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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
1501 McKinney Street, Houston, TX, 77010, United States
713-496-4200
www.hessmidstream.com
Market Cap
$8.11B
P/E (TTM)
14.3
20
Dividend Yield
7.6%
52W High
$44.14
52W Low
$31.63
52W Range
58%
Rank19Top 5.6%
6.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Strong • 6.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$404.20M+2.33%
4-Quarter Trend

EPS

$0.72+5.88%
4-Quarter Trend

FCF

$35.50M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Adjusted EBITDA Increased $102.0M Adjusted EBITDA reached $1,238.1M in 2025, reflecting $102.0M growth driven by higher volumes and tariff rates.
Net Income Attributable Rises Net income attributable to Hess Midstream LP was $352.9M in 2025, a substantial increase from $223.1M reported in 2024.
Total Revenues Grew $125.8M Total revenues reached $1,621.3M in 2025, up $125.8M from 2024, supported by increased throughput volumes across segments.
Operating Cash Flow Strong Net cash provided by operating activities totaled $983.8M for 2025, showing solid cash generation supporting distributions and capex.

Risk Factors

High Chevron Dependency Risk Revenues are substantially dependent on Chevron; changes in Chevron's strategy or financial limitations could severely impact results.
Regulatory and Environmental Costs Evolving laws regarding GHG emissions, pipeline integrity, and environmental compliance may require significant future capital expenditures.
Merger Synergy Realization Failure Failure by Chevron to realize anticipated synergies from the 2025 Merger, or operational challenges, may adversely affect business results.
Limited Third-Party Growth Ability to grow third-party revenues is limited by competition and the need to extend dependence on existing Chevron contracts.

Outlook

Pursuing Accretive Acquisitions Growth strategy focuses on evaluating accretive acquisitions of complementary midstream assets from Sponsor and third parties.
Maximizing Asset Utilization Strategic relationships pursued with third-party producers to maximize utilization rates across existing gathering and processing assets.
Long-Term Fee Stability Secured Majority of systems entered Secondary Term contracts providing fixed fee structure adjusted annually for inflation up to 3%.
Compression Capacity Expansion Multi-year projects substantially completed, adding 20 MMcf/d net compression capacity in 2025, with more planned for 2026.

Peer Comparison

Revenue (TTM)

APA stock ticker logoAPA
$8.92B
-8.4%
NOV stock ticker logoNOV
$8.74B
-1.4%
PR stock ticker logoPR
$5.07B
+1.3%

Gross Margin (Latest Quarter)

MTDR stock ticker logoMTDR
258.4%
-9.4pp
AM stock ticker logoAM
66.5%
+0.2pp
HESM stock ticker logoHESM
63.6%
-23.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PR$13.65B15.29.6%20.3%
APA$11.87B8.324.5%25.3%
AM$10.88B26.420.1%54.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.0%
Moderate Growth
4Q Net Income CAGR
9.2%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow

Deep Research

Next earnings:Apr 28, 2026
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