d.

How it earns its fees

Under long-term agreements with Chevron subsidiaries, the company receives a fee per barrel of crude oil, barrel of water, Mcf of natural gas or Mcf equivalent of NGLs delivered. Chevron must supply minimum volumes equal to 80% of its nominations in each development plan, set on a three-year rolling basis. If Chevron falls short, it pays a shortfall fee. Most of the oil and gas agreements started with a 10-year term effective 1 January 2014. The company renewed them for a further 10 years, through 31 December 2033. The water services agreements have a 14-year initial term from 1 January 2019. Fee increases from inflation are capped at 3% in any calendar year. The company generally does not own the crude oil, natural gas or NGLs it handles and does not trade them. It began serving third-party customers directly in 2023. Gas gathering and gas processing made up 77% of total affiliate revenues, excluding affiliate pass-through revenues.

Competition and regulation

Its operations fall under federal, state and local environmental laws, including the Clean Air Act, the Clean Water Act and the Oil Pollution Act of 1990. Pipeline safety is overseen by the Pipeline and Hazardous Materials Safety Administration. Most of its facilities are not subject to the Federal Energy Regulatory Commission. In December 2024 that regulator granted certificates for interstate gas transport on a 60.5 mile pipeline from the outlet of the Tioga Gas Plant.

Its people

The company is managed by the board and officers of Hess Midstream GP LLC, the general partner of its general partner. Under an employee secondment agreement, Chevron and certain of its subsidiaries make their employees available in exchange for a fee. These employees work in the field and in support offices.

*From Hess Midstream's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526071592/hesm-20251231.htm)*

From the company's 10-K.