Business
Hess Midstream LP Reports Estimated Results for the Fourth Quarter of 2025
HOUSTON, February 02, 2026--Hess Midstream LP (NYSE: HESM) ("Hess Midstream" or the "Company") today reported fourth quarter 2025 net income of $168.0 million compared with net income of $172.1 million for the fourth quarter of 2024. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $93.3 million, or $0.72 basic earnings per Class A share, compared with $0.68 basic earnings per Class A share in the fourth quarter of 2024. Hess Midstream generated Adjuste
About this update from Hess Midstream Lp
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","length":92,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Net income attributable to Hess Midstream LP was $93.3 million, or $0.72 basic earnings per Class A share, after deduction for noncontrolling interests. ","length":152,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Adjusted EBITDA 1 was $309.1 million and Adjusted Free Cash Flow 1 was $207.8 million. ","length":84,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Increased quarterly cash distribution to $0.7641 per Class A share for the fourth quarter of 2025, an increase of $0.0093 per Class A share for the fourth quarter of 2025 compared with the third quarter of 2025. ","length":211,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Throughput volumes decreased 4% for oil terminaling, 1% for gas processing and 5% for water gathering compared with the prior‑year quarter, primarily due to lower production caused by severe winter weather. ","length":206,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Fourth quarter 2025 capital expenditures decreased 44% compared with the prior-year quarter as a result of completion of compression buildout. ","length":142,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Hess Midstream LP is reaffirming its full year 2026 and long-term guidance issued on December 9, 2025. ","length":102,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":989,"olType":false},{"type":"text","content":" HOUSTON, February 02, 2026 --( BUSINESS WIRE )--Hess Midstream LP (NYSE: HESM) ("Hess Midstream" or the "Company") today reported fourth quarter 2025 net income of $168.0 million compared with net income of $172.1 million for the fourth quarter of 2024. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $93.3 million, or $0.72 basic earnings per Class A share, compared with $0.68 basic earnings per Class A share in the fourth quarter of 2024. Hess Midstream generated Adjusted EBITDA of $309.1 million. Net cash provided by operating activities was $245.6 million and Adjusted Free Cash Flow was $207.8 million.","length":673,"tagName":"p"},{"type":"text","content":""In 2025, we successfully completed our planned multiyear infrastructure project buildout," said Jonathan Stein, Chief Executive Officer of Hess Midstream. "We remain focused on reliable operating performance and expect substantially lower future capital spending, supporting growing Adjusted Free Cash Flow that positions us well for incremental shareholder returns and debt repayment."","length":407,"tagName":"p"},{"type":"text","content":"On July 18, 2025, Hess Corporation ("Hess") and Chevron completed the previously announced merger contemplated by the Agreement and Plan of Merger, dated as of October 22, 2023 (the "Merger"). As a result of the Merger, Chevron is the direct parent of Hess and, therefore, indirectly owns an approximately 37.9% interest in Hess Midstream on a consolidated basis.","length":383,"tagName":"p"},{"type":"text","content":"Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP (the "Partnership") owned by affiliates of Chevron and, up until May 30, 2025, by Global Infrastructure Partners, a part of BlackRock ("GIP" and together with Chevron, the "Sponsors"). On May 30, 2025, GIP sold all of its limited partner interests in the Partnership and no longer holds a direct or indirect ownership interest in the Company or the Partnership. We refer to certain results as "attributable to Hess Midstream LP," which exclude the noncontrolling interests in the Partnership owned by the Sponsors.","length":694,"tagName":"p"},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;width:2%;vertical-align:top;","val":[{"type":"text","content":" (1) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;width:98%;padding-left:5.0px;","val":[{"type":"text","content":"Adjusted EBITDA and Adjusted Free Cash Flow are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to the most directly comparable GAAP reporting measures appear in the following pages of this release.","length":228,"tagName":"p","attribs":{}}]}]}],"length":231},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":"Revenues and other income in the fourth quarter of 2025 were $404.2 million compared with $395.9 million in the prior‑year quarter. Fourth quarter 2025 revenues included $29.7 million of pass-through electricity, produced water trucking and disposal costs and certain other fees compared with $26.7 million in the prior-year quarter. Fourth quarter 2025 revenues and other income were up $8.3 million compared with the prior-year quarter, primarily due to higher tariff rates and third-party services. Total operating costs and expenses in the fourth quarter of 2025 were $152.6 million, approximately flat compared with $152.9 million in the prior-year quarter. Interest expense, net of interest income, in the fourth quarter of 2025 was $56.7 million, up from $52.2 million in the prior-year quarter, primarily due to higher borrowings under the Company's revolving credit facility.","length":888,"tagName":"p"},{"type":"text","content":"Net income for the fourth quarter of 2025 was $168.0 million, or $0.72 basic earnings per Class A share, after deduction for noncontrolling interests, compared with $0.68 basic earnings per Class A share in the prior-year quarter. Substantially all of income tax expense was attributed to earnings of Class A shares reflective of Hess Midstream’s organizational structure. Net cash provided by operating activities for the fourth quarter of 2025 was $245.6 million.","length":465,"tagName":"p"},{"type":"text","content":"Adjusted EBITDA for the fourth quarter of 2025 was $309.1 million. Adjusted Free Cash Flow for the fourth quarter of 2025 was $207.8 million.","length":141,"tagName":"p"},{"type":"text","content":"Full year 2025 net income was $684.6 million, and full year Adjusted EBITDA was $1,238.1 million. At December 31, 2025, total debt was approximately $3.8 billion, representing leverage of approximately 3.1x Adjusted EBITDA.","length":223,"tagName":"p"},{"type":"text","content":" Operational Highlights ","length":22,"tagName":"p"},{"type":"text","content":"In January 2026, Hess Midstream placed in service a new compressor station. The new station provides approximately 50 MMcf/d of installed capacity and can be expanded to provide an additional 20 MMcf/d in the future.","length":216,"tagName":"p"},{"type":"text","content":"Throughput volumes decreased 4% for oil terminaling, 1% for gas processing and 5% for water gathering in the fourth quarter of 2025 compared with the fourth quarter of 2024, primarily due to lower production caused by severe winter weather.","length":240,"tagName":"p"},{"type":"text","content":" Capital Expenditures ","length":20,"tagName":"p"},{"type":"text","content":"Capital expenditures for the fourth quarter of 2025 totaled $47.6 million compared with $84.3 million in the prior‑year quarter, a 44% decrease resulting from the completion of Hess Midstream's expansion of its gas compression capacity.","length":240,"tagName":"p"},{"type":"text","content":" Quarterly Cash Distributions ","length":28,"tagName":"p"},{"type":"text","content":"On January 26, 2026, the Board of Directors of Hess Midstream’s General Partner declared a quarterly cash distribution of $0.7641 per Class A share for the fourth quarter of 2025, an increase of $0.0093 per Class A share as compared with the third quarter of 2025. The distribution is expected to be paid on February 13, 2026, to shareholders of record as of the close of business on February 5, 2026.","length":401,"tagName":"p"},{"type":"text","content":" Guidance ","length":8,"tagName":"p"},{"type":"text","content":"Hess Midstream is reaffirming its full year 2026 and long-term guidance issued on December 9, 2025.","length":99,"tagName":"p"},{"type":"text","content":" Investor Webcast ","length":16,"tagName":"p"},{"type":"text","content":"Hess Midstream will review fourth quarter financial and operating results and other matters on a webcast today at 10:00 a.m. Eastern Time. For details about the event, refer to www.hessmidstream.com .","length":199,"tagName":"p"},{"type":"text","content":" About Hess Midstream ","length":20,"tagName":"p"},{"type":"text","content":"Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries, and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com .","length":455,"tagName":"p"},{"type":"text","content":"As used in this news release, the term "Chevron" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.","length":342,"tagName":"p"},{"type":"text","content":" Non‑GAAP Measures ","length":17,"tagName":"p"},{"type":"text","content":"In addition to our financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. We define "Adjusted EBITDA" as reported net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash and non‑recurring items, if applicable. We define "Adjusted Free Cash Flow" as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes, capital expenditures and ongoing contributions to equity investments. We define "Gross Adjusted EBITDA Margin" as the ratio of Adjusted EBITDA to total revenues, less pass-through revenues. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, Adjusted Free Cash Flow and Gross Adjusted EBITDA Margin to reported net income (GAAP), net cash provided by operating activities (GAAP) and gross margin (GAAP), respectively, are provided below.","length":1886,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:54%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":" Fourth Quarter ","length":14,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" 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