Hess Midstream LP

Hess Midstream LP

HESMยทNYSE

$38.47

-0.59%
EnergyOil & Gas Midstream

Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression; crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering systems consists of approximately 1,350 miles of high and low pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 450 million cubic feet per day; and crude oil gathering system comprises approximately 550 miles of crude oil gathering pipelines. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; a 50% interest in the Little Missouri 4 gas processing plant located in south of the Missouri River in McKenzie County, North Dakota; and Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota. The Terminaling and Export segment owns Ramberg terminal facility; Tioga rail terminal; and crude oil rail cars, as well as Johnson's Corner Header System, a crude oil pipeline header system. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.

At a Glance

Live Snapshot
Market Cap$7.95B
EPS2.8700
P/E Ratio13.40
Earnings Date07/29/2026
3Y+14.0%
5Y+53.0%
10Y+154.0%
3Y+7.0%
5Y-15.0%
10Y-3.0%
3Y+17.0%
5Y+114.0%
10Y+489.0%
HESM

Hess Midstream LP Cash Conversion Engine

HESM ยท NYSE
Net Income352.90M
Depreciation & Amortization214.10M
Stock-Based Compensation0.00
Change in Working Capital-49.80M
Others352.90M
Capital Expenditures-255.60M
Free Cash Flow728.20M

Cash Flow Quality Analysis

FCF Conversion Rate

206.3%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

26.0%

Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.

FCF Growth Trend

+14.8%

Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.

Working Capital Impact

-$49.80M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

Hess Midstream LP Cash Flow Statement

HESM โ€ข NYSE

Hess Midstream LP Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012
OPERATING ACTIVITIES
352.9M
659M
118.6M
620.6M
617.8M
484.9M
317.7M
325.5M
284.8M
206.3M
193.4M
32.9M
-163.8M
-73.9M
214.1M
203.1M
192.5M
181.3M
165.6M
156.9M
142.5M
126.9M
113.1M
99.7M
86.1M
44.4M
12.5M
14.3M
113.7M
71.6M
37.9M
26.6M
14.6M
7.3M
-100K
-1M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.8M
1.7M
1.6M
1.4M
1.5M
1.5M
900K
200K
0.0
0.0
2.2M
3.6M
3.1M
352.9M
12.8M
501.2M
16.5M
14.1M
5.4M
-3.2M
5M
600K
119.3M
169.4M
-8.9M
9M
6.3M
-49.8M
-8M
14.5M
14.5M
-18M
-14.3M
12.3M
9.6M
1.2M
81.7M
155.3M
-47.7M
15.9M
6.3M
983.8M
940.3M
866.4M
861.1M
795.5M
641.7M
470.7M
466.9M
399.9M
387.7M
434.8M
29.6M
-135.4M
-53.3M
INVESTING ACTIVITIES
-255.6M
-306.1M
-223.5M
-238.2M
-163.2M
-301.1M
-306.4M
-241.9M
-136.4M
-263.6M
-361.8M
-187.8M
-473.2M
-347.5M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(100K)
-191.1M
-67.3M
(78.5M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-33M
-67.3M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
134.9M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-101.9M
1.6M
12.8M
0.0
0.0
0.0
0.0
0.0
-255.6M
-306.1M
-223.5M
-238.2M
-163.2M
-301M
-497.5M
-307.6M
-136.4M
-263.6M
-361.8M
-187.8M
-473.2M
-347.5M
FINANCING ACTIVITIES
-400M
-300M
-400M
-400M
-750M
0.0
-156.1M
0.0
365.5M
0.0
0.0
0.0
0.0
0.0
288M
262.5M
319.5M
324M
660M
150.7M
784.5M
-2.5M
262M
0.0
-397.6M
185.8M
410.3M
308.6M
-350.2M
-235.3M
-127.5M
-91M
-49.4M
-31.6M
-85.4M
-396.1M
-477.1M
-306.9M
-339.1M
-27.6M
(0.0)
(0.0)
-400M
-300M
-400M
-400M
-750M
(0.0)
-156.1M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-268.4M
-362.5M
-432.6M
-455M
-493.3M
-460.5M
-622.2M
-329.1M
-441.4M
183.2M
663.7M
0.0
198.3M
92.2M
-730.6M
-635.3M
-640.6M
-622M
-632.7M
-341.4M
-79.2M
-405.7M
-216.6M
-124.1M
-73M
158.2M
608.6M
400.8M
CASH FLOW SUMMARY
0.0
0.0
0.0
0.0
0.0
0.0
0.0
219.5M
0.0
0.0
0.0
0.0
0.0
0.0
-2.4M
-1.1M
2.3M
900K
-400K
-700K
-106M
-246.4M
46.9M
0.0
0.0
0.0
0.0
0.0
4.3M
5.4M
3.1M
2.2M
2.6M
3.3M
109.3M
355.7M
300K
300K
0.0
0.0
0.0
0.0
1.9M
4.3M
5.4M
3.1M
2.2M
2.6M
3.3M
109.3M
47.2M
300K
0.0
0.0
0.0
0.0
728.2M
634.2M
642.9M
622.9M
632.3M
340.6M
164.3M
225M
263.5M
124.1M
73M
-158.2M
-608.6M
-400.8M

SEC Filings

HESM - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
10-Q

10-Q 2026 Q1

Q1

May 07, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

May 04, 2026
May 04, 2026
2026
8-K

8-K 2026

N/A

March 04, 2026
March 02, 2026
2026
10-K

10-K 2025 FY

FY

February 25, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 02, 2026
February 02, 2026
2026
8-K

8-K 2026

N/A

January 30, 2026
January 26, 2026
2026
8-K

8-K 2025

N/A

December 09, 2025
December 04, 2025
2025
10-Q

10-Q 2025 Q3

Q3

November 06, 2025
September 30, 2025
2025
8-K

8-K 2025

N/A

November 03, 2025
November 03, 2025
2025
8-K

8-K 2025

N/A

September 05, 2025
September 04, 2025
2025
Showing 1 to 10 of 94 filings