Hess Midstream

HESM

Market cap $4.36B

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Hess Midstream LP offers a compelling >9% yield, strong free cash flow, and resilient financials despite recent stock pressure and industry headwinds. HESM maintains a solid payout ratio, ongoing buybacks, and financial flexibility, even as macro uncertainty and Chevron's rig cuts pressure near-term growth. Long-term prospects are driven by rising natural gas demand, LNG expansion, and Chevron's leadership influence, positioning HESM for solid returns.

Just as we grew accustomed to the likelihood of a third federal rate cut in December, some inflation data and a host of other factors led some on Wall Street to call for the Federal Reserve to hold off in December and perhaps wait until the first meeting in 2026.

While the top- and bottom-line numbers for Hess Midstream Partners (HESM) give a sense of how the business performed in the quarter ended September 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Hess Midstream LP ( HESM ) Q3 2025 Earnings Call November 3, 2025 10:00 AM EST Company Participants Jennifer Gordon - Vice President of Investor Relations Jonathan Stein - Chief Executive Officer Michael Chadwick - Chief Financial Officer Conference Call Participants Jeremy Tonet - JPMorgan Chase & Co, Research Division Douglas Irwin - Citigroup Inc., Research Division Praneeth Satish - Wells Fargo Securities, LLC, Research Division John Mackay - Goldman Sachs Group, Inc., Research Division Presentation Operator Good day, ladies and gentlemen, and welcome to the Third Quarter 2025 Hess Midstream Conference Call. My name is Gigi, and I'll be your operator for today.

HOUSTON--(BUSINESS WIRE)---- $HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream” or the “Company”) today reported third quarter 2025 net income of $175.5 million compared with net income of $164.7 million for the third quarter of 2024. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $97.7 million, or $0.75 basic earnings per Class A share, compared with $0.63 basic earnings per Class A share in the third quarter of 2024. Hess Midstream generated Adjusted EB.

HOUSTON--(BUSINESS WIRE)---- $HESM--Hess Midstream LP Announces Distribution Per Share Level Increase.

HOUSTON--(BUSINESS WIRE)---- $HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that it will hold a conference call on Monday, November 3, 2025, at 10:00 a.m. Eastern Time to discuss its third quarter 2025 earnings release. To phone into the conference call, participants should register in advance using this link to receive a unique PIN and dial-in number. This conference call and subsequent replay will also be accessible by webcast (audio only) on Hess Midstream's website at www.he.

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Hess Midstream LP is upgraded from hold to buy, as valuation now prices in downside risks and offers an attractive entry point. HESM trades below historical P/E and EV/EBITDA averages, with fair value estimates suggesting limited but reasonable upside after the recent selloff. Despite oil price volatility and plateauing Bakken production, HESM's fee-based contracts, growing third-party revenue, strong cash flow, and natural gas growth prospects mitigate risks.