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HESM

Hess Midstream LP

HESM

Hess Midstream LP • NYSE
$33.68 ▲ 1.66% (+0.55)
Market Cap $7.07 B
52w High $44.14
52w Low $31.63
Dividend Yield 2.90%
P/E 11.99
Volume 1.03M
Outstanding Shares 210.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $420.9M ▲ $7.3M ▼ $97.7M ▲ 23.212% ▲ $0.75 ▲ $320.7M ▲
Q2-2025 $413.5M ▲ $101.5M ▲ $90.3M ▲ 21.838% ▲ $0.74 ▲ $316M ▲
Q1-2025 $381M ▼ $92.1M ▼ $71.6M ▲ 18.793% ▲ $0.65 ▼ $292.3M ▼
Q4-2024 $395M ▲ $100.7M ▲ $70.4M ▲ 17.823% ▲ $0.68 ▲ $298.2M ▲
Q3-2024 $377.6M $94.4M $58.6M 15.519% $0.63 $286.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.5M ▼ $4.423B ▲ $3.916B ▲ $635M ▲
Q1-2025 $6.1M ▲ $4.264B ▲ $3.751B ▲ $601.3M ▲
Q4-2024 $4.3M ▼ $4.151B ▲ $3.686B ▼ $530.7M ▼
Q3-2024 $10.3M ▼ $4.147B ▲ $3.705B ▲ $531M ▲
Q2-2024 $99.6M $4.05B $3.647B $464.5M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $179.7M ▲ $276.9M ▲ $-63.4M ▼ $-215.1M ▼ $-1.6M ▼ $213.5M ▲
Q1-2025 $71.6M ▼ $202.4M ▼ $-45.5M ▲ $-155.1M ▲ $1.8M ▲ $156.9M ▼
Q4-2024 $172.1M ▲ $258.5M ▲ $-95.1M ▼ $-169.4M ▲ $-6M ▲ $163.4M ▲
Q3-2024 $164.7M ▲ $224.9M ▼ $-92.3M ▼ $-221.9M ▼ $-89.3M ▼ $132.6M ▼
Q2-2024 $49.5M $271.6M $-63.9M $-112.3M $95.4M $207.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Affiliate Services
Affiliate Services
 $370.00M ▲$390.00M ▲$370.00M ▼$410.00M ▲
Third Party Services
Third Party Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hess Midstream shows a clear pattern of steady growth. Revenue, operating profit, and cash-based earnings have all climbed consistently over the past five years, which suggests a stable and expanding underlying business. Profitability at the operating level looks strong for a midstream operator, helped by fee-based contracts and relatively predictable volumes. Net income has grown meaningfully over time but remains modest compared with operating cash measures, likely reflecting heavy depreciation, interest expense, and the partnership structure. Overall, the income statement tells a story of a mature, utility‑like business with gradual, reliable growth rather than rapid swings tied to commodity prices.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy and highly leveraged, which is common in midstream infrastructure but still worth watching. Total assets have grown at a measured pace as new projects come online, yet debt has risen faster than equity over the period, leaving the partnership with a sizable debt load and relatively thin equity cushion. Cash held on the balance sheet is minimal, indicating reliance on ongoing cash generation and access to credit rather than large cash reserves. In simple terms, the business owns valuable, long‑lived assets, but it finances a large portion of them with borrowing, which increases sensitivity to interest costs and credit conditions.

Cash Flow

Cash Flow Cash flow is one of the company’s clear strengths. Operating cash flow has been consistently strong and has grown in line with the business, indicating that earnings are well supported by actual cash generation. After funding capital spending, the partnership has produced solid and relatively stable free cash flow each year, even as it continues to invest in new infrastructure. Capital expenditures appear disciplined rather than speculative: meaningful, but not so large that they overwhelm cash generation. This pattern supports the view of a self‑funding business model that can both invest for growth and still have room for debt service and capital returns, provided conditions remain similar.

Competitive Edge

Competitive Edge Hess Midstream benefits from a distinctive, contract‑driven position rather than a commodity‑price‑driven one. Its tight integration with Hess Corporation (now backed by Chevron) gives it a long‑term, anchored customer base and stable, fee‑based contracts with minimum volume commitments and inflation adjustments. This structure helps smooth out revenue, even when oil and gas prices are volatile. Its assets sit in a core part of the Bakken shale, with a modern, integrated system spanning gathering, processing, storage, and export services. This combination creates a meaningful moat in its niche. On the other hand, the business is heavily concentrated in one producing region and relies significantly on a small number of key customers, which is a strategic risk if activity levels or relationships change over time.

Innovation and R&D

Innovation and R&D While not a traditional R&D‑heavy company, Hess Midstream is notably active in operational innovation. It has systematically tested and deployed new technologies aimed at automation, digital monitoring, and process efficiency, which can lower costs and improve safety. A major focus is on gas capture and emissions reduction—using electric‑powered compression, expanding gas gathering and processing, and reducing flaring—which directly supports environmental and regulatory goals. Its produced water pipeline and disposal system reduces trucking, spills, and emissions, improving both safety and operating economics. Overall, innovation here is practical and field‑driven: less about lab research, more about continuous improvement and sustainability in real assets.

Summary

Overall, Hess Midstream looks like a steady, infrastructure‑style business built around long‑term contracts rather than commodity speculation. The financials show consistent growth in revenue, solid operating profitability, and strong, repeatable cash generation. The main financial trade‑off is a relatively high level of debt and a thin equity base, which is common in the sector but does raise sensitivity to interest rates and financing markets. Competitively, its deep relationship with Hess/Chevron, minimum volume commitments, and focused Bakken footprint provide stability and a clear niche, while concentration in one region and with key customers remains a central strategic risk. Its emphasis on operational technology, emissions reduction, and water handling suggests a management team trying to stay ahead of regulatory and environmental pressures while squeezing more efficiency out of its asset base.

NEWS

November 3, 2025 · 8:00 AM UTC

Hess Midstream LP Reports Estimated Results for the Third Quarter of 2025

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October 27, 2025 · 4:15 PM UTC

Hess Midstream LP Announces Distribution Per Share Level Increase

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October 20, 2025 · 4:44 PM UTC

Hess Midstream LP Schedules Earnings Release Conference Call

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September 18, 2025 · 4:15 PM UTC

Hess Midstream LP Announces Updated Guidance

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