Hess Midstream LP is a fee-based midstream partnership that owns and operates gathering, processing, terminaling, storage and water-handling assets in the Bakken and Three Forks shale plays of North Dakota. It earns most of its revenue by moving and processing crude oil, natural gas, NGLs and produced water for Hess/Chevron-linked volumes and for third-party producers under long-term commercial arrangements.
75,4 %
21,8 %
+8,4 %
0.85
0.85
| % | |
|---|---|
| Crude oil gathering and terminaling | 30% Moves crude from well sites to terminals and downstream transportation points. |
| Natural gas gathering and processing | 35% Collects associated gas and processes it for sale or further transport. |
| Water gathering and disposal | 15% Handles produced water collection, trucking support and disposal services. |
| NGL loading and logistics | 5% Provides NGL loading and related handling services tied to gas processing. |
| Pass-through and third-party services | 15% Includes reimbursable rail, trucking, electricity and other third-party fees. |
The core customer is Hess/Chevron-linked upstream production in the Bakken, which relies on Hess Midstream’s systems to...
Hess/Chevron-related crude oil, gas and water volumes under commercial agreements that underpin base utilization.
Independent producers in the Bakken that contract for gathering, processing, terminaling and disposal services.
Third parties that use rail, trucking, electricity and other reimbursable services tied to field operations.
Operations are concentrated in the Bakken and Three Forks shale plays in the Williston Basin of North Dakota, so the...
Management is focused on growing fee-based volumes, especially by increasing third-party throughput and improving...
Diversifies the customer base and reduces reliance on sponsor-linked production.
Supports sponsor and third-party production growth while improving system utilization.
Higher throughput on existing systems improves fee-based earnings without full greenfield buildout.
The company is highly exposed to Chevron/Hess production levels, so any slowdown in drilling or decline in regional...
A large share of volumes comes from Chevron/Hess-linked production, so weaker drilling or production directly reduces utilization and revenue.
Nearby competitors may have idle capacity or closer access to supply, making it harder to renew contracts or win third-party volumes.
The business is substantially dependent on Chevron, so integration issues or missed synergy targets could affect support and operating priorities.
Seasonal weather and other natural or human causes can interrupt field operations and third-party infrastructure relied on by the company.
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: 28.4.2026