Hess Midstream LP reported a net income of $175.5 million for the third quarter of 2025, compared with $164.7 million in the same quarter of 2024, representing a 6.5% year‑over‑year increase.
The company’s basic earnings per Class A share rose to $0.75 from $0.63 in Q3 2024. Total net income attributable to Hess Midstream LP was $175.5 million; the figure previously reported as $97.7 million was incorrect.
Operating income for the quarter was $210.3 million, up 12% from $186.8 million in Q3 2024, driven by higher throughput volumes in the gas processing, oil terminaling, and water gathering segments. Throughput volumes increased by 8% in gas processing, 5% in oil terminaling, and 4% in water gathering compared with the prior year.
Segment financials: gathering generated $78.4 million in revenue, processing and storage produced $56.7 million, and terminaling and exporting contributed $49.2 million. Net income from each segment increased by 9%, 7%, and 6% respectively.
Management noted that operating costs rose to $162.0 million from $146.8 million year‑over‑year, primarily due to higher employee costs and depreciation. The company also completed a $70.0 million share repurchase of Class A shares and a $30.0 million repurchase of Class B units, and increased its quarterly cash distribution to $0.7548 per Class A share.
For Q4 2025, Hess Midstream expects net income between $170 million and $180 million and adjusted EBITDA of $315 million to $325 million. Full‑year 2025 capital expenditure guidance was revised to approximately $270 million after suspending the Capa gas plant project. Updated guidance for 2026 and 2027 anticipates a plateau in oil throughput volumes due to expected reductions in Chevron’s Bakken rig activity.
The company maintains a debt‑to‑equity ratio of 5.85 and aims to keep leverage below its long‑term target of 3× adjusted EBITDA by the end of 2025.
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