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Hess Midstream
Hess Midstream (HESM) investor relations material
Hess Midstream Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Feb, 2026
Executive summary
Achieved strong operational execution in 2025, completing multi-year projects on time and on budget, including a new compressor station placed in service in January 2026.
Capital spending is set to decrease significantly, with 2026 guidance at $150 million (down 40% from 2025) and further reductions to less than $75 million annually in 2027 and 2028.
Free cash flow generation is expected to support both shareholder returns and debt repayment, targeting 5% annual distribution growth through 2028.
Chevron became the indirect parent, holding a 37.9% interest following the July 2025 merger.
Financial highlights
Full-year 2025 net income was approximately $685 million and Adjusted EBITDA reached $1,238 million, a 9% increase from 2024.
Fourth quarter 2025 net income was $168 million, with Adjusted EBITDA of $309 million and Adjusted Free Cash Flow of $208 million.
Q4 2025 revenues were $404.2 million, up $8.3 million year-over-year, driven by higher tariff rates and third-party services.
Gross Adjusted EBITDA margin for Q4 was about 83%, above the 75% target.
Q4 2025 basic EPS was $0.72 per Class A share, up from $0.68 in Q4 2024.
Outlook and guidance
2026 net income is expected between $650 million and $700 million, and Adjusted EBITDA between $1,225 million and $1,275 million, roughly flat compared to 2025.
Adjusted free cash flow for 2026 is projected at $850 million–$900 million, with annualized growth of about 10% through 2028.
Capital expenditures are expected to be $150 million in 2026, dropping to $75 million or lower in 2027 and 2028.
95% of 2026 revenues are protected by minimum volume commitments (MVCs), decreasing to 90% in 2027 and 80% in 2028.
Distribution growth of 5% per share annually is targeted and fully funded by free cash flow.
Prioritize debt repayment or shareholder returns?
How will new capacity drive future throughput?
Chevron merger impact on HESM operating strategy?
New leverage target or strategy
Third-party volume outlook resilience
Key drivers of 2028 FCF growth
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Next Hess Midstream earnings date
Q1 202629 Apr, 2026
Hess Midstream
Next Hess Midstream earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Hess Midstream LP is a fee-based, growth-oriented midstream company that owns and operates oil and gas infrastructure. Its assets include gathering, processing, compression, storage, and terminaling facilities primarily supporting oil and gas production in the Bakken region. The company provides services to Hess Corporation and third-party producers. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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