By Dean Seal
Shares of Hess Midstream fell after the company lowered its guidance for the year due to an expected drop in Chevron's rig activity.
The stock was down 9.2% at $35.86 in midday trading on Friday. Shares are now in negative territory for the year.
The oil-and-gas rig owner said after Thursday's closing bell that full-year earnings will be in the lower half of its prior outlook range for $685 million to $735 million.
Full-year gathering volumes are now on track to hit 455 million cubic feet (MMcf) to 465 MMcf of natural gas per day, instead of 475 MMcf to 485 MMcf per day as previously forecast.
Gas processing volumes are now expected to average 440 MMcf to 450 MMcf of natural gas a day, down from 455 MMcf to 465 MMcf per day.
Hess said the outlook cut reflects lower third-party volumes in the fourth quarter as Chevron decreases its Bakken drilling rigs to three from four. Adverse weather conditions and maintenance in the third quarter is also a factor, the company said.
Oil throughput volumes are also now expected to plateau in 2026 as a result of lower planned rig activity, Hess said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 19, 2025 12:10 ET (16:10 GMT)
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