Hess Midstream LP
NYSE•HESM
CEO: Mr. John B. Hess
Sector: Energy
Industry: Oil & Gas Midstream
Listing Date: 2017-04-05
Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering systems consists of approximately 1,410 miles of high and low pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 660 million cubic feet per day; crude oil gathering system comprises approximately 570 miles of crude oil gathering pipelines; and produced water gathering system that includes approximately 300 miles of pipelines in gathering systems. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; a 50% interest in the Little Missouri 4 gas processing plant located in south of the Missouri River in McKenzie County, North Dakota; and Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota. The Terminaling and Export segment owns Ramberg terminal facility; Tioga rail terminal; crude oil rail cars; and other Dakota access pipeline connections, as well as Johnson's Corner Header System, a crude oil pipeline header system. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.
Contact Information
Market Cap
$7.32B
P/E (TTM)
14.6
18.9
Dividend Yield
8.3%
52W High
$44.14
52W Low
$31.63
52W Range
Rank22Top 5.9%
6.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024
Financial Dashboard
Q3 2025 Data
Revenue
$420.90M+11.47%
4-Quarter Trend
EPS
$0.75+19.05%
4-Quarter Trend
FCF
$0.00+0.00%
4-Quarter Trend
2025 Q3 Earnings Highlights
Key Highlights
Net Income Rises Sharply Net income attributable to Hess Midstream LP reached $97.7M for Q3 2025, significantly up from $58.6M in Q3 2024.
Adjusted EBITDA Growth Q3 Adjusted EBITDA grew to $320.7M, an increase of $33.8M compared to $286.9M reported in the prior year period.
Investment Grade Credit Rating Partnership secured investment grade rating 'BBB-' from S&P in July 2025, easing restrictive debt covenants immediately.
Distribution Increased Modestly Declared Q3 distribution of $0.7548 per Class A Share, marking an increase of $0.0178 from the second quarter.
Risk Factors
Revenue Dependency on Chevron Substantially all revenues rely on fee-based contracts; Sponsor's production volumes directly impact throughput and revenue stability.
Merger Integration Uncertainty Risks remain regarding Chevron's ability to successfully integrate Hess operations and realize anticipated benefits and synergies.
Commodity Price Volatility Sustained low commodity prices could adversely affect Sponsor's production, potentially reducing volumes below Minimum Volume Commitments.
Environmental Contingency Reserves Reserves for produced water release liabilities stand at $1.4M accrued liability as of September 30, 2025.
Outlook
Operational Capacity Expansion Completed new compressor station in Q3 2025, adding 35 MMcf/d capacity, with potential for future expansion.
Liquidity Sources Sufficient Expect cash from operations, credit facility, and potential equity/debt issuances to cover capital needs and distributions.
Capital Expenditures Focus Nine months CapEx totaled $188.9M, primarily funding compression capacity and related pipeline infrastructure expansion programs.
Long-Term Fee Stability Most systems are in Secondary Term with inflation-based fees (capped at 3% annually) through 2033.
Peer Comparison
Revenue (TTM)
APA$9.64B
NOV$8.77B
CHRD$5.16B
Gross Margin (Latest Quarter)
187.5%
87.5%
70.6%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| APA | $9.20B | 6.2 | 26.7% | 25.9% |
| AM | $8.60B | 18.2 | 22.6% | 52.6% |
| NFG | $7.43B | 14.3 | 17.9% | 32.5% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.1%
Moderate Growth
4Q Net Income CAGR
11.5%
Profitability Improving
Cash Flow Stability
75%
Volatile Cash Flow
Research & Insights
Next earnings:Feb 4, 2026
EPS:$0.75
|Revenue:-
Reports
All Years
Form 10-Q - Q3 2025
Period End: Sep 30, 2025|Filed: Nov 6, 2025|Revenue: $420.90M+11.5%|EPS: $0.75+19.0%MeetForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Aug 6, 2025|Revenue: $413.50M+13.4%|EPS: $0.74+25.4%BeatForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: May 8, 2025|Revenue: $381.00M+7.4%|EPS: $0.65+10.2%BeatForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Feb 27, 2025|Revenue: $1.49B+10.8%|EPS: $2.51+19.0%BeatForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 6, 2024|Revenue: $377.60M+4.2%|EPS: $0.63+10.5%MissForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 8, 2024|Revenue: $364.60M+12.7%|EPS: $0.59+18.0%MissForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 7, 2024|Revenue: $354.70M+16.6%|EPS: $0.59+25.5%MissForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 29, 2024|Revenue: $1.35B+5.7%|EPS: $2.11+3.9%Beat