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Hess Midstream LP Reports Estimated Results for the Fourth Quarter of 2025

HESM
  • Hess Midstream LP reported fourth quarter 2025 net income of $168.0 million, with net income attributable to Hess Midstream LP of $93.3 million or $0.72 per Class A share.
  • Adjusted EBITDA for the quarter was $309.1 million, while Adjusted Free Cash Flow reached $207.8 million.
  • Net cash provided by operating activities totaled $245.6 million for the fourth quarter of 2025.
  • The Board declared a quarterly cash distribution of $0.7641 per Class A share for Q4 2025, representing an increase of $0.0093 from the prior quarter.
  • Throughput volumes decreased by 4% for oil terminaling, 1% for gas processing, and 5% for water gathering compared to the prior-year quarter due to severe winter weather.
  • Capital expenditures for Q4 2025 were $47.6 million, a 44% decrease from the prior year following the completion of the gas compression buildout.
  • Revenues increased to $404.2 million from $395.9 million in the prior-year quarter, driven by higher tariff rates and third-party services.
  • Interest expense, net, rose to $56.7 million from $52.2 million, primarily due to higher borrowings under the revolving credit facility.
  • Hess Midstream reaffirmed its full-year 2026 and long-term guidance issued on December 9, 2025.
  • A new compressor station with 50 MMcf/d capacity was placed in service in January 2026, with potential to expand by an additional 20 MMcf/d.
  • Chevron remains the indirect parent of Hess, holding an approximate 37.9% interest in Hess Midstream following the July 2025 merger completion.
  • Global Infrastructure Partners sold its entire limited partner interest in the Partnership on May 30, 2025, exiting as a direct owner.
  • Total debt stood at approximately $3.8 billion as of December 31, 2025, representing leverage of about 3.1x Adjusted EBITDA.
  • Full-year 2025 net income was $684.6 million, with full-year Adjusted EBITDA reaching $1,238.1 million.