Hess Midstream Q3 2026 net income rises to $179M
Lower production was cited as the primary cause of several throughput declines, while Hess Midstream reiterated its 2026 guidance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Hess Midstream LP reported third-quarter 2026 net income of $179.1 million, compared with $175.5 million a year earlier, while total revenue was $410.1 million versus $420.9 million. Net income attributable to Hess Midstream LP was $99.4 million, or $0.77 per Class A share, versus $97.7 million and $0.75. Adjusted EBITDA, a non-GAAP measure, was $319.9 million versus $320.7 million; net cash provided by operating activities was $267.9 million versus $258.9 million, and Adjusted Free Cash Flow was $247.9 million versus $186.8 million.
Oil terminaling, gas processing and water gathering throughput declined 10%, 8% and 4%, respectively, primarily due to lower production. Capital expenditures were $21.5 million versus $79.8 million after completion of the gas compression expansion in January 2026. The general partner’s board declared a third-quarter distribution of $0.7985 per Class A share, up $0.0097 from the second quarter; payment is expected November 13, 2026, to holders of record November 5, 2026. Hess Midstream reiterated full-year 2026 guidance of $650–$675 million net income, $1,225–$1,250 million Adjusted EBITDA and $910–$935 million Adjusted Free Cash Flow. It expects the transaction announced October 6, 2026, to close by year-end; the DJ Basin assets are expected to approximately triple crude gathering throughput.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Minor pointThird-quarter distribution increased $0.0097 per Class A share.
Negative
- Moderate pointQ3 throughput fell 10% in oil terminaling and 8% in gas processing.
Filing Explained
2026 guidance estimates Adjusted Free Cash Flow, targeted distributions, and Adjusted Free Cash Flow after distributions; these are projections, and the measures are non-GAAP.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted Free Cash Flow financial
noncontrolling interests financial
pass-through revenues financial
Earnings Snapshot
Full-year 2026 guidance: net income $650–$675 million; Adjusted EBITDA $1,225–$1,250 million; capital expenditures $105 million; Adjusted Free Cash Flow $910–$935 million.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number.) |
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 30, 2026, Hess Midstream LP issued a news release reporting estimated results for the third quarter of 2026. A copy of this news release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit
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99.1 |
News release dated October 30, 2026 reporting estimated results for the third quarter of 2026. |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 30, 2026
HESS MIDSTREAM LP (Registrant) |
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By: HESS MIDSTREAM GP LP, its General Partner |
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By: HESS MIDSTREAM GP LLC, its General Partner |
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By: |
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/s/ Michael J. Chadwick |
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Michael J. Chadwick |
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Chief Financial Officer |
Exhibit 99.1
HESS MIDSTREAM LP
HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE THIRD QUARTER OF 2026
Third Quarter 2026 Highlights:
HOUSTON, October 30, 2026—Hess Midstream LP (NYSE: HESM) (“Hess Midstream” or the “Company”) today reported third quarter 2026 net income of $179.1 million compared with net income of $175.5 million for the third quarter of 2025. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $99.4 million, or $0.77 basic earnings per Class A share, compared with $0.75 basic earnings per Class A share in the third quarter of 2025. Hess Midstream generated Adjusted EBITDA of $319.9 million. Net cash provided by operating activities was $267.9 million and Adjusted Free Cash Flow was $247.9 million.
“The third quarter of 2026 reflects our continued focus on managing costs while executing growth,” said Jonathan Stein, Chief Executive Officer of Hess Midstream. “We have a solid operational foundation and a sustained track record for generating free cash flow after distributions, which we expect to provide a consistent base for future distributions, capital allocation and shareholder returns. We expect the transaction announced on October 6, 2026, to close by the end of the year and are excited to transform into a multi-basin, independent midstream company. The addition of the DJ Basin assets is expected to significantly diversify and increase the footprint of our business, approximately tripling our crude gathering throughput and significantly growing our gas gathering throughput, while also broadening our asset base with ownership in a long-haul crude oil pipeline, all of which positions us well to capture future growth.”
Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP (the “Partnership”) owned by our Sponsor. References to “Sponsor” or “Sponsors” refer to (a) Hess Corporation (“Hess”) and Global Infrastructure Partners when referring to periods prior to May 30, 2025, (b) Hess from May 30, 2025, to July 17, 2025, and (c) Chevron from July 18, 2025. We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in the Partnership owned by the Sponsors.
(1) Adjusted EBITDA, Gross Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions 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.
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.
Financial Results
Revenues and other income in the third quarter of 2026 were $410.1 million compared with $420.9 million in the prior‑year quarter. Third quarter 2026 revenues included $29.5 million of pass-through electricity, produced water trucking and disposal costs and certain other fees compared with $27.9 million in the prior-year quarter. Third quarter 2026 revenues and other income were down $10.8 million compared with the prior-year quarter, primarily due to lower throughput volumes, partially offset by higher tariff rates. Total operating costs and expenses in the third quarter of 2026 were $147.7 million, down from $162.0 million in the prior-year quarter, primarily due to lower charges under our omnibus and employee secondment agreements and lower maintenance expenses. Interest expense, net of interest income, in the third quarter of 2026 was $53.6 million, down from $57.1 million in the prior-year quarter, primarily due to reduced borrowings under the Company’s revolving credit facility.
Net income for the third quarter of 2026 was $179.1 million, or $0.77 basic earnings per Class A share, after deduction for noncontrolling interests, compared with $0.75 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 third quarter of 2026 was $267.9 million.
Adjusted EBITDA for the third quarter of 2026 was $319.9 million. Adjusted Free Cash Flow for the third quarter of 2026 was $247.9 million.
At September 30, 2026, Hess Midstream had a drawn balance of $180.0 million on its revolving credit facility.
Operational Highlights
Throughput volumes decreased 10% for oil terminaling, 8% for gas processing and 4% for water gathering compared with the third quarter of 2025, primarily due to lower production. Direct third-party volumes were relatively flat in the third quarter of 2026 compared with the third quarter of 2025.
Capital Expenditures
Capital expenditures for the third quarter of 2026 totaled $21.5 million compared with $79.8 million in the prior‑year quarter, a 73% decrease resulting mainly from the completion of Hess Midstream's expansion of its gas compression capacity in January 2026.
2
Quarterly Cash Distributions
On October 26, 2026, the Board of Directors of Hess Midstream’s General Partner declared a quarterly cash distribution of $0.7985 per Class A share for the third quarter of 2026, an increase of $0.0097 per Class A share compared with the second quarter of 2026. The increase is in line with the targeted annual distribution per Class A share growth of at least 5% on an annualized basis. The distribution is expected to be paid on November 13, 2026, to shareholders of record as of the close of business on November 5, 2026.
Guidance
Hess Midstream is reiterating its updated full year 2026 guidance from the October 6, 2026 news release, as follows:
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Year Ending |
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December 31, 2026 |
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(Unaudited) |
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Financials (in millions) |
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Net income |
$ |
650 - 675 |
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Adjusted EBITDA |
$ |
1,225 - 1,250 |
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Capital expenditures |
$ |
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105 |
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Adjusted free cash flow |
$ |
910 - 935 |
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Year Ending |
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December 31, 2026 |
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(Unaudited) |
Throughput volumes |
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Gas gathering - MMcf of natural gas per day |
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435 - 445 |
Crude oil gathering - MBbl of crude oil per day |
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110 - 120 |
Gas processing - MMcf of natural gas per day |
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425 - 435 |
Crude terminals - MBbl of crude oil per day |
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120 - 130 |
Water gathering - MBbl of water per day |
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120 - 130 |
Hess Midstream expects to continue to target annual distribution per Class A share growth of 5% per share on an annualized basis in the fourth quarter of 2026. Hess Midstream expects to maintain its quarterly distributions in 2027 consistent with the expected fourth quarter 2026 distribution amount and intends to maintain at least that distribution level going forward fully funded by Adjusted Free Cash Flow.
About Hess Midstream
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.
3
Non‑GAAP Measures
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 “Adjusted Free Cash Flow after Distributions” as Adjusted Free Cash Flow less cash distributions to shareholders and to noncontrolling interest. 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. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected Adjusted Free Cash Flow and projected Adjusted Free Cash Flow after Distributions to projected net cash provided by operating activities without unreasonable effort.
4
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Third Quarter |
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(unaudited) |
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2026 |
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2025 |
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(in millions) |
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Reconciliation of Adjusted EBITDA to net income: |
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Net income |
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$ |
179.1 |
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$ |
175.5 |
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Plus: |
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Depreciation expense |
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55.1 |
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56.6 |
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Interest expense, net |
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53.6 |
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57.1 |
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Income tax expense |
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32.1 |
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31.5 |
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Adjusted EBITDA |
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$ |
319.9 |
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$ |
320.7 |
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Reconciliation of Adjusted EBITDA |
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Net cash provided by operating activities |
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$ |
267.9 |
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$ |
258.9 |
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Changes in assets and liabilities |
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4.5 |
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8.9 |
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Amortization of deferred financing costs |
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(3.1 |
) |
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(3.0 |
) |
Interest expense, net |
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53.6 |
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57.1 |
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Income from equity investments |
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2.4 |
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5.2 |
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Distribution from equity investments |
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(5.3 |
) |
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(5.5 |
) |
Other |
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(0.1 |
) |
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(0.9 |
) |
Adjusted EBITDA |
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$ |
319.9 |
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$ |
320.7 |
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Less: |
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Interest, net(1) |
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50.5 |
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54.1 |
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Capital expenditures |
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21.5 |
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79.8 |
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Adjusted Free Cash Flow(2) |
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$ |
247.9 |
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$ |
186.8 |
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(1) Excludes amortization of deferred financing costs.
(2) Does not include separate line items for cash paid for federal and state income taxes, or ongoing contributions to equity investments, each of which is referenced in the Company's definition of Adjusted Free Cash Flow. For the periods presented above, the impact of each of these items is not material, and accordingly, these items are not presented as separate reconciling line items. To the extent any of these items becomes material in future periods, they will be presented as separate line items in the Adjusted Free Cash Flow reconciliation.
5
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Third Quarter |
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(Unaudited) |
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2026 |
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2025 |
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(in millions, except ratios) |
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Reconciliation of Gross Adjusted EBITDA Margin to gross margin: |
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Income from operations |
$ |
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262.4 |
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$ |
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258.9 |
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Total revenues |
$ |
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410.1 |
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$ |
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420.9 |
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Gross margin |
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64 |
% |
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62 |
% |
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Income from operations |
$ |
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262.4 |
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$ |
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258.9 |
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Plus: |
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Depreciation expense |
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55.1 |
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56.6 |
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Income from equity investments |
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2.4 |
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5.2 |
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Adjusted EBITDA |
$ |
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319.9 |
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$ |
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320.7 |
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Total revenues |
$ |
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410.1 |
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$ |
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420.9 |
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Less: pass-through revenues |
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29.5 |
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27.9 |
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Revenues excluding pass-through |
$ |
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380.6 |
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$ |
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393.0 |
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Gross Adjusted EBITDA Margin |
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84 |
% |
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82 |
% |
6
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Guidance |
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Year Ending |
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December 31, 2026 |
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(Unaudited) |
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(in millions) |
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Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow |
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Net income |
$ |
650 - 675 |
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Plus: |
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Depreciation expense |
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230 |
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Interest expense, net |
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220 |
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Income tax expense |
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125 |
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Adjusted EBITDA |
$ |
1,225 - 1,250 |
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Less: |
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Interest, net |
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210 |
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Capital expenditures |
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105 |
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Adjusted free cash flow(1) |
$ |
910 - 935 |
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Less: |
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Distributions(2) |
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|
655 |
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Adjusted free cash flow after distributions(3) |
$ |
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265 |
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(1) Does not include separate line items for cash paid for federal and state income taxes, or ongoing contributions to equity investments, each of which is referenced in the Company's definition of Adjusted Free Cash Flow. For the year ending December 31, 2026, the impact of each of these items is not expected to be material, and accordingly, these items are not presented as separate reconciling line items for the 2026 guidance period. To the extent any of these items becomes material in future periods, they will be presented as separate line items in the Adjusted Free Cash Flow reconciliation.
(2) Reflects targeted distributions based on the Company’s targeted annual distribution per Class A share growth of at least 5% per share on an annualized basis.
(3) Adjusted Free Cash Flow of approximately $920 million, at guidance midpoint, after funding targeted distributions.
7
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking statements.” Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “drive,” “could,” “may,” “should,” “would,” “enable,” “believe,” “intend,” “focus,” “potential,” “project,” “plan,” “trend,” “predict,” “will,” “target,” “opportunity” and similar expressions, and variations or negatives of these words, are intended to identify forward-looking statements, but not all forward-looking statements include such words.
Forward-looking statements relating to the Company’s operations, assets, and strategy, are based on management’s current expectations, assessments, estimates, projections and assumptions about the industry. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the Company’s control and difficult to predict. Therefore, actual outcomes and results may differ materially from our current projections or expectations of future results expressed or forecasted by these forward-looking statements. Among the important factors that could cause actual results to differ materially from those in our forward-looking statements are: the proposed transaction contemplated by the purchase and sale agreement dated October 6, 2026 (“Proposed Transaction”) may not close on the anticipated timeline or at all; our ability to efficiently integrate the DJ Basin assets into our portfolio pursuant to the Proposed Transaction; risks and uncertainties associated with Chevron continuing to provide employees and services to us under the amended secondment and employee transition agreement and transition services agreement pursuant to the Proposed Transaction; diversion of management time on issues relating to the Proposed Transaction; unforeseen expenses associated with the Proposed Transaction; the expected tax treatment of the Proposed Transaction and the tax implications of the Proposed Transaction for the Company and its shareholders; the effects of the Proposed Transaction, including on our future financial condition, results of operations, strategy and plans; the ability of Chevron and other parties to satisfy their obligations to us, including Chevron's ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Chevron in excess of our MVCs and relative to Chevron's nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the businesses of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; our ability to refinance our existing indebtedness; reduced demand for our midstream services, including the impact of weather or the availability of competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to natural and human causes beyond our control, such as accidents, severe weather events, labor disputes, political crises, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of changes in credit ratings, weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.
Other unpredictable or unknown factors not discussed in this press release could also cause actual results to differ materially from those in our forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
For Hess Midstream LP
Investor Contact:
Jennifer Gordon
(212) 536-8244
8
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
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Third |
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Third |
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Second |
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Quarter |
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Quarter |
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Quarter |
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2026 |
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2025 |
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2026 |
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Statement of operations |
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Revenues |
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Affiliate services |
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$ |
392.1 |
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$ |
405.6 |
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$ |
379.8 |
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Third-party services |
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16.6 |
|
|
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14.0 |
|
|
|
17.9 |
|
Other income |
|
|
1.4 |
|
|
|
1.3 |
|
|
|
1.3 |
|
Total revenues |
|
|
410.1 |
|
|
|
420.9 |
|
|
|
399.0 |
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Costs and expenses |
|
|
|
|
|
|
|
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Operating and maintenance expenses |
|
|
86.6 |
|
|
|
98.1 |
|
|
|
85.9 |
|
Depreciation expense |
|
|
55.1 |
|
|
|
56.6 |
|
|
|
54.4 |
|
General and administrative expenses |
|
|
6.0 |
|
|
|
7.3 |
|
|
|
5.5 |
|
Total operating costs and expenses |
|
|
147.7 |
|
|
|
162.0 |
|
|
|
145.8 |
|
Income from operations |
|
|
262.4 |
|
|
|
258.9 |
|
|
|
253.2 |
|
Income from equity investments |
|
|
2.4 |
|
|
|
5.2 |
|
|
|
6.1 |
|
Interest expense, net |
|
|
53.6 |
|
|
|
57.1 |
|
|
|
54.5 |
|
Income before income tax expense |
|
|
211.2 |
|
|
|
207.0 |
|
|
|
204.8 |
|
Income tax expense |
|
|
32.1 |
|
|
|
31.5 |
|
|
|
31.1 |
|
Net income |
|
$ |
179.1 |
|
|
$ |
175.5 |
|
|
$ |
173.7 |
|
Less: Net income attributable to noncontrolling |
|
|
79.7 |
|
|
|
77.8 |
|
|
|
77.3 |
|
Net income attributable to Hess Midstream LP |
|
$ |
99.4 |
|
|
$ |
97.7 |
|
|
$ |
96.4 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Hess Midstream LP |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.77 |
|
|
$ |
0.75 |
|
|
$ |
0.75 |
|
Diluted |
|
$ |
0.77 |
|
|
$ |
0.75 |
|
|
$ |
0.75 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
128.4 |
|
|
|
130.3 |
|
|
|
128.4 |
|
Diluted |
|
|
128.4 |
|
|
|
130.3 |
|
|
|
128.4 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
9
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Statement of operations |
|
|
|
|
|
|
||
Revenues |
|
|
|
|
|
|
||
Affiliate services |
|
$ |
1,145.0 |
|
|
$ |
1,185.2 |
|
Third-party services |
|
|
50.1 |
|
|
|
28.9 |
|
Other income |
|
|
4.1 |
|
|
|
3.0 |
|
Total revenues |
|
|
1,199.2 |
|
|
|
1,217.1 |
|
Costs and expenses |
|
|
|
|
|
|
||
Operating and maintenance expenses |
|
|
258.1 |
|
|
|
277.8 |
|
Depreciation expense |
|
|
168.0 |
|
|
|
159.9 |
|
General and administrative expenses |
|
|
19.4 |
|
|
|
22.9 |
|
Total operating costs and expenses |
|
|
445.5 |
|
|
|
460.6 |
|
Income from operations |
|
|
753.7 |
|
|
|
756.5 |
|
Income from equity investments |
|
|
11.7 |
|
|
|
12.6 |
|
Interest expense, net |
|
|
163.5 |
|
|
|
168.9 |
|
Income before income tax expense |
|
|
601.9 |
|
|
|
600.2 |
|
Income tax expense |
|
|
91.4 |
|
|
|
83.6 |
|
Net income |
|
$ |
510.5 |
|
|
$ |
516.6 |
|
Less: Net income attributable to noncontrolling interest |
|
|
227.1 |
|
|
|
257.0 |
|
Net income attributable to Hess Midstream LP |
|
$ |
283.4 |
|
|
$ |
259.6 |
|
|
|
|
|
|
|
|
||
Net income attributable to Hess Midstream LP |
|
|
|
|
|
|
||
Basic: |
|
$ |
2.20 |
|
|
$ |
2.15 |
|
Diluted: |
|
$ |
2.20 |
|
|
$ |
2.14 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
||
Basic |
|
|
128.6 |
|
|
|
120.9 |
|
Diluted |
|
|
128.6 |
|
|
|
121.0 |
|
10
|
|
Third Quarter 2026 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing |
|
|
Terminaling |
|
|
Interest |
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
211.1 |
|
|
$ |
143.3 |
|
|
$ |
37.7 |
|
|
$ |
- |
|
|
$ |
392.1 |
|
Third-party services |
|
|
6.7 |
|
|
|
9.8 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
16.6 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
1.4 |
|
|
|
- |
|
|
|
1.4 |
|
Total revenues |
|
|
217.8 |
|
|
|
153.1 |
|
|
|
39.2 |
|
|
|
- |
|
|
|
410.1 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of |
|
|
49.8 |
|
|
|
30.1 |
|
|
|
6.7 |
|
|
|
- |
|
|
|
86.6 |
|
Depreciation expense |
|
|
37.4 |
|
|
|
13.3 |
|
|
|
4.4 |
|
|
|
- |
|
|
|
55.1 |
|
General and administrative expenses |
|
|
3.0 |
|
|
|
0.6 |
|
|
|
0.2 |
|
|
|
2.2 |
|
|
|
6.0 |
|
Total operating costs and expenses |
|
|
90.2 |
|
|
|
44.0 |
|
|
|
11.3 |
|
|
|
2.2 |
|
|
|
147.7 |
|
Income (loss) from operations |
|
|
127.6 |
|
|
|
109.1 |
|
|
|
27.9 |
|
|
|
(2.2 |
) |
|
|
262.4 |
|
Income from equity investments |
|
|
- |
|
|
|
2.4 |
|
|
|
- |
|
|
|
- |
|
|
|
2.4 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
53.6 |
|
|
|
53.6 |
|
Income before income tax expense |
|
|
127.6 |
|
|
|
111.5 |
|
|
|
27.9 |
|
|
|
(55.8 |
) |
|
|
211.2 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32.1 |
|
|
|
32.1 |
|
Net income (loss) |
|
|
127.6 |
|
|
|
111.5 |
|
|
|
27.9 |
|
|
|
(87.9 |
) |
|
|
179.1 |
|
Less: Net income (loss) attributable to |
|
|
48.3 |
|
|
|
42.0 |
|
|
|
10.5 |
|
|
|
(21.1 |
) |
|
|
79.7 |
|
Net income (loss) attributable to |
|
$ |
79.3 |
|
|
$ |
69.5 |
|
|
$ |
17.4 |
|
|
$ |
(66.8 |
) |
|
$ |
99.4 |
|
|
|
Third Quarter 2025 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing |
|
|
Terminaling |
|
|
Interest |
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
221.5 |
|
|
$ |
151.4 |
|
|
$ |
32.7 |
|
|
$ |
- |
|
|
$ |
405.6 |
|
Third-party services |
|
|
5.8 |
|
|
|
8.2 |
|
|
|
- |
|
|
|
- |
|
|
|
14.0 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
1.3 |
|
|
|
- |
|
|
|
1.3 |
|
Total revenues |
|
|
227.3 |
|
|
|
159.6 |
|
|
|
34.0 |
|
|
|
- |
|
|
|
420.9 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of |
|
|
58.6 |
|
|
|
29.2 |
|
|
|
10.3 |
|
|
|
- |
|
|
|
98.1 |
|
Depreciation expense |
|
|
34.5 |
|
|
|
17.7 |
|
|
|
4.4 |
|
|
|
- |
|
|
|
56.6 |
|
General and administrative expenses |
|
|
2.7 |
|
|
|
1.9 |
|
|
|
0.3 |
|
|
|
2.4 |
|
|
|
7.3 |
|
Total operating costs and expenses |
|
|
95.8 |
|
|
|
48.8 |
|
|
|
15.0 |
|
|
|
2.4 |
|
|
|
162.0 |
|
Income (loss) from operations |
|
|
131.5 |
|
|
|
110.8 |
|
|
|
19.0 |
|
|
|
(2.4 |
) |
|
|
258.9 |
|
Income from equity investments |
|
|
- |
|
|
|
5.2 |
|
|
|
- |
|
|
|
- |
|
|
|
5.2 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
57.1 |
|
|
|
57.1 |
|
Income before income tax expense |
|
|
131.5 |
|
|
|
116.0 |
|
|
|
19.0 |
|
|
|
(59.5 |
) |
|
|
207.0 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31.5 |
|
|
|
31.5 |
|
Net income (loss) |
|
|
131.5 |
|
|
|
116.0 |
|
|
|
19.0 |
|
|
|
(91.0 |
) |
|
|
175.5 |
|
Less: Net income (loss) attributable to |
|
|
49.4 |
|
|
|
43.6 |
|
|
|
7.2 |
|
|
|
(22.4 |
) |
|
|
77.8 |
|
Net income (loss) attributable to |
|
$ |
82.1 |
|
|
$ |
72.4 |
|
|
$ |
11.8 |
|
|
$ |
(68.6 |
) |
|
$ |
97.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
11
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
|
|
Second Quarter 2026 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing |
|
|
Terminaling |
|
|
Interest |
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
203.2 |
|
|
$ |
140.1 |
|
|
$ |
36.5 |
|
|
$ |
- |
|
|
$ |
379.8 |
|
Third-party services |
|
|
6.6 |
|
|
|
11.2 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
17.9 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
1.3 |
|
|
|
- |
|
|
|
1.3 |
|
Total revenues |
|
|
209.8 |
|
|
|
151.3 |
|
|
|
37.9 |
|
|
|
- |
|
|
|
399.0 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of |
|
|
50.4 |
|
|
|
28.0 |
|
|
|
7.5 |
|
|
|
- |
|
|
|
85.9 |
|
Depreciation expense |
|
|
36.6 |
|
|
|
13.4 |
|
|
|
4.4 |
|
|
|
- |
|
|
|
54.4 |
|
General and administrative expenses |
|
|
2.8 |
|
|
|
0.9 |
|
|
|
0.3 |
|
|
|
1.5 |
|
|
|
5.5 |
|
Total operating costs and expenses |
|
|
89.8 |
|
|
|
42.3 |
|
|
|
12.2 |
|
|
|
1.5 |
|
|
|
145.8 |
|
Income (loss) from operations |
|
|
120.0 |
|
|
|
109.0 |
|
|
|
25.7 |
|
|
|
(1.5 |
) |
|
|
253.2 |
|
Income from equity investments |
|
|
- |
|
|
|
6.1 |
|
|
|
- |
|
|
|
- |
|
|
|
6.1 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54.5 |
|
|
|
54.5 |
|
Income before income tax expense |
|
|
120.0 |
|
|
|
115.1 |
|
|
|
25.7 |
|
|
|
(56.0 |
) |
|
|
204.8 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31.1 |
|
|
|
31.1 |
|
Net income (loss) |
|
|
120.0 |
|
|
|
115.1 |
|
|
|
25.7 |
|
|
|
(87.1 |
) |
|
|
173.7 |
|
Less: Net income (loss) attributable to |
|
|
45.3 |
|
|
|
43.5 |
|
|
|
9.7 |
|
|
|
(21.2 |
) |
|
|
77.3 |
|
Net income (loss) attributable to |
|
$ |
74.7 |
|
|
$ |
71.6 |
|
|
$ |
16.0 |
|
|
$ |
(65.9 |
) |
|
$ |
96.4 |
|
12
HESS MIDSTREAM LP
SUPPLEMENTAL OPERATING DATA (UNAUDITED)
(IN THOUSANDS)
|
|
Third |
|
|
Third |
|
|
Second |
|
|||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Throughput volumes |
|
|
|
|
|
|
|
|
|
|||
Gas gathering - Mcf of natural gas per day |
|
|
438 |
|
|
|
480 |
|
|
|
445 |
|
Crude oil gathering - bopd |
|
|
107 |
|
|
|
123 |
|
|
|
103 |
|
Gas processing - Mcf of natural gas per day |
|
|
427 |
|
|
|
462 |
|
|
|
433 |
|
Crude terminals - bopd |
|
|
117 |
|
|
|
130 |
|
|
|
117 |
|
NGL loading - blpd |
|
|
17 |
|
|
|
18 |
|
|
|
17 |
|
Water gathering - blpd |
|
|
131 |
|
|
|
137 |
|
|
|
121 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||
|
|
|
|
|
2026 |
|
|
2025 |
|
|||
Throughput volumes |
|
|
|
|
|
|
|
|
|
|||
Gas gathering - Mcf of natural gas per day |
|
|
|
|
|
441 |
|
|
|
459 |
|
|
Crude oil gathering - bopd |
|
|
|
|
|
106 |
|
|
|
122 |
|
|
Gas processing - Mcf of natural gas per day |
|
|
|
|
|
430 |
|
|
|
445 |
|
|
Crude terminals - bopd |
|
|
|
|
|
118 |
|
|
|
131 |
|
|
NGL loading - blpd |
|
|
|
|
|
16 |
|
|
|
16 |
|
|
Water gathering - blpd |
|
|
|
|
|
122 |
|
|
|
134 |
|
|
13