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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
Q3 2025 delivered strong operational performance with increased gas throughputs and net income of $175.5 million, up from $164.7 million in Q3 2024, despite localized flooding impacts.
Revenues reached $420.9 million, a $42.4 million year-over-year increase, driven by higher volumes and tariff rates.
Completed $100 million in share and unit repurchases and increased quarterly distribution by 2.4%, equating to a 10% annualized increase per Class A share.
Suspended activities on the Kappa gas plant, reducing forward capital expenditures and increasing free cash flow.
Benefited from higher third-party volumes due to northern border pipeline maintenance, highlighting the strategic value of Bakken assets.
Financial highlights
Q3 2025 net income was $175.5 million, with adjusted EBITDA at $320.7 million and adjusted free cash flow at $186.8 million.
Gross adjusted EBITDA margin was 82%, above the 75% target.
Q3 capital expenditures were approximately $80 million, down from $96.3 million a year ago.
Operating cash flow was $258.9 million, up from $224.9 million in Q3 2024.
Interest expense rose to $57.1 million from $51.8 million year-over-year due to higher borrowings.
Outlook and guidance
Q4 2025 net income expected at $170–$180 million; adjusted EBITDA at $315–$325 million, reflecting scheduled maintenance and lower third-party volumes.
Full-year 2025 net income guidance narrowed to $685–$695 million; adjusted EBITDA to $1,245–$1,255 million, implying ~10% year-on-year EBITDA growth at midpoint.
2025 capital expenditures expected at ~$270 million due to suspension of the Kappa gas plant; adjusted free cash flow at $760–$770 million.
Excess adjusted free cash flow after distributions projected at ~$140 million.
Guidance for 2026 and 2028 MVCs to be released after December budget process.
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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