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Hess Midstream (HESM) investor relations material
Hess Midstream Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Delivered strong operational and financial performance in Q3 2025, with net income rising to $175.5 million and revenues reaching $420.9 million, driven by higher volumes and tariffs despite localized flooding impacts.
Adjusted EBITDA increased to $321 million, supported by higher third-party gas gathering and processing volumes and strategic Bakken assets.
Completed merger with Chevron in July 2025, making Chevron the direct parent and primary sponsor with a 37.9% interest; public ownership increased to 62.1% by September 30, 2025.
Executed $100 million in share and unit repurchases and increased quarterly distribution to $0.7548 per Class A share, up $0.0178 from Q2.
Achieved investment grade rating (BBB-) from S&P in July 2025, enhancing financial flexibility and capital allocation options.
Financial highlights
Q3 2025 net income was $175.5 million, up from $164.7 million in Q3 2024, and adjusted EBITDA rose to $321 million.
Revenues for Q3 2025 were $420.9 million, an increase of $42.4 million year-over-year.
Operating cash flow was $258.9 million, and adjusted free cash flow was about $187 million for the quarter.
Gross adjusted EBITDA margin was 82%, above the 75% target.
Q3 2025 capital expenditures were approximately $80 million, down from $96.3 million a year ago.
Outlook and guidance
Q4 2025 net income expected between $170 million-$180 million; adjusted EBITDA between $315 million-$325 million.
Full year 2025 net income guidance narrowed to $685 million-$695 million; adjusted EBITDA to $1.245 billion-$1.255 billion.
2025 capital expenditures now expected at ~$270 million after suspending the Capa gas plant project.
Adjusted free cash flow for 2025 projected at $760 million-$770 million, with excess free cash flow of ~$140 million after funding targeted distributions.
Majority of volumes expected to remain above minimum volume commitments (MVCs) through 2027.
Capa gas plant suspension: future growth implications?
How do repurchases support higher distributions?
Chevron's ownership: impact on Hess Midstream strategy?
Chevron's 3-rig plan impact on gas growth?
2026 CapEx range given Capa plant removal?
Future share repurchase cadence or approach?
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Next Hess Midstream earnings date
Q4 202528 Jan, 2026
Next Hess Midstream earnings date
Q4 202528 Jan, 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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