Hess Midstream LP HESM

Energy SIC 1311 - Crude Petroleum & Natural Gas NAICS Mining, Quarrying, and Oil and Gas Extraction › Oil and Gas Extraction derived NYSE

We are a fee-based, growth-oriented, limited partnership that owns, operates, develops and acquires a diverse set of midstream assets and provides fee-based services to Chevron, its subsidiaries, and third-party customers. Our assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota, which we collectively refer to as the Bakken and which is one of the most prolific crude oil producing basins in North America. Our Sponsor dedicated substantially all of its existing and future owned or controlled production in the Bakken under our long-term, fee-based agreements and intends to use us as the primary midstream vehicle to support its production goals in the Bakken and preserve value of its midstream business. We generate substantially all of our revenues by charging fees for gathering, compressing and processing natural gas and fractionating NGLs; gathering, terminaling, loading and transporting crude oil and NGLs; storing and terminaling propane; and gathering and disposing of produced water.

Last close 30.61 2026-10-23
Market cap $3.93B 2026-06-30 share count
52-week range 29.52 - 41.44

Valuation FY2025 figures against the last close

P/S2.4x
P/E—
P/FCF5.4x
EV/EBITDA6.3x
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Gathering Opco
  • Processing and Storage
  • Terminaling and Export
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Gathering Opco, FY2025: 870.6M (53.7%) 54% Gathering Opco Processing and Storage, FY2025: 620M (38.2%) 38% Processing and Storage Terminaling and Export, FY2025: 130.7M (8.1%) 8% FY2024 Gathering Opco, FY2024: 799.1M (53.4%) 53% Processing and Storage, FY2024: 577.7M (38.6%) 39% Terminaling and Export, FY2024: 118.7M (7.9%) 8% FY2023 Gathering Opco, FY2023: 730M (54.1%) 54% Processing and Storage, FY2023: 501.7M (37.2%) 37% Terminaling and Export, FY2023: 116.9M (8.7%) 9%
Segment FY2025FY2024FY2023
Gathering Opco $870.6M $799.1M $730.0M
Processing and Storage $620.0M $577.7M $501.7M
Terminaling and Export $130.7M $118.7M $116.9M

As the company reported it, from the “Segments - Financial Data for Each Reportable Segment (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $1.62B$1.49B$1.35B$1.27B$1.20B$1.09B$847.6M$712.0M$579.5M
SG&A $28.5M$26.1M$26.2M$23.1M$22.7M$21.1M$52.4M$14.1M$13.9M
Total operating expenses $613.2M$576.5M$531.7M$484.0M$476.6M$515.4M$471.7M$334.5M$316.4M
Operating income $1.01B$919.0M$816.9M$791.2M$727.2M$576.5M$376.6M$378.2M$263.1M
Pre-tax income $798.4M$730.8M$645.6M$647.2M$632.4M$492.2M$317.6M$325.5M$242.0M
Income tax $113.8M$71.8M$37.9M$26.6M$14.6M$7.3M$100.0K——
Net income $352.9M$223.1M$118.6M$83.9M$46.4M$24.0M$70.1M$70.8M$41.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $1.9M$4.3M$5.4M$3.1M$2.2M$2.6M$3.3M$109.3M—
Receivables $143.5M$135.3M$122.5M$122.7M—————
Total current assets $159.0M$149.4M$136.8M$132.3M$133.1M$101.4M$95.9M$180.4M—
Property, plant and equipment $3.37B$3.33B$3.23B$3.17B$3.12B$3.11B$3.01B$2.74B—
Total assets $4.39B$4.15B$3.79B$3.59B$3.49B$3.37B$3.28B$2.99B—
Accounts payable $26.9M$33.5M$41.2M$27.7M—————
Short-term debt $32.5M$22.5M$12.5M$2.5M$20.0M$10.0M—$11.3M—
Total current liabilities $187.8M$219.3M$210.2M$159.5M$170.9M$125.0M$176.1M$138.1M—
Long-term debt $3.74B$3.45B$3.20B$2.88B$2.54B$1.90B$1.75B$969.8M—
Total liabilities $3.95B$3.69B$3.43B$3.06B$2.73B$2.05B$1.95B$1.12B—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow $983.8M$940.3M$866.4M$861.1M$795.5M$641.7M$470.7M$466.9M$336.5M
Depreciation and amortisation $214.1M$203.1M$192.5M$181.3M$165.6M$156.9M$142.5M$126.9M$116.5M
Stock-based compensation $1.6M$1.8M$1.7M$1.6M$1.4M$1.5M$1.5M$900.0K$200.0K
Capital expenditure $255.6M$306.1M$223.5M$238.2M$163.2M$301.1M$306.4M$241.9M$144.2M
Investing cash flow -$255.6M-$306.1M-$223.5M-$238.2M-$163.2M-$301.0M-$497.5M-$307.6M-$131.4M
Financing cash flow -$730.6M-$635.3M-$640.6M-$622.0M-$632.7M-$341.4M-$79.2M-$405.7M$148.9M
Buybacks $400.0M$300.0M$400.0M$400.0M$750.0M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-071592.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Revenue, FY2017: 579.5M Net income, FY2017: 41.2M Revenue, FY2018: 712M Net income, FY2018: 70.8M Revenue, FY2019: 847.6M Net income, FY2019: 70.1M Revenue, FY2020: 1.1B Net income, FY2020: 24M Revenue, FY2021: 1.2B Net income, FY2021: 46.4M Revenue, FY2022: 1.3B Net income, FY2022: 83.9M Revenue, FY2023: 1.3B Net income, FY2023: 118.6M Revenue, FY2024: 1.5B Net income, FY2024: 223.1M Revenue, FY2025: 1.6B Net income, FY2025: 352.9M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $579.5M $712.0M $847.6M $1.09B $1.20B $1.27B $1.35B $1.49B $1.62B
Gross profit — — — — — — — — —
Net income $41.2M $70.8M $70.1M $24.0M $46.4M $83.9M $118.6M $223.1M $352.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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