Hess Midstream LP

Listed Company

HESMCIK 0001789832NYSELarge AcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.62B

Net Income

$352.90M

Total Assets

$4.39B

Equity

—

Shares Out

128.35M

Op. Cash Flow

$983.80M

HESM$40.33+5.00% · past yearDBEQ Basic

Daily closing prices

Business

Hess Midstream LP is a fee-based midstream limited partnership that owns, operates, develops and acquires assets in the Bakken shale play of North Dakota. The company provides gathering, processing, fractionation, storage, terminaling and export services for crude oil, natural gas, NGLs and produced water, primarily to Chevron under long-term fee-based commercial agreements with minimum volume commitments. The company operates three reportable segments: gathering, processing and storage, and terminaling and export, generating substantially all revenues from Chevron and third-party volumes delivered under these agreements.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,617	1,492	1,346	1,273	1,204
Other income	4	4	3	2	0
Total revenues	1,621	1,496	1,349	1,275	1,204
Operating and maintenance expenses (exclusive of depreciation shown separately below)	371	347	313	280	288
Depreciation expense	214	203	193	181	166
General and administrative expenses	29	26	26	23	23
Total operating costs and expenses	613	577	532	484	477
Income from operations	1,008	919	817	791	727
Income from equity investments	16	14	8	5	11
Interest expense, net	226	202	179	149	105
Income before income tax expense	798	731	646	647	632
Income tax expense	114	72	38	27	15
Net income	685	659	608	621	618
Less: Net income attributable to noncontrolling interest	332	436	489	537	571
Net income attributable to Hess Midstream LP	353	223	119	84	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2	4	5	3	2
Accounts receivable-trade	7	4	2	300,000	—
Accounts receivable-affiliate	144	135	123	123	—
Other current assets	7	6	7	6	11
Total current assets	159	149	137	132	133
Equity investments	82	87	90	94	102
Property, plant and equipment, net	3,370	3,325	3,229	3,173	3,125
Long-term receivableaffiliate	0	200,000	300,000	700,000	800,000
Deferred tax asset	774	583	324	177	117
Other noncurrent assets	4	6	9	11	8
Total assets	4,388	4,151	3,790	3,588	3,486
Accounts payabletrade	25	56	39	35	27
Accounts payable-affiliate	27	34	41	28	—
Accrued liabilities	89	94	106	83	76
Current maturities of long-term debt	33	23	13	3	20
Other current liabilities	14	14	12	11	10
Total current liabilities	188	219	210	160	171
Long-term debt	3,740	3,449	3,199	2,883	2,544
Deferred tax liability	500,000	500,000	500,000	500,000	400,000
Other noncurrent liabilities	23	17	17	16	18
Total liabilities	3,950	3,686	3,426	3,059	2,733
Total Class A and Class B partners' capital	568	531	340	—	—
Noncontrolling interest	−130	−65	23	284	549
Total partners' capital	438	465	363	529	753
Total liabilities and partners' capital	4,388	4,151	3,790	3,588	3,486

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distributions from equity investments	21	17	11	13	17
Amortization of deferred financing costs	14	10	8	9	7
Equity-based compensation expense	2	2	2	2	1
Deferred income tax expense	114	72	38	27	15
Accounts receivable - trade	−3	−2	−2	—	—
Accounts receivable affiliate	−8	−13	600,000	−3	−27
Other current and noncurrent assets	−400,000	900,000	−200,000	4	−5
Accounts payable trade	−31	17	4	8	−3
Accounts payable affiliate	−9	−6	10	−6	10
Accrued liabilities	6	4	4	9	9
Other current and noncurrent liabilities	−4	−10	−2	2	−2
Net cash provided by operating activities	984	940	866	861	796
Additions to property, plant and equipment	−256	−306	−224	−238	−163
Net cash used in investing activities	−256	−306	−224	−238	−163
Net proceeds from (repayments of) borrowings with maturities of 90 days or less	323	−325	322	−86	−80
Proceeds	800	600	0	—	—
Repayments	−823	−13	−3	—	—
Deferred financing costs	−13	−10	0	−13	−12
Transaction costs	−3	−2	−3	−2	−2
Share and unit repurchases	−400	−300	−400	−400	−750
Distributions to shareholders	−350	−235	−128	−91	−49
Distributions to noncontrolling interest	−266	−351	−430	−440	−480
Net cash used in financing activities	−731	−635	−641	−622	−633
Increase (decrease) in cash and cash equivalents	−2	−1	2	900,000	−400,000
(Increase) decrease in accrued capital expenditures and related liabilities	8	18	−22	7	−20
Recognition of deferred tax asset	305	330	185	86	89

Filings

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Frequently asked questions

What is Hess Midstream LP's CIK number?

Hess Midstream LP's SEC CIK number is 0001789832 (1789832). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Hess Midstream LP's SEC filings?

All of Hess Midstream LP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Hess Midstream LP last report earnings?

Hess Midstream LP (HESM) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-202613). This is Hess Midstream LP's most recent earnings filing of record — not a forecast of its next earnings date.

What is Hess Midstream LP's most recent earnings 8-K?

Hess Midstream LP's latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0001193125-26-202613. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Hess Midstream LP's latest earnings 8-K →
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