Hess Midstream LP (NYSE: HESM) closed at $35.11, down about 1.0% on the day, following the release of its fourth-quarter financial results. Market capitalization stood at approximately USD 7.32 billion at the market close.
Latest Quarterly Results (Q4 FY25)
For the fourth quarter of fiscal 2025, Hess Midstream reported total revenues and other income of $404.2 million. Net income for the quarter was $168.0 million. Revenue declined 2.1% year over year, compared with $395.9 million in the prior-year quarter. Net income decreased 2.4% year over year from $172.1 million in the same period last year.
Segment highlights for the quarter showed Gathering revenues of $217.3 million, Processing and Storage revenues of $154.7 million, and Terminaling and Export revenues of $32.2 million. Segment revenues reflected fee-based contracts linked to throughput volumes from the partnership’s customers.
Financial Trends
Chart 1 — Operating Performance: Quarterly total revenues
Chart 2 — Market Performance: Q4 2024 to Q4 2025 revenue comparison
Full-Year Results Context
For the full fiscal year, Hess Midstream reported consolidated revenue of $1.61 billion, compared with $1.50 billion in the prior year. Net income for the year totaled $640.0 million, up from $620.5 million a year earlier. Full-year results reflected higher average throughput volumes across several systems, offset in part by timing-related items.
Business & Operations Update
During the quarter, the partnership placed a new compressor station into service in January 2026, adding approximately 50 million cubic feet per day of installed gas compression capacity. Throughput volumes declined on a year-over-year basis in the quarter, including a 4% decrease in oil terminaling volumes, a 1% decrease in gas processing volumes, and a 5% decline in water gathering volumes.
Capital expenditures during the fourth quarter totaled $47.6 million, reflecting continued investment in midstream infrastructure to support existing acreage. The partnership continued to operate under long-term, fee-based contracts with minimum volume commitments.
M&A or Strategic Moves
No new acquisitions or divestitures were announced during the quarter. In prior periods, Chevron became the indirect parent of Hess through its merger with Hess Corporation, and Global Infrastructure Partners exited its limited partner interest in the partnership. These transactions were previously disclosed and did not result in changes to the partnership’s operating assets.
Equity Analyst Commentary
Institutional research coverage following the earnings release focused on quarterly volume trends, capital spending levels, and the stability of fee-based cash flows. Analyst commentary referenced the partnership’s contract structure and balance sheet position without changes to published recommendations or targets.
Guidance & Outlook — what to watch for
The partnership reaffirmed its full-year 2026 and long-term guidance previously issued in December 2025. Items to watch include throughput nominations from Chevron, capital expenditure execution, and progress on projects placed into service. Market participants will also monitor distributable cash flow trends and leverage metrics.
Performance Summary
Shares moved lower on the day of the earnings release. Fourth-quarter revenue totaled $404.2 million, and net income was $168.0 million. Segment revenues reflected stable fee-based activity across gathering, processing, and terminaling systems.
