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Hess Midstream LP is the subject of an amended Schedule 13G filing by Harvest Fund Advisors and several Blackstone-affiliated entities, together described as the Reporting Persons. As of June 30, 2026, the Reporting Persons may be deemed to beneficially own 5,786,130 Class A shares of Hess Midstream, representing 4.5% of the Class A shares outstanding.
These Class A shares represent limited partner interests and are held by funds and accounts managed by Harvest Fund Advisors. The ownership percentage is calculated using 128,350,881 Class A shares outstanding as of April 30, 2026. The Reporting Persons state that they no longer beneficially own more than five percent of the Class A shares and characterize this as an exit filing, while also certifying that the securities were not acquired or held for the purpose of changing or influencing control of Hess Midstream.
Hess Midstream LP reported solid fee‑based results for the quarter ended June 30, 2026. Total revenues were $399.0 million, down modestly from $414.2 million a year earlier, as lower Bakken throughput volumes were partly offset by higher tariff rates and more third‑party services. Consolidated net income was $173.7 million, with $96.4 million attributable to Hess Midstream LP, or $0.75 basic earnings per Class A share. Adjusted EBITDA was $313.7 million, slightly lower than the prior‑year quarter.
Volumes declined year over year, including 15% lower crude oil terminaling, 12% lower water gathering and 4% lower gas processing, mainly from reduced new‑well activity and planned maintenance. Despite this, operating costs fell, supporting strong cash generation: net cash provided by operating activities was $531.9 million for the first half of 2026. Debt stood at $3,680.0 million, and Chevron remained the dominant customer, contributing about 95% of revenues. The board declared a rising quarterly cash distribution of $0.7888 per Class A Share, payable August 14, 2026.
Hess Midstream LP reported second quarter 2026 net income of $173.7 million on revenues of $399.0 million. Net income attributable to Hess Midstream LP was $96.4 million, or $0.75 basic earnings per Class A share. Adjusted EBITDA was $313.7 million, net cash provided by operating activities was $278.6 million, and Adjusted Free Cash Flow was $231.6 million.
Throughput volumes declined versus the prior-year quarter, including a 15% decrease in oil terminaling and 12% decrease in water gathering, while capital expenditures fell to $30.6 million from $70.0 million, mainly after completing gas compression expansion. The quarterly cash distribution was increased to $0.7888 per Class A share. Hess Midstream reaffirmed full‑year 2026 guidance, including net income of $650 - $700 million and Adjusted EBITDA of $1,225 - $1,275 million, and continues to expect approximately $1 billion of Adjusted Free Cash Flow after Distributions through 2028 for potential shareholder returns and debt repayment.
Hess Midstream LP (HESM) Schedule 13G/A amendment reports large passive holdings by ALPS Advisors, Inc. and the Alerian MLP ETF. ALPS Advisors reports 29,254,074 common units (22.79% of the class) with shared voting/dispositive power. Alerian MLP ETF reports 28,894,932 common units (22.51% of the class) with shared voting/dispositive power. The filing states these securities are owned by funds advised by ALPS Advisors and that ALPS disclaims beneficial ownership.
Hess Midstream LP ownership disclosure: Global X Management Company LLC reported beneficial ownership of 7,058,116 Class A shares, representing 5.5% of the Class A limited partner interests as of 03/31/2026. The filing uses the Schedule 13G passive-investor format.
The filing states GXMC has sole voting and dispositive power over the reported 7,058,116 shares. It also notes that certain investment companies managed by GXMC have the right to receive dividends or sale proceeds related to these shares. The signature block is dated 05/15/2026.
Hess Midstream LP reported steady first-quarter 2026 results, with total revenues of $390.1 million versus $382.0 million a year earlier, driven by higher tariff rates and third-party services, partly offset by lower Chevron throughput.
Net income was $157.7 million, with $87.6 million attributable to Hess Midstream LP, or $0.68 per basic and diluted Class A share, up from $0.65. Adjusted EBITDA rose to $299.8 million from $292.3 million, and operating cash flow increased to $253.3 million.
The partnership continued capital discipline, limiting capital expenditures to $10.4 million while maintaining a sizable debt load of $3,772.0 million. It repurchased 1,065,724 Class A shares via a $42.0 million accelerated share repurchase and raised its quarterly cash distribution to $0.7792 per Class A share.
Hess Midstream LP reported first quarter 2026 net income of $157.7 million, slightly below $161.4 million a year earlier, while revenue rose to $390.1 million from $382.0 million. Net income attributable to Hess Midstream LP was $87.6 million, or $0.68 per Class A share, up from $0.65 per share.
Adjusted EBITDA was $299.8 million, net cash from operations was $253.3 million, and Adjusted Free Cash Flow reached $237.0 million. Capital expenditures fell to $10.4 million from $50.1 million, reflecting completion of prior growth projects.
The company repurchased $42.0 million of Class A shares and $18.0 million of Class B units and raised its quarterly cash distribution to $0.7792 per Class A share. For 2026, it now expects capital expenditures of about $105 million and Adjusted Free Cash Flow of $910–$960 million, with net income guidance of $650–$700 million and Adjusted EBITDA of $1,225–$1,275 million.
Hess Midstream (HESM) Schedule 13G/A amends reported passive ownership: ALPS Advisors, Inc. reports shared voting and dispositive power over 30,880,193 common units (23.87%) and Alerian MLP ETF reports shared voting and dispositive power over 30,496,065 common units (23.57%).
Both reporting persons state the units are owned by investment funds advised by ALPS Advisors, and ALPS Advisors disclaims beneficial ownership while acknowledging it furnishes investment advice to the Funds.
Hess Midstream LP Chief Executive Officer Jonathan C. Stein reported a routine equity compensation event involving 2025 phantom shares. On March 8, 2026, he exercised 2,066 2025 phantom shares, which settled into 2,066 Class A shares at a conversion price of $0.00 per share under the 2017 Long Term Incentive Plan.
To cover required tax obligations at settlement, 1,048 Class A shares were withheld at $38.92 per share, leaving him with 60,963 Class A shares held directly after these transactions. Following the exercise, he also holds 4,133 2025 phantom shares, which the filing states will vest ratably on March 8, 2027 and March 8, 2028 and have no expiration date.
Hess Midstream LP director J Patrick Reddy converted 1,612 2025 phantom shares into 1,612 Class A shares at an exercise price of $0.00 per share. These phantom shares, each economically equivalent to one Class A share, vested on March 8, 2026.
On the same date, he received a grant of 1,656 2026 phantom shares, also economically equivalent to Class A shares and scheduled to vest on March 8, 2027. Following these transactions, he holds 24,437 Class A shares directly and 1,656 phantom shares.