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Hess Midstream (HESM) investor relations material
Hess Midstream Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Delivered record Q2 2025 operating performance, with net income of $179.7M and Adjusted EBITDA of $316M, driven by higher volumes and tariff rates.
Leadership transition completed, with new CEO and CFO, and integration of Chevron colleagues and board members after the Chevron-Hess merger.
Public ownership increased to 62.2% as of June 30, 2025, following equity offerings and unit repurchases.
S&P upgraded senior unsecured debt to BBB- investment grade in July 2025, improving credit terms.
Continued focus on operational excellence, sustainability, and a financial strategy prioritizing shareholder returns and balance sheet strength.
Financial highlights
Q2 2025 net income was $179.7M, up from $161M in Q1 and $160.3M in Q2 2024; Adjusted EBITDA was $316M, up from $292M sequentially and $276.5M year-over-year.
Revenues for Q2 2025 were $414.2M, a $48.7M increase from the prior-year quarter.
Adjusted free cash flow for Q2 was $194M; net cash from operations for H1 2025 was $479.3M.
Q2 capital expenditures were $70M; drawn balance on revolving credit facility was $273M at quarter end.
Quarterly cash distribution increased to $0.7370 per Class A share, up $0.0272 from Q1 2025.
Outlook and guidance
Reaffirmed full-year 2025 throughput guidance; expect Q3 volume growth, partially offset by higher seasonal maintenance.
2025 net income guidance updated to $685M–$735M; Adjusted EBITDA guidance maintained at $1.235B–$1.285B.
Expect adjusted free cash flow of $725M–$775M for 2025, with capital expenditures of $300M.
Targeting at least 5% annual distribution growth per Class A share through 2027 and maintaining a long-term leverage target of 3x Adjusted EBITDA.
Expects over $1.25B in financial flexibility through 2027 for incremental shareholder returns, including repurchases.
Explain rationale for distribution increase.
Assess impact of Chevron merger on Hess Midstream.
What drove the increase in interest expense?
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Next Hess Midstream earnings date
Q3 202529 Oct, 2025
Next Hess Midstream earnings date
Q3 202529 Oct, 2025
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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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