Hess Midstream LP

Hess Midstream LP, trading under the ticker symbol HESM on the New York Stock Exchange, operates as a fee-based, growth-oriented limited partnership that owns, develops, and operates a diversified portfolio of midstream assets primarily located in the Bakken and Three Forks shale plays in the Williston Basin of North Dakota. The company provides essential midstream services including natural gas gathering and compression, crude oil gathering and transportation, natural gas processing and fractionation, propane storage and terminaling, and produced water gathering and disposal.

The company's business is organized into three reportable operating segments: gathering, processing and storage, and terminaling and export. The gathering segment operates approximately 1,430 miles of natural gas and NGL gathering pipelines with capacity up to 685 million cubic feet per day, as well as 615 miles of crude oil gathering pipelines with capacity of approximately 290 thousand barrels per day. The processing and storage segment includes the Tioga Gas Plant with 400 million cubic feet per day processing capacity, a 50 percent interest in the Little Missouri 4 gas processing plant, and the Mentor Storage Terminal with 330 million barrels of propane storage capacity. The terminaling and export segment operates the Ramberg Terminal Facility, Tioga Rail Terminal with 140 thousand barrels per day crude oil loading capacity, 550 crude oil rail cars, and the Johnson's Corner Header System.

Hess Midstream generates substantially all revenues through long-term, fee-based commercial agreements with Chevron, which became the company's sponsor following the completion of the Hess-Chevron merger in July 2025. In 2025, approximately 97 percent of revenues were attributable to these fee-based agreements with Chevron, with gas gathering and gas processing revenues comprising 77 percent of total affiliate revenues. The company's business model provides stable, predictable cash flows with minimal direct exposure to commodity price fluctuations, supported by minimum volume commitments that provide downside protection through 2033.