Hess Midstream LP reported third‑quarter 2025 earnings, posting net income of $175.5 million, a 6% increase from the $164.7 million net income recorded in the same quarter of 2024. Basic earnings per Class A share rose to $0.75, beating consensus estimates of $0.69 and $0.6815.
Revenue for the quarter was $420.9 million, slightly below the consensus estimate of $420.96 million but above the $417.92 million estimate. Adjusted EBITDA was disclosed, underscoring continued profitability in the fee‑based midstream model.
Net income attributable to Hess Midstream reached $97.7 million, up from $71.6 million in the first quarter of 2025. The attributable net income for the same quarter in 2024 was $58.6 million.
Guidance for the fourth quarter of 2025 indicates expected net income between $170 million and $180 million, with adjusted EBITDA projected at $315 million to $325 million. The company reduced its full‑year 2025 capital‑expenditure guidance to approximately $270 million, citing the suspension of the Capa gas plant project.
Operational highlights include throughput volumes up 10% for gas processing, 7% for oil terminaling, and 7% for water gathering year‑over‑year. Hess Midstream completed $70 million of Class A share repurchases and $30 million of Class B unit repurchases, and increased its quarterly cash distribution to $0.7548 per Class A share.
Strategic context: The July 2025 Hess‑Chevron merger gave Chevron an indirect stake of 37.9% in Hess Midstream. Global Infrastructure Partners sold its entire stake on May 30 2025. Hess Midstream continues to operate on a fee‑based model, with gathering remaining the primary revenue driver.
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