Hess Midstream LP (HESM)
Hess Midstream LP specializes in the ownership, development, operation, and acquisition of energy infrastructure assets positioned midstream in the value chain. The company organizes its business activities into three distinct operational segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment manages systems for the collection and compression of natural gas, the transportation of crude oil, and the disposal of produced water. This extensive network comprises approximately 1,350 miles of pipelines designed for both high and low-pressure natural gas and natural gas liquids, with a daily capacity of about 450 million cubic feet. Additionally, it features around 550 miles of crude oil gathering pipelines. Within the Processing and Storage segment, key assets include the Tioga Gas Plant, located in Tioga, North Dakota, which performs natural gas processing and fractionation. The company also holds a 50% ownership interest in the Little Missouri 4 gas processing plant, situated in McKenzie County, North Dakota, south of the Missouri River. Furthermore, this segment oversees the Mentor Storage Terminal in Mentor, Minnesota, a facility encompassing a propane storage cavern and capabilities for rail and truck loading and unloading. The Terminaling and Export division encompasses the Ramberg terminal facility, the Tioga rail terminal, and a fleet of crude oil rail cars. It also operates the Johnson's Corner Header System, which is a network of crude oil pipelines. Hess Midstream LP was founded in 2014 and maintains its principal offices in Houston, Texas.
Sector: Crude Petroleum & Natural Gas
Industry: Oil & Gas Midstream
Hess Midstream LP
NYSE:HESMEnergy · Oil & Gas Midstream
+1.90%$30.61
AH Close$30.61+0.00%vs close
AH Close$30.61+0.00%vs close
Mkt Cap$3.93B
Float127.72M
O/S128.35M
Inst Own89.4%
SI6.0%
Div Yield10.08%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.62B
Net Income$352.9M
Total Assets$4.39B
Free Cash Flow$728.2M
Debt & Equity
Debt 87%
Equity 13%
Total Debt$3.77B
Total Equity$568.3M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in HESM's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$4.39B
Liabilities$3.95B
Accounts Receivable$150.2M
Accounts Payable$51.8M
Inventory$0
PP&E (Net)$3.37B
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $1.62B | $1.49B | $1.35B | $1.27B | $1.2B | $1.09B | $847.6M | $712M | $579.5M | $509.8M | $565.1M | $254.8M | $269.7M | $169.7M |
| YoY Growth | 8.4% | 10.8% | 5.7% | 5.8% | 10.3% | 28.8% | 19.0% | 22.9% | 13.7% | -9.8% | 121.8% | -5.5% | 58.9% | - |
| Cost of Revenue | $214.1M | $203.1M | $192.5M | $181.3M | $165.6M | $156.9M | $142.5M | $126.9M | $116.5M | $99.7M | $86.1M | $44.4M | $202.8M | $101.7M |
| Gross Profit | $1.4B | $1.29B | $1.15B | $1.09B | $1.04B | $934.7M | $705.1M | $585.1M | $463M | $410.1M | $479M | $210.4M | $66.9M | $68M |
| Gross Margin | 86.8% | 86.4% | 85.7% | 85.8% | 86.2% | 85.6% | 83.2% | 82.2% | 79.9% | 80.4% | 84.8% | 82.6% | 24.8% | 40.1% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $28.5M | $26.1M | $26.2M | $23.1M | $22.7M | $21.1M | $52.4M | $14.1M | $13.9M | $10.4M | $9.3M | $4.9M | $13M | $11.6M |
| Other | $366.5M | $343.7M | $310.5M | $277.6M | $288.3M | $337.1M | $276.1M | $192.8M | $186M | $193.4M | $274.8M | $170.7M | $217.7M | $130.3M |
| Total Operating Expenses | $395M | $369.8M | $336.7M | $300.7M | $311M | $358.2M | $328.5M | $206.9M | $199.9M | $203.8M | $284.1M | $175.6M | $230.7M | $141.9M |
| Operating Income (EBIT) | $1.01B | $919M | $816.9M | $791.2M | $727.2M | $576.5M | $376.6M | $378.2M | $263.1M | $206.3M | $194.9M | $34.8M | -$163.8M | -$73.9M |
| Operating Margin | 62.3% | 61.6% | 60.7% | 62.1% | 60.4% | 52.8% | 44.4% | 53.1% | 45.4% | 40.5% | 34.5% | 13.7% | -60.7% | -43.5% |
| Interest Expense | $225.6M | $202.2M | $179M | $149.3M | $105.4M | $94.7M | $62.4M | $53.3M | $25.8M | $1.4M | $1.5M | $1.9M | $0 | $0 |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$209.7M | -$188.2M | -$171.3M | -$144M | -$94.8M | -$84.5M | -$59M | -$52.7M | -$21.1M | -$1.4M | -$1.5M | -$1.9M | $0 | $0 |
| Income Before Tax (EBT) | $798.4M | $730.8M | $645.6M | $647.2M | $632.4M | $492M | $317.6M | $325.5M | $242M | $204.9M | $193.4M | $32.9M | -$163.8M | -$73.9M |
| Income Tax Expense | $113.8M | $71.8M | $37.9M | $26.6M | $14.6M | $7.1M | -$100K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $352.9M | $223.1M | $118.6M | $83.9M | $46.4M | $24M | $70.1M | $69.1M | $41.2M | $204.9M | $193.4M | $32.9M | -$163.8M | -$73.9M |
| Net Income Margin | 21.8% | 15.0% | 8.8% | 6.6% | 3.9% | 2.2% | 8.3% | 9.7% | 7.1% | 40.2% | 34.2% | 12.9% | -60.7% | -43.5% |
| Supplementary Data | ||||||||||||||
| EPS | 2.87 | 2.51 | 2.11 | 2.03 | 1.76 | 1.33 | 1.22 | 1.27 | 0.75 | 3.76 | 3.54 | 0.60 | -3.00 | -1.35 |
| Diluted EPS | 2.86 | 2.49 | 2.08 | 2.01 | 1.76 | 1.31 | 1.22 | 1.27 | 0.75 | 3.76 | 3.54 | 0.60 | -3.00 | -1.35 |
| Weighted Average OS | 123.10M | 89.00M | 56.20M | 41.30M | 25.70M | 18.00M | 54.60M | 54.60M | 53.80M | 54.56M | 54.56M | 54.56M | 54.56M | 54.56M |
| EBITDA | $1.24B | $1.14B | $1.02B | $977.8M | $903.4M | $743.6M | $522.5M | $505.7M | $384.3M | $306M | $281M | $79.2M | -$151.3M | -$59.6M |
| EBITDA Margin | 76.6% | 76.2% | 75.6% | 76.8% | 75.0% | 68.1% | 61.6% | 71.0% | 66.3% | 60.0% | 49.7% | 31.1% | -56.1% | -35.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300K | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300K | $0 | $0 | $0 | $0 |
| Accounts Receivable | $150.2M | $138.9M | $124.4M | $123M | $120.3M | $93.2M | $87.6M | $67.8M | $59.8M | $44.6M | $51.9M | $36.9M | $8.3M | $100K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$300K | $500K | $400K | $300K | $500K |
| Other Current Assets | $6.9M | $6.2M | $7M | $6.2M | $10.6M | $5.6M | $5M | $3.3M | $4.4M | $2.8M | $500K | $1M | $0 | $0 |
| Total Current Assets | $159M | $149.4M | $136.8M | $132.3M | $133.1M | $101.4M | $95.9M | $180.4M | $111.4M | $47.4M | $55.5M | $38.3M | $8.6M | $600K |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $3.37B | $3.33B | $3.23B | $3.17B | $3.13B | $3.11B | $3.01B | $2.74B | $2.52B | $2.52B | $2.29B | $1.33B | $1.26B | $789.2M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $81.5M | $87M | $90.2M | $93.9M | $101.6M | $108.4M | $107.8M | $67.3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $773.9M | $582.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4.1M | $6.6M | $333.3M | $189.2M | $125.9M | $53.4M | $63.9M | $8.2M | $3.2M | $8.4M | $8.3M | $4.3M | $0 | -$789.2M |
| Total Long-Term Assets | $4.23B | $4B | $3.65B | $3.46B | $3.35B | $3.27B | $3.18B | $2.81B | $2.52B | $2.53B | $2.3B | $1.34B | $1.26B | $789.2M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $4.39B | $4.15B | $3.79B | $3.59B | $3.49B | $3.37B | $3.28B | $2.99B | $2.64B | $2.57B | $2.36B | $1.37B | $1.27B | $789.8M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $51.8M | $89.4M | $79.7M | $62.7M | $26.9M | $30M | $30.6M | $18.6M | $12.2M | $28.8M | $195.3M | $6.5M | $32.4M | $32.5M |
| Short-Term Debt | $32.5M | $22.5M | $12.5M | $2.5M | $20M | $10M | $0 | $11.3M | $0 | $0 | $0 | $1.02B | $0 | $0 |
| Current Income Tax Payable | $0 | $13.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $6.4M | $0 | $0 | $0 | $0 | $0 | $0 | $85.6M | $0 | $0 | $2M | $71.3M | $0 | $0 |
| Other Current Liabilities | $97.1M | $27.3M | $43.5M | $24.8M | $64.2M | $34.6M | $43.6M | $59.2M | $22.8M | $272.2M | $3.6M | $59.3M | $117.6M | $1.1M |
| Total Current Liabilities | $187.8M | $219.3M | $210.2M | $159.5M | $170.9M | $125M | $176.1M | $138.1M | $74.4M | $634.2M | $252.9M | $1.1B | $164.5M | $130.4M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $3.74B | $3.45B | $3.2B | $2.88B | $2.54B | $1.9B | $1.75B | $969.8M | $0 | $0 | $0 | $0 | $833.1M | $422.8M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $500K | $500K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $22.6M | $16.5M | $17.2M | $16.6M | $18.1M | $23.4M | $16M | $7.2M | $5.4M | $4.3M | $5.1M | $1M | $800K | $800K |
| Total Long-Term Liabilities | $3.76B | $3.47B | $3.22B | $2.9B | $2.56B | $1.92B | $1.77B | $977M | $5.4M | $4.3M | $5.1M | $1M | $833.9M | $423.6M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.95B | $3.69B | $3.43B | $3.06B | $2.73B | $2.05B | $1.95B | $1.12B | $79.8M | $638.5M | $258M | $1.1B | $998.4M | $554M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $568.3M | $530.7M | $340.2M | $245.1M | $204.1M | $125M | $131.1M | $501.9M | $506M | $2.24B | $2.1B | $275.6M | $270.3M | $235.8M |
| Retained Earnings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $400K | $1.2M | -$604M | -$490.9M | -$385M | -$206M | -$161.6M | -$149.5M |
| Other Stockholders' Equity | $0 | $0 | $0 | $0 | $0 | $0 | $400K | $2.94B | $2.05B | -$302.5M | $0 | $0 | $0 | $0 |
| Total Equity | $568.3M | $530.7M | $340.2M | $245.1M | $204.1M | $125M | $131.5M | $3.44B | $2.56B | $1.94B | $2.1B | $275.6M | $270.3M | $235.8M |
| Minority Interest | -$130.4M | -$65.4M | $23M | $283.9M | $549M | $1.2B | $1.2B | $1.36B | $2.03B | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $4.52B | $4.22B | $3.77B | $3.3B | $2.94B | $2.17B | $2.08B | $4.55B | $2.64B | $2.57B | $2.36B | $1.37B | $1.27B | $789.8M |
| Supplementary Data | ||||||||||||||
| Total Debt | $3.77B | $3.47B | $3.21B | $2.89B | $2.56B | $1.91B | $1.75B | $981.1M | $0 | $0 | $0 | $1.02B | $833.1M | $422.8M |
| Net Debt | $3.77B | $3.47B | $3.21B | $2.88B | $2.56B | $1.91B | $1.75B | $871.8M | -$47.2M | -$300K | $0 | $1.02B | $833.1M | $422.8M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $352.9M | $659M | $118.6M | $620.6M | $617.8M | $484.9M | $317.7M | $325.5M | $284.8M | $206.3M | $193.4M | $32.9M | -$163.8M | -$73.9M |
| Depreciation & Amortization | $214.1M | $203.1M | $192.5M | $181.3M | $165.6M | $156.9M | $142.5M | $126.9M | $116.5M | $99.7M | $86.1M | $44.4M | $12.5M | $14.3M |
| Deferred Income Tax | $113.7M | $71.6M | $37.9M | $26.6M | $14.6M | $7.3M | -$100K | -$1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $1.8M | $1.7M | $1.6M | $1.4M | $1.5M | $1.5M | $900K | $200K | $0 | $0 | $2.2M | $3.6M | $3.1M |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$11.1M | -$14.4M | -$1M | -$2.6M | -$27M | -$5M | -$19.5M | -$6.3M | -$15.2M | $5.9M | -$8.2M | -$33.4M | -$8.2M | $131.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19.5M | -$38.4M | $500K | $191.5M | -$100K | $200K | $700K |
| Accounts Payable | -$40.4M | $11.5M | $13.6M | $2.3M | $6.6M | -$500K | $15.2M | -$2.4M | $17.8M | $74.8M | $169.4M | -$6.7M | $12.6M | $3.8M |
| Other Working Capital | $1.7M | -$5.1M | $1.9M | $14.8M | $2.4M | -$8.8M | $16.6M | -$1.2M | $37M | $500K | -$197.4M | -$7.5M | $11.3M | -$129.8M |
| Total Working Capital Change | -$49.8M | -$8M | $14.5M | $14.5M | -$18M | -$14.3M | $12.3M | $9.6M | $1.2M | $81.7M | $155.3M | -$47.7M | $15.9M | $6.3M |
| Other Non-Cash Items | $352.9M | $12.8M | $501.2M | $16.5M | $14.1M | $5.4M | -$3.2M | $5M | -$2.8M | $119.3M | $169.4M | -$8.9M | $9M | $6.3M |
| Net Cash from Operating | $983.8M | $940.3M | $866.4M | $861.1M | $795.5M | $641.7M | $470.7M | $466.9M | $399.9M | $387.7M | $434.8M | $29.6M | -$135.4M | -$53.3M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$255.6M | -$306.1M | -$223.5M | -$238.2M | -$163.2M | -$301.1M | -$306.4M | -$241.9M | -$136.4M | -$263.6M | -$361.8M | -$187.8M | -$473.2M | -$347.5M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $100K | -$191.1M | -$67.3M | $78.5M | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | -$33M | -$67.3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $134.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | -$101.9M | $1.6M | $12.8M | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$255.6M | -$306.1M | -$223.5M | -$238.2M | -$163.2M | -$301M | -$497.5M | -$307.6M | -$136.4M | -$263.6M | -$361.8M | -$187.8M | -$473.2M | -$347.5M |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$288M | -$587.5M | $2.5M | -$410M | -$740M | -$150.7M | -$752.5M | $2.5M | -$262M | - | $397.6M | -$185.8M | -$410.3M | -$308.6M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $365.5M | $183.2M | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$400M | -$300M | -$400M | -$400M | -$750M | $0 | -$156.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$350.2M | -$235.3M | -$127.5M | -$91M | -$49.4M | -$31.6M | -$85.4M | -$80.2M | -$477.1M | -$306.9M | -$339.1M | -$27.6M | $0 | $0 |
| Other Financing Activities | -$268.4M | -$362.5M | -$432.6M | -$455M | -$493.3M | -$460.5M | -$622.2M | -$329.1M | -$441.4M | $183.2M | $663.7M | $0 | $198.3M | $92.2M |
| Net Cash from Financing | -$730.6M | -$635.3M | -$640.6M | -$622M | -$632.7M | -$341.4M | -$79.2M | -$405.7M | -$216.6M | -$124.1M | -$73M | $158.2M | $608.6M | $400.8M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $219.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$2.4M | -$1.1M | $2.3M | $900K | -$400K | -$700K | -$106M | -$246.4M | $46.9M | $0 | $0 | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $983.8M | $940.3M | $866.4M | $861.1M | $795.5M | $641.7M | $470.7M | $466.9M | $399.9M | $387.7M | $434.8M | $29.6M | -$135.4M | -$53.3M |
| Capital Expenditure | -$255.6M | -$306.1M | -$223.5M | -$238.2M | -$163.2M | -$301.1M | -$306.4M | -$241.9M | -$136.4M | -$263.6M | -$361.8M | -$187.8M | -$473.2M | -$347.5M |
| Free Cash Flow | $728.2M | $634.2M | $642.9M | $622.9M | $632.3M | $340.6M | $164.3M | $225M | $263.5M | $124.1M | $73M | -$158.2M | -$608.6M | -$400.8M |
| Cash at Beginning | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $355.7M | $300K | $300K | $0 | $0 | $0 | $0 |
| Cash at End | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300K | $0 | $0 | $0 | $0 |