Traders should watch for further throughput volume trends as lower well activity persists, but the improved AFF guidance and shareholder return program (buybacks + distribution growth) provide a floor. Monitor Chevron's drilling plans in the Bakken for volume recovery.
Price Chart
Executive Summary
Hess Midstream reported Q1 2026 revenue of $390.1M (up 2.1% YoY) and EPS of $0.68 (up 4.6% YoY from $0.65). Throughput volumes declined for oil terminaling (-5%) and water gathering (-9%), while gas processing rose 1%. The company reaffirmed full-year net income and Adjusted EBITDA guidance, lowered capex to ~$105M, and raised Adjusted Free Cash Flow guidance to $910-960M, supported by lower investment and deferred taxes.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $390.1M vs $382.0M YoY (+2.1%)
- Q1 2026 EPS $0.68 vs $0.65 YoY (+4.6%)
- Net income attributable to Hess Midstream LP $87.6M vs $71.6M YoY (+22.3%)
- Adjusted EBITDA $299.8M vs $292.3M YoY (+2.6%)
- Adjusted Free Cash Flow $237.0M vs $190.7M YoY (+24.3%)
- Completed $42M Class A share repurchase and $18M Class B unit repurchase
- Quarterly distribution increased to $0.7792 per Class A share (up 2.0% QoQ)
- FY2026 capex guidance lowered to ~$105M; AFF guidance raised to $910-960M
- Throughput volumes YoY: oil terminaling -5%, water gathering -9%, gas processing +1%
Financial Impact
Revenue +2.1% YoY, EPS +4.6% YoY, AFF +24.3% YoY; net income (consolidated) -2.3% YoY
Risk Factors
- Continued decline in throughput volumes due to lower new-well activity
- Dependence on Chevron (sponsor) for ~90% of affiliate revenue
- Leverage of 3.1x Adjusted EBITDA may limit financial flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-202613 |
| Document: hesm-20260504.htm | 0001193125-26-202613 |
| Document: 0001193125-26-202613-index-headers.html | 0001193125-26-202613 |
| Document: 0001193125-26-202613-index.html | 0001193125-26-202613 |
| Document: 0001193125-26-202613.txt | 0001193125-26-202613 |
| 8-K Data (Synthetic) | 0001193125-26-202613 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | 8-K | $40.77 $40.21 | ▼ −1.37% | ▼ −2.61% | $37.67 (−7.62%) |
May 4, 2026 21w ago | 8-K | $38.71 $37.92 | ▼ −2.05% | ▼ −7.70% | $37.67 (−2.71%) |
Mar 4, 2026 30w ago | 8-K | $38.08 $38.81 | ▲ +1.92% | ▲ +5.71% | $37.67 (−1.08%) |
US Market Status
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