HESM
Hess Midstream
October 9, 2026 · intraday
- Rarity
- 2.20
- Peak move
- −5.09%
- Float cap
- $4.4B
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.
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What we found
8 events · 0 from SEC or newswire · 0 timed with the moveacquisition_acquirerHess 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.
investor_dayHess Midstream held an investor webcast on October 7, 2026 to present the transaction establishing it as an independent multi-basin midstream company, with 2027 baseline adjusted EBITDA of $900 million at the midpoint.
guidance_changeHess 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.
control_changeChevron will transfer its ownership interests and general partner position in Hess Midstream, making HESM fully independent and publicly owned, with Chevron-affiliated directors resigning at closing and shareholders gaining board election rights in 2028.
peer_disclosureChevron said it expects to deconsolidate about $3.7 billion of Hess Midstream debt and record a one-time after-tax loss of roughly $3-$4 billion at closing, while cutting Bakken drilling from three rigs to two in December 2026.
board_changeAt closing of the Chevron transaction, all Chevron-affiliated Hess Midstream GP board members will resign; CEO Jonathan C. Stein joins the board, John P. Reddy becomes Chair, and shareholders gain the right to elect directors in 2028.
analyst_ratingJPMorgan analyst Jeremy Tonet downgraded Hess Midstream LP to Underweight from Neutral with an unchanged $39 price target, citing minimum volume commitment step-downs and the 2033 commercial agreement expiry.
demand_signalChevron intends to cut its Bakken drilling rig count from three to two in December 2026, and Hess Midstream expects Bakken throughput volumes to decline about 5% through 2027 before plateauing in 2028.