Hess Midstream LP reported its estimated fourth quarter (Q4) 2025 results, with net income of USD 168 million and net cash provided by operating activities of USD 245.6 million. Net income attributable to shareholders was USD 93.3 million, or USD 0.72 per basic Class A share. Adjusted EBITDA for the quarter reached USD 309.1 million, while adjusted free cash flow stood at USD 207.8 million. Revenues and other income for Q4 2025 totaled USD 404.2 million. The company increased its quarterly cash distribution to USD 0.7641 per Class A share for Q4 2025, reflecting a rise of USD 0.0093 per share compared to the previous quarter. Throughput volumes for the period decreased, with oil terminaling down four percent, gas processing down one percent, and water gathering down five percent, mainly attributed to lower production caused by severe winter weather. Capital expenditures for Q4 2025 decreased by 44 percent compared to the prior-year quarter, following the completion of a multiyear compression buildout. Hess Midstream LP reaffirmed its full-year 2026 and long-term guidance. The company also noted the completion of the merger between Hess Corporation and Chevron in July 2025, resulting in Chevron becoming the indirect owner of Hess Midstream LP.

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