Hess Midstream LP Overview
Pro stress-test →Hess Midstream is a fee-based midstream company that owns and operates oil, gas, and produced water handling assets primarily in the Bakken and Three Forks Shale plays in North Dakota. It provides services to Chevron and third-party customers. The company is transitioning from growth-focused capex to cash generation, with significant infrastructure buildout completed.
Strategic Profile
Pro stress-test →Having completed multiyear infrastructure projects on time and on budget, Hess Midstream projects significantly lower capital spending—approximately $150 million in 2026, a 40% reduction from 2025. The company's strategic positioning emphasizes 10% annualized free cash flow growth through 2028, driven by lower capital spend and inflation escalators, generating approximately $1 billion of financial flexibility for shareholder returns and debt reduction.
Competitive Landscape
Pro stress-test →Hess Midstream maintains approximately 10% of throughput from third-party volumes on average across oil and gas, with the majority derived from Chevron. Key competitors in the midstream sector include Enterprise Products Partners, Magellan Midstream Partners, and other regional midstream operators serving the Bakken basin and broader energy infrastructure markets.
Industry Context
Hess Midstream LP operates in Midstream Energy Infrastructure.
Key facts
Headquarters: Houston, Texas