olivLaw · US equity research
Hess Midstream LP HESM
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Hess Midstream LP (HESM) is a midstream infrastructure company whose revenue is almost entirely fee-based under agreements with Chevron, operating in the Williston Basin of North Dakota. Second-quarter 2026 volumes declined, but full-year guidance was reaffirmed.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Hess Midstream LP (HESM) stock was 32.70 USD (+0.80% on the day), with market capitalisation 4.2 bn USD, P/E 11.2, beta 0.44, 52-week range 30.04–40.97 USD. Latest reported quarter (Q2 2026): revenue of 399.0 m USD (−3.7% YoY), net income of 96.4 m USD (+6.8% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.6
- neutral
- Bollinger (20, 2)
- 29.51 – 33.70
- in the upper half of the band · %B 0.76 · band width 13.3%
- SMA 50 / 200
- 36.26 / 37.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.14 / -1.62
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.4% | −2.0% | −11.4 pp | — |
| 3 months | −18.8% | −2.2% | −16.7 pp | — |
| 6 months | −16.5% | +4.3% | −20.8 pp | — |
| Year to date | −5.2% | +10.6% | −15.8 pp | — |
| 1 year | −5.1% | +10.5% | −15.6 pp | +28.5% |
| 3 years | +7.7% | +73.7% | −66.0 pp | +14.3% |
| 5 years | +32.0% | +61.7% | −29.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 378.5 m | 395.9 m | 382.0 m | 414.2 m | 420.9 m | 404.2 m | 390.1 m | 399.0 m |
| Operating income | 231.7 m | 243.0 m | 237.4 m | 260.2 m | 258.9 m | 251.6 m | 238.1 m | 253.2 m |
| Pre-tax income | 183.6 m | 194.7 m | 184.4 m | 208.8 m | 207.0 m | 198.2 m | 185.9 m | 204.8 m |
| Income tax | 18.9 m | 22.6 m | 23.0 m | 29.1 m | 31.5 m | 30.2 m | 28.2 m | 31.1 m |
| Net income | 58.6 m | 70.4 m | 71.6 m | 90.3 m | 97.7 m | 93.3 m | 87.6 m | 96.4 m |
| Operating cash flow | 224.9 m ≈ | 258.5 m | 202.4 m | 276.9 m ≈ | 258.9 m ≈ | 245.6 m | 253.3 m | 278.6 m ≈ |
| Capex | 92.3 m ≈ | 95.1 m | 45.5 m | 63.4 m ≈ | 80.0 m ≈ | 66.7 m | 28.8 m | 23.1 m ≈ |
| Share repurchases | 100.0 m ≈ | 0 | 100.0 m | 200.0 m ≈ | 100.0 m ≈ | 0 | 60.0 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 712.7 m | 848.3 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | +23.0% | +19.0% | +28.7% | +10.2% | +5.9% | +5.8% | +10.9% | +8.4% |
| Net income | 70.8 m | 70.1 m | 24.0 m | 46.4 m | 83.9 m | 118.6 m | 223.1 m | 352.9 m |
| Net income YoY | +71.8% | −1.0% | −65.8% | +93.3% | +80.8% | +41.4% | +88.1% | +58.2% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 9.9% | 8.3% | 2.2% | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% |
| Free cash flow | 225.0 m | 164.3 m | 340.6 m | 632.3 m | 622.9 m | 642.9 m | 634.2 m | 728.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m USD
- Financial debt
- 3.8 bn USD
- Net debt
- 3.8 bn USD
- Equity
- unavailable USD
- Total assets
- 4.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.85x
- ROE
- unavailable
- ROA
- 8.3%
- FCF margin
- 44.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 576.5 m | 727.2 m | 791.2 m | 816.9 m | 919.0 m | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 492.2 m | 632.4 m | 647.2 m | 645.6 m | 730.8 m | 798.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 7.3 m | 14.6 m | 26.6 m | 37.9 m | 71.8 m | 113.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 24.0 m | 46.4 m | 83.9 m | 118.6 m | 223.1 m | 352.9 m | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.6 m | 2.2 m | 3.1 m | 5.4 m | 4.3 m | 1.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | — | — | 122.7 m | 122.5 m | 135.3 m | 143.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 101.4 m | 133.1 m | 132.3 m | 136.8 m | 149.4 m | 159.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 3.1 bn | 3.1 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 3.4 bn | 3.5 bn | 3.6 bn | 3.8 bn | 4.2 bn | 4.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | — | — | 27.7 m | 41.2 m | 33.5 m | 26.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 10.0 m | 20.0 m | 2.5 m | 12.5 m | 22.5 m | 32.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 1.9 bn | 2.5 bn | 2.9 bn | 3.2 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 125.0 m | 170.9 m | 159.5 m | 210.2 m | 219.3 m | 187.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 2.0 bn | 2.7 bn | 3.1 bn | 3.4 bn | 3.7 bn | 4.0 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 641.7 m | 795.5 m | 861.1 m | 866.4 m | 940.3 m | 983.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 301.1 m | 163.2 m | 238.2 m | 223.5 m | 306.1 m | 255.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 340.6 m ≈ | 632.3 m ≈ | 622.9 m ≈ | 642.9 m ≈ | 634.2 m ≈ | 728.2 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -301.0 m | -163.2 m | -238.2 m | -223.5 m | -306.1 m | -255.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -341.4 m | -632.7 m | -622.0 m | -640.6 m | -635.3 m | -730.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | 750.0 m | 400.0 m | 400.0 m | 300.0 m | 400.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.08 – 38.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E22.08 – 38.40 (Mid 29.51)19 companies used · median multiple 10.1x · quartiles 7.6x – 13.1xAPA, CKX, DEC, DMLP, DVN, EOG, EQT, EXE, GPRK, KRP, MNR, MTDR, OVV, OXY, PARR, PR, REPX, SD, TTE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 23.2% | 76 (vs peers) | 13% |
| FCF conversion · Quality | 223.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 8.3% | 69 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 11.2x | 50 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 20.0% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.8% | 54 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial69/100 · 1/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation72/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hess Midstream LP (HESM). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 8.4%; net margin 23.2%.
The estimated value range is 22.08–38.40 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 29.51 USD, the price of 32.70 USD leaves a potential of -9.8% (value / price − 1) and a margin of safety of -10.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 23.2%
- FCF conversion: 223.4%
- FCF yield: 20.0%
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 204.6 bn | 16.0 | 11.3% | 6.5% | −6.2% | +41% / +36% |
| PBRPetrobras - Petroleo Brasileiro SA | 156.9 bn | 36.3 | 10.9% | 8.2% | −10.7% | +68% / +38% |
| EOGEog Resources, Inc. | 81.4 bn | 12.1 | 22.5% | 25.4% | −4.5% | +44% / +26% |
| OXYOccidental Petroleum Corporation | 60.4 bn | 9.1 | 18.9% | 33.7% | −1.9% | +44% / +2% |
| FANGDiamondback Energy, Inc. | 53.9 bn | 37.4 | 3.8% | 8.6% | +35.8% | +26% / +25% |
| DVNDevon Energy Corp | 52.4 bn | 11.3 | 11.5% | 16.7% | +7.8% | +28% / +6% |
| EQTEqt Corporation | 33.9 bn | 12.9 | 10.9% | 28.4% | +63.9% | −11% / +36% |
| EXEExpand Energy Corporation | 20.8 bn | 7.8 | 14.6% | 19.8% | +186.3% | −26% / +12% |
| PRPermian Resources Corporation | 20.1 bn | 15.9 | 11.5% | 21.5% | +1.3% | +66% / +83% |
| OVVOvintiv Inc. | 17.9 bn | 13.4 | 12.1% | 12.8% | −2.7% | +62% / +50% |
| APAApa Corporation | 16.7 bn | 10.1 | 25.9% | — | unavailable | +91% / +33% |
| MTDRMatador Resources Company | 6.7 bn | 9.3 | 12.8% | 19.9% | +5.5% | +28% / −6% |
| CRCCalifornia Resources Corp | 4.5 bn | — | -15.5% | -18.1% | +14.7% | +8% / +0% |
| HESMHess Midstream LP | 4.2 bn | 11.2 | — | 23.2% | +8.4% | −5% / +8% |
| PARRPar Pacific Holdings, Inc. | 3.6 bn | 4.2 | 54.7% | 9.9% | −6.4% | +56% / +108% |
| TALOTalos Energy Inc. | 2.7 bn | — | -17.8% | -20.5% | −9.8% | +40% / +16% |
| NOGNorthern Oil And Gas, Inc. | 2.7 bn | — | -22.1% | -25.4% | +11.2% | +12% / −33% |
| MNRMach Natural Resources LP | 1.7 bn | 19.7 | — | 7.4% | +21.2% | −12% / −42% |
| DMLPDorchester Minerals, L.P. | 1.4 bn | 15.9 | — | 45.5% | −5.4% | +29% / −3% |
| REPXRiley Exploration Permian, Inc. | 1.0 bn | 8.5 | 19.9% | 24.5% | −4.4% | +71% / +90% |
| DECDiversified Energy Company | 965.3 m | 2.4 | 47.6% | 22.6% | +141.5% | −9% / +1,470% |
| EGYVaalco Energy Inc | 590.1 m | — | -24.4% | -31.1% | −25.0% | +57% / +21% |
| GPRKGeoPark LTD | 534.1 m | 10.9 | 22.1% | 10.1% | −25.5% | +27% / +14% |
| SDSandridge Energy, Inc. | 496.1 m | 6.0 | 16.2% | 46.1% | +24.8% | −5% / −3% |
| KRPKimbell Royalty Partners, LP | 438.0 m | 4.3 | — | 29.7% | +7.9% | +31% / +6% |
1- and 3-year price returns: for HESM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.07 Total return -39% · Per year -39% | 35.42 Total return 8% · Per year 8% | 53.27 Total return 63% · Per year 63% |
| 3 years | 21.01 Total return -36% · Per year -14% | 41.58 Total return 27% · Per year 8% | 68.43 Total return 109% · Per year 28% |
| 5 years | 21.99 Total return -33% · Per year -8% | 48.79 Total return 49% · Per year 8% | 87.89 Total return 169% · Per year 22% |
- Exit P/E± 10.39
- Net margin± 7.28
- Annual revenue growth± 5.76
- Annual dilution± 0.61
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
In brief
Hess Midstream LP (HESM) is a midstream infrastructure company whose revenue is almost entirely fee-based under agreements with Chevron, operating in the Williston Basin of North Dakota. Second-quarter 2026 volumes declined, but full-year guidance was reaffirmed 32.
SWOT
Strengths
- Fee-based contracts with broad dedications, minimum volume commitments and inflation escalators support cash flow stability 2.
- Existing infrastructure covers most of Chevron's drilling plans, reducing the need for major new capital 1.
- An investment grade rating from S&P and lighter contractual restrictions support access to financing 12.
Weaknesses
Opportunities
Risks
- Dependence on Chevronhigh
Chevron accounts for substantially all revenue, and changes in its strategy or financial condition could materially affect distributions 1.
- Production declinehigh
Production from connected wells declines naturally, and a lack of new drilling could reduce volumes and revenue 1.
- Environmental regulationmedium
Laws on emissions, hydraulic fracturing and climate change could raise costs or limit operations 1.
- Debt and restrictionsmedium
Significant consolidated debt and lending terms could limit the business and financial flexibility 1.
- Cybersecuritymedium
Incidents affecting operational technology networks could disrupt the Company and its partners 1.
Investment thesis
What would need to be true (bull case)
- Fee-based contracts with broad dedications and minimum volume commitments could sustain cash flow even in a period of weaker volumes 2.
- The Company reaffirmed 2026 guidance and raised its quarterly distribution, which could signal confidence in cash flow 23.
- Completing the compression expansion reduced capital spending, which could free cash for shareholders and debt reduction 3.
What would break the thesis
- Oil and water volumes fell in the second quarter of 2026, and revenue was lower than the prior year 2.
- Near-total dependence on Chevron could leave the Company exposed if Chevron's strategy changes 1.
- Third-party volume growth has remained limited, and competition in the Bakken could hinder expansion 1.
What to watch
- Delivery against adjusted EBITDA and adjusted free cash flow guidance2026
- Trend in oil and water volumes as new-well activity changesQ3 2026
- Chevron's Bakken strategy after the Mergernext 10-K
- Progress in attracting third-party volumes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
The business
Hess Midstream LP is a fee-based, growth-oriented limited partnership that owns, operates, develops and acquires midstream assets in the Bakken and Three Forks shale plays of the Williston Basin, North Dakota 1. It provides fee-based services to its sponsor, now Chevron, and to third-party customers 1. Since the July 2025 Merger, Chevron indirectly holds an approximate 37.9% interest in the Company 1.
Revenues are fees for gathering, compressing and processing natural gas, gathering and terminaling crude oil and NGLs, storing propane and disposing of produced water 2. Chevron agreements include dedications covering substantially all of its Bakken production, minimum volume commitments and fee recalculation mechanisms intended to support cash flow stability 2. The Secondary Term runs through December 31, 2033, with no changes to the provisions 2.
The Company reports three segments: gathering, processing and storage, and terminaling and export 1. In fiscal 2025 it recorded consolidated net income of $684.6 million and Adjusted EBITDA of $1,238.1 million 1.
Segments
Gathering
The gathering segment covers natural gas and crude oil gathering systems in McKenzie, Williams and Mountrail counties, plus produced water gathering and disposal 1. Gas processing throughput rose 6% in 2025, mainly on higher Chevron and third-party production 1.
Market context
The relevant market is midstream infrastructure in the Williston Basin, where volumes depend on drilling activity and commodity prices 1. The Company could be affected if lower drilling by producers reduces volumes moving through its systems, a risk it describes in its filings 1. Compression capacity in the Bakken has been expanded, with a new station placed in service in the first quarter of 2026 2.
The Partnership's senior unsecured debt is rated BBB- by S&P and Ba1 by Moody's as of June 30, 2026 2. An investment grade rating could reduce contractual debt restrictions, which could matter for the cost of capital 1.
Trends
- Lower drilling activityheadwind
Fewer new wells reduced oil and water volumes in the second quarter of 2026 2. If the decline continues, volume-based revenue could be affected, although higher tariffs partly offset it 2.
- Rising distributionstailwind
The quarterly distribution was raised to $0.7888 per Class A share for the second quarter of 2026 2. Sustained increases would depend on adjusted cash flow, which the Company guides for the year 3.
- Dependence on Chevronmixed
Chevron accounts for substantially all revenue, and the 2025 Merger added uncertainty about its strategy and synergies 1. The long-term effect is mainly a risk, but it could become support if Chevron expands its Bakken activity 1.
Competitive position
Gathering and processing systems compete with third-party gathering systems and processing plants in the Bakken, while terminals and rail cars compete with third-party terminals, pipelines and rail cars 1. The Company cannot assure it will attract significant third-party volumes, which limits growth 1.
Potential customers may prefer contracts that leave the midstream provider with direct commodity exposure, which complicates attracting new clients 1. The close relationship with Chevron may limit this diversification 1.
- Bakken gathering and processing operators
Third-party gathering systems and processing plants that compete for new volumes in the region 1.
- Third-party terminals and pipelines
Compete for crude oil volumes and could draw customers away from the Company's terminals 1.
- Third-party rail cars
Offer alternative crude transport, limiting use of the Company's available capacity 1.
- LM4 processing plant
Operated by Targa Resources, which processes regional gas in a plant where the Company holds a 50% interest 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Hess Midstream (HESM) Boosts Its Payout As Volumes Keep SlidingYahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Oct 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Current report04 Mar 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Annual report25 Feb 2026
- Current report02 Feb 2026Results of operations · Financial statements and exhibits
- Current report30 Jan 2026Amendments to articles or bylaws · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hess Midstream LP · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hess Midstream LP · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hess Midstream LP · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.