Hess Midstream LP
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- Hess Midstream LP (NYSE: HESM) owns, operates, develops, and acquires midstream assets in the Bakken and Three Forks Shale plays of the Williston Basin, North Dakota, providing fee-based gathering, processing, storage, terminaling, and exporting services primarily to Hess Corporation, its sponsor, and third-party customers in the United States. The company operates through three segments: Gathering, which includes approximately 1,415 miles of natural gas and natural gas liquids gathering pipelines with 675 million cubic feet per day capacity, 590 miles of crude oil gathering pipelines, and 330 miles of produced water gathering and disposal pipelines; Processing and Storage, encompassing the Tioga Gas Plant for natural gas processing and fractionation, the Mentor Storage Terminal for propane storage, rail, and truck loading/unloading; and Terminaling and Export, featuring the Ramberg terminal facility, Tioga rail terminal, crude oil rail cars, Johnson's Corner Header System, and Dakota Access Pipeline connections. Founded in 2014 and headquartered at 1501 McKinney Street in Houston, Texas, Hess Midstream LP was formerly known as Hess Midstream Partners LP until its name change in December 2019. In recent developments, following Chevron Corporation's acquisition of Hess Corporation in July 2025, Chevron now indirectly owns approximately 37.8% of Hess Midstream, prompting board and leadership changes including the appointment of Jonathan C. Stein as CEO and Andy Walz as Board Chairman. The company executed a $100 million share repurchase program in 2025 comprising $30 million in Class B units from Chevron and a $70 million accelerated share repurchase of Class A shares, alongside $190 million in prior Class B unit repurchases and $10 million in Class A shares; it also completed construction of a new compressor station adding 35 million cubic feet per day capacity in Q3 2025, increased quarterly distributions to $0.7548 per Class A share for Q3 2025 (up 2.4% from prior quarter), and suspended engineering on the Capa gas plant while lowering 2025 capital expenditures to $270 million. Hess Midstream targets at least 5% annual distribution growth through 2027, maintains 2025 Adjusted EBITDA guidance of $1,235-$1,285 million, and projects continued Adjusted Free Cash Flow growth supporting shareholder returns amid volume increases of 7-11% year-over-year in key areas.
Company News
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