Hess Midstream LP reported a consolidated net income of $684.6 million for the fiscal year ending December 31, 2025, reflecting an increase from $659.0 million in 2024. The company’s revenues rose to $1.621 billion, up from $1.496 billion in the previous year, driven by higher throughput volumes and tariff rates. Specifically, revenues from affiliate services, which constitute the majority of the company’s income, increased to $1.574 billion, compared to $1.468 billion in 2024. The growth in revenue was attributed to a 6% increase in gas processing volumes, a 5% increase in terminaling volumes, and a 5% increase in water gathering volumes, primarily due to higher production from Chevron and third-party producers in the Bakken region.
In terms of operational metrics, Hess Midstream's throughput volumes for gas gathering reached 458 million cubic feet per day (MMcf/d), while crude oil gathering volumes were 121 thousand barrels per day (MBbl/d). The company also reported a significant increase in its cash flow, with net cash provided by operating activities amounting to $983.8 million, up from $940.3 million in 2024. Adjusted EBITDA for the year was reported at $1.238 billion, an increase from $1.136 billion in the prior year, indicating strong operational performance.
Strategically, Hess Midstream has focused on expanding its infrastructure to support Chevron's production goals in the Bakken. The company completed several projects in 2025, including the addition of approximately 20 MMcf/d of net compression capacity and the construction of a new compressor station, which is expected to further enhance capacity in 2026. The company also engaged in significant equity transactions, including the repurchase of Class A shares and Class B units, totaling $400 million, funded through borrowings under its revolving credit facility.
Looking ahead, Hess Midstream anticipates continued revenue growth supported by its long-term, fee-based commercial agreements with Chevron, which account for approximately 97% of its revenues. The company has also begun providing services directly to third-party customers, aiming to diversify its revenue streams. However, the company remains cautious about potential fluctuations in commodity prices and production levels, which could impact its financial performance. The management emphasized its commitment to maintaining cash flow stability and growth while navigating the evolving regulatory landscape and market conditions.
About Hess Midstream LP
Hess Midstream LP owns and operates fee-based midstream assets primarily in North Dakota's Bakken shale, providing gathering, processing, storage, terminaling, and water disposal services to Hess and third parties. Its core business involves transporting and processing natural gas, crude oil, and NGLs, with long-term fee agreements ensuring stable cash flows. The company leverages its strategic infrastructure and diversified services to support oil and gas production in a regulated environment.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.