Hess Midstream LP
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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaMoves crude from well sites to terminals and downstream transportation points.
Collects associated gas and processes it for sale or further transport.
Handles produced water collection, trucking support and disposal services.
Provides NGL loading and related handling services tied to gas processing.
Includes reimbursable rail, trucking, electricity and other third-party fees.
Tuotteet
Raportoitu · osuus liikevaihdosta- Affiliate Services97,3 %
- Third Party Services2,7 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The core customer is Hess/Chevron-linked upstream production in the Bakken, which relies on Hess Midstream’s systems to move hydrocarbons and produced water from the field. The company is also trying to expand its third-party producer base and serve other midstream counterparties in the region to reduce concentration and improve asset utilization.
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.
Strategia
Management is focused on growing fee-based volumes, especially by increasing third-party throughput and improving utilization of existing assets. Capital spending is being directed toward compression, gas capture and pipeline infrastructure to support sponsor production growth and to make the system more attractive to outside producers.
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.
Maantiede
Operations are concentrated in the Bakken and Three Forks shale plays in the Williston Basin of North Dakota, so the business is highly tied to local drilling, completion and production trends. This narrow footprint creates operating efficiency and density benefits, but it also increases exposure to regional weather, infrastructure competition and basin-specific volume swings.
Riskit
The company is highly exposed to Chevron/Hess production levels, so any slowdown in drilling or decline in regional volumes can reduce throughput and fee revenue. It also faces basin-level competition from other gathering, processing and terminaling systems, plus weather and operational disruptions that can affect asset uptime and contract renewals.
- Customer concentration and sponsor dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
A large share of volumes comes from Chevron/Hess-linked production, so weaker drilling or production directly reduces utilization and revenue.
Kohdistuu - Competitive pressure in the BakkenVaikutus: KorkeaTodennäköisyys: Kohtalainen
Nearby competitors may have idle capacity or closer access to supply, making it harder to renew contracts or win third-party volumes.
Kohdistuu - Merger integration and Chevron execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
The business is substantially dependent on Chevron, so integration issues or missed synergy targets could affect support and operating priorities.
Kohdistuu: Sponsor relationship and commercial agreements
- Weather and operational disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Seasonal weather and other natural or human causes can interrupt field operations and third-party infrastructure relied on by the company.
Kohdistuu: North Dakota operating footprint
Kirjanpito
Harkinnanvaraiset erätRevenue includes tariff-based fees, third-party services and reimbursable costs recognized at cost, which affects comparability of reported revenue growth.
Vaikutus: Top-line growth can overstate underlying margin growth when pass-through items rise.
MVC-related revenue can be recognized when shortfall fee credits expire, creating timing effects in reported results.
Vaikutus: Quarter-to-quarter revenue can be affected by contract settlement timing.
New compressor stations and pipeline projects require significant capital and involve accrual timing differences.
Vaikutus: Affects property, plant and equipment balances, depreciation and operating cash flow reconciliation.
Midstream assets are long-lived and capital intensive, so useful-life assumptions influence earnings and impairment risk.
Vaikutus: Changes in estimates can materially affect operating profit over time.
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Päivitetty: 24.9.2026