HESM

Hess Midstream

October 7, 2026 · pre-market

Rarity

7.86

Peak move

−16.91%

Float cap

$5.0B

Hess Midstream is a fee-based midstream limited partnership that owns, operates and develops oil, gas and produced water handling assets, primarily in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota. It gathers and processes natural gas, gathers, terminales and transports crude oil, stores propane, and gathers and disposes of produced water under long-term contracts with Chevron and third-party customers. Operations are reported in three segments: gathering, processing and storage, and terminaling and export.

• Key eventacquisition_acquirerOct 7 · 06:10 ET

  Hess Midstream agreed to acquire Chevron's DJ Basin crude oil and gas gathering and storage assets, including ~400,000 bbl/d oil gathering, 300 MMcf/d gas gathering, ~420,000 bbl storage, a 20% Saddlehorn pipeline stake and ~670,000 dedicated acres, for $200M cash plus extended Bakken contracts, closing by year-end 2026.

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• Key eventguidance_changeOct 6

  Hess Midstream updated FY2026 guidance to net income of $650-675M, adjusted EBITDA of $1,225-1,250M and adjusted free cash flow of $910-935M, and issued preliminary FY2027 guidance of $850-950M adjusted EBITDA and $525-625M adjusted free cash flow on ~$125M capex, with Bakken throughput down ~5% in 2027.

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• board_changeOct 6

  At the Chevron transaction's closing, all Chevron-affiliated Hess Midstream general partner board members will resign, CEO Jonathan C. Stein will join the board, John P. Reddy is expected to become Chair, up to three more independent directors will be added, and shareholders gain the right to elect the board from 2028.

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• Key eventdividend_changeOct 6

  Hess Midstream targets at least 5% per-Class-A-share distribution growth in the second half of 2026 and plans to hold quarterly distributions at the Q4 2026 level throughout 2027, funded by adjusted free cash flow.

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