Hess Midstream LP (HESM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética de la corriente media, Hess Midstream LP (HESM) emerge como una potencia estratégica, transformando cómo se recopilan, procesan y transportan los recursos de petróleo y gas a través de las regiones de Bakken Shale y Gulf of México. Esta compañía innovadora ha creado meticulosamente un modelo de negocio que no solo impulsa la eficiencia operativa, sino que también ofrece un valor sustancial a los productores de energía e inversores, aprovechando la infraestructura de vanguardia, las asociaciones estratégicas y un enfoque sólido para los servicios de mediana marco que establece los nuevos estándares de la industria.

Hess Midstream LP (HESM) - Modelo de negocios: asociaciones clave

Hess Corporation (accionista mayoritario y proveedor principal)

A partir del cuarto trimestre de 2023, Hess Corporation posee aproximadamente el 62% del total de acciones en circulación de Hess Midstream LP. La asociación involucra activos estratégicos de infraestructura de la corriente media valorados en $ 4.2 mil millones.

Métrico de asociación	Valor cuantitativo
Porcentaje de propiedad	62%
Valor total del activo	$ 4.2 mil millones
Volumen de suministro anual	200,000 barriles por día

Socios de infraestructura midstream

Hess Midstream colabora con múltiples socios regionales en las regiones Bakken y del Golfo de México.

• Enterprise Products Partners LP
• Plains All American Pipeline
• Transferencia de energía LP

Socios de empresas conjuntas de instalaciones de tuberías e instalaciones de almacenamiento estratégicas

Pareja	Tipo de infraestructura	Valor de inversión
Petróleo de maratón	Infraestructura de tuberías	$ 350 millones
Phillips 66	Instalaciones de almacenamiento	$ 275 millones

Proveedores de tecnología

Hess Midstream se asocia con firmas de tecnología avanzada para la optimización de infraestructura.

• Emerson Electric Co.
• Honeywell International
• Schneider Electric SE

Empresas de consultoría de cumplimiento ambiental y regulatoria

Consultoría	Servicios proporcionados	Valor anual del contrato
WSP Global Inc.	Evaluación del impacto ambiental	$ 2.5 millones
Aecom	Cumplimiento regulatorio	$ 1.8 millones

Hess Midstream LP (HESM) - Modelo de negocio: actividades clave

Recolectar, procesar y transportar petróleo crudo y gas natural

Hess Midstream opera con las siguientes métricas de infraestructura clave:

Componente de infraestructura	Capacidad/volumen
Sistema de recolección de petróleo crudo	250,000 barriles por día
Capacidad de procesamiento de gas natural	385 millones de pies cúbicos por día
Longitud total de la red de tuberías	1.200 millas

Infraestructura operativa de Midstream

Concentración geográfica de operaciones:

• Región de esquisto de Bakken de Dakota del Norte
• Gulfo Offshore de México

Desarrollo y mantenimiento de la red de tuberías

Métrico de red	Estado actual
Inversión total de tuberías	$ 742 millones (2023)
Gastos de mantenimiento anual	$ 58 millones

Servicios de almacenamiento y terminal

Detalles de la infraestructura de almacenamiento:

• Capacidad de almacenamiento total: 3.4 millones de barriles
• Instalaciones de terminal: 4 ubicaciones estratégicas
• Rendimiento anual: 125 millones de barriles

Optimización de activos y expansión de infraestructura

Métrica de expansión	2024 proyección
Gasto de capital	$ 210- $ 230 millones
Nuevos proyectos de infraestructura	3 Desarrollos planificados de Midstream
Aumento de la capacidad esperado	15% año tras año

Hess Midstream LP (HESM) - Modelo de negocio: recursos clave

Extensos activos de infraestructura de la corriente intermedia en Bakken Shale

A partir de 2024, Hess Midstream LP posee y opera infraestructura crítica en la región de Bakken Shale:

Tipo de activo	Cantidad	Capacidad
Petróleo crudo que recoge tuberías	1.200 millas	250,000 barriles por día
Tuberías de recolección de gas natural	850 millas	800 millones de pies cúbicos por día
Instalaciones de procesamiento	3 instalaciones principales	260,000 barriles por día

Instalaciones avanzadas de tuberías y procesamiento

Los componentes clave de la infraestructura incluyen:

• Planta de gas Tioga con 100% de propiedad
• Infraestructura de Midstream con 87.5% de propiedad
• Sofisticada red de tuberías en Dakota del Norte

Ubicaciones geográficas estratégicas

Activos geográficos concentrados en:

• Bakken Shale, Dakota del Norte
• Posicionamiento estratégico cerca de las principales zonas de producción
• Proximidad a las rutas clave de transporte de energía

Experiencia técnica en operaciones intermedias

Categoría de experiencia	Fuerza laboral profesional
Total de empleados	350 profesionales
Personal de ingeniería	125 ingenieros especializados
Gestión de operaciones	75 expertos operativos senior

Capacidades de capital financiero y de inversión sólidos

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 3.2 mil millones
Ingresos anuales	$ 1.7 mil millones
Facilidad de crédito disponible	$ 500 millones
Capitalización de mercado	$ 6.5 mil millones

Hess Midstream LP (HESM) - Modelo de negocio: propuestas de valor

Servicios de transporte de energía confiables y eficientes

Hess Midstream LP opera aproximadamente 1,200 millas de tuberías de recolección en la Formación Bakken. La capacidad de transporte diario alcanza 240,000 barriles de petróleo crudo y 380 millones de pies cúbicos de gas natural.

Activo de infraestructura	Capacidad	Ubicación geográfica
Recolectando tuberías	1.200 millas	Formación Bakken, Dakota del Norte
Transporte de petróleo crudo	240,000 barriles/día	Dakota del Norte
Transporte de gas natural	380 millones de pies cúbicos/día	Dakota del Norte

Soluciones integradas de Midstream para productores de petróleo y gas

Hess Midstream ofrece servicios integrales de Midstream con las siguientes ofertas clave:

• Recolección de sistemas de petróleo crudo y gas natural
• Instalaciones de procesamiento con 580 millones de pies cúbicos por día
• Infraestructura de manejo de agua que respalda 240,000 barriles de agua por día

Gestión de infraestructura rentable

Métricas de eficiencia operativa para 2023:

Métrico	Valor
Gastos operativos	$ 312 millones
Gastos de capital	$ 225 millones
Margen operativo	42.3%

Impacto ambiental reducido a través de la infraestructura moderna

Indicadores de desempeño ambiental:

• Reducción de emisiones de metano: 35% por debajo del promedio de la industria
• Reducción abierta: 78% en comparación con la línea de base de 2018
• Tasa de reciclaje de agua: 65% del agua producida

Generación de flujo de efectivo consistente y estable

Destacado de rendimiento financiero para 2023:

Métrica financiera	Cantidad
Ingresos totales	$ 2.1 mil millones
Ebitda ajustado	$ 1.4 mil millones
Flujo de efectivo distribuible	$ 825 millones
Relación de cobertura de distribución	1.7x

Hess Midstream LP (HESM) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Hess Midstream LP mantiene contratos estratégicos a largo plazo con Hess Corporation, que cubre los servicios de infraestructura Midstream en la región de Bakken.

Tipo de contrato	Duración	Compromiso de volumen anual
Acuerdo de recopilación	A largo plazo	Aproximadamente 200,000 barriles por día
Acuerdo de procesamiento	A largo plazo	150,000 barriles por día

Gestión de cuentas dedicada para clientes clave

Hess Midstream ofrece una gestión de cuentas especializada para socios de producción de energía primaria.

• Gerentes de relaciones dedicadas para Hess Corporation
• Soluciones de infraestructura personalizadas
• Soporte operativo en tiempo real

Compromisos de servicio basados ​​en el rendimiento

Métrico de rendimiento	Objetivo	Rendimiento real
Confiabilidad de tiempo de actividad	99.5%	99.7%
Eficiencia operativa	98%	98.2%

Informes operativos transparentes

Los informes financieros y operativos trimestrales proporcionan información integral sobre el rendimiento de la infraestructura de Midstream.

• Informes de ganancias trimestrales
• Métricas de utilización de infraestructura detalladas
• Indicadores de rendimiento ambiental y de seguridad

Inversión continua de infraestructura

Categoría de inversión	2023 inversión	Inversión de 2024 planificada
Infraestructura de la corriente intermedia	$ 350 millones	$ 400 millones
Actualizaciones tecnológicas	$ 50 millones	$ 75 millones

Hess Midstream LP (HESM) - Modelo de negocio: canales

Equipos de ventas directos

A partir del cuarto trimestre de 2023, Hess Midstream LP mantiene un equipo de ventas directo dedicado de 42 profesionales centrado en ventas de infraestructura energética y adquisición de clientes.

Composición del equipo de ventas	Número de profesionales
Representantes de ventas senior	12
Gerentes de desarrollo de negocios	18
Especialistas en ventas técnicas	12

Conferencias de la industria y eventos del sector energético

Hess Midstream LP participa en 7-9 conferencias principales del sector energético anualmente, con un presupuesto promedio de participación de eventos anual de $ 875,000.

• Expo de prospectos de América del Norte
• Ceraweek por S&P Global
• Aceite mundial & Conferencia de gas
• Conferencia Midstream Texas

Plataformas digitales y sistemas de comunicación

La compañía utiliza 3 plataformas de comunicación digital primarias con una inversión anual de infraestructura digital de $ 1.2 millones.

Plataforma digital	Inversión anual
Sitio web corporativo	$350,000
Portal de relaciones con los inversores	$450,000
Sistema de gestión de clientes	$400,000

Redes de asociación estratégica

Hess Midstream LP mantiene 12 acuerdos de asociación estratégica en los sectores aguas arriba, midstream y aguas abajo.

• ExxonMobil Corporation
• Corporación Chevron
• Socios de productos empresariales
• Kinder Morgan

Canales de consultoría técnica y desarrollo de negocios

La compañía asigna $ 2.3 millones anuales a iniciativas de consultoría técnica y desarrollo de negocios, con un equipo de 28 profesionales especializados.

Categoría de consultoría	Asignación de presupuesto
Consultoría técnica	$ 1.4 millones
Desarrollo comercial	$900,000

Hess Midstream LP (HESM) - Modelo de negocio: segmentos de clientes

Grandes compañías independientes de exploración de petróleo y gas

A partir del cuarto trimestre de 2023, Hess Midstream sirve a empresas de exploración independientes clave con requisitos de infraestructura específicos:

Compañía	Compromiso anual de volumen de la corriente media	Duración del contrato
Recursos continentales	125,000 barriles por día	Acuerdo a largo plazo de 10 años
Aceite de maratón	85,000 barriles por día	Contrato de infraestructura de 8 años

Grandes corporaciones de energía integrada

La cartera de clientes de HESM incluye importantes corporaciones de energía integrada:

• ExxonMobil: 250,000 barriles por día Servicios Midstream
• Chevron: 175,000 barriles por día de soporte de infraestructura
• Energías totales: 100,000 barriles por día de operaciones de la corriente intermedia

Productores de la región de esquisto bituminoso de Bakken

Detalles del segmento de clientes de la región de Bakken:

Productor	Volumen de producción	Utilización del servicio Midstream
Whiting Petroleum	65,000 barriles por día	Cobertura de infraestructura del 98%
Recursos EOG	110,000 barriles por día	95% de utilización del servicio Midstream

Operadores de energía en alta mar del Golfo de México

Detalles del segmento de clientes del Golfo de México:

• Shell: 200,000 barriles por día infraestructura en alta mar
• BP: 150,000 barriles por día Servicios Midstream
• Chevron Offshore: 180,000 barriles por día de soporte de infraestructura

Inversores de infraestructura de la corriente intermedia

Métricas financieras del segmento de inversores para 2023:

Categoría de inversionista	Inversión total	Retorno esperado
Inversores institucionales	$ 475 millones	Retorno anual de 7.2%
Empresas de capital privado	$ 250 millones	8.5% de retorno proyectado

Hess Midstream LP (HESM) - Modelo de negocio: Estructura de costos

Gastos de desarrollo y mantenimiento de la infraestructura

A partir de 2024, Hess Midstream LP informa los siguientes costos relacionados con la infraestructura:

Categoría de costos	Gasto anual
Gastos de capital de infraestructura de tuberías	$ 287.6 millones
Mantenimiento de activos existentes	$ 42.3 millones
Nuevo desarrollo de infraestructura	$ 215.4 millones

Costos operativos de la tubería

Desglose de gastos operativos para sistemas de tuberías:

• Mantenimiento operativo de la tubería anual: $ 63.2 millones
• Consumo de energía para operaciones de tuberías: $ 18.7 millones
• Sistemas de detección y prevención de fugas: $ 5.4 millones

Inversiones de cumplimiento regulatorio

Área de cumplimiento	Inversión anual
Cumplimiento ambiental	$ 22.1 millones
Adherencia de regulación de seguridad	$ 16.5 millones
Permiso y documentación	$ 7.3 millones

Tecnología y actualizaciones de infraestructura digital

Detalles de la inversión tecnológica:

• Sistemas de monitoreo digital: $ 12.6 millones
• Infraestructura de ciberseguridad: $ 8,9 millones
• Plataformas de análisis de datos: $ 5.7 millones

Gestión de personal y experiencia técnica

Categoría de costos de personal	Gasto anual
Costos totales de personal	$ 94.5 millones
Salarios técnicos del personal	$ 62.3 millones
Capacitación y desarrollo	$ 4.2 millones

Estructura de costo anual estimada total: $ 796.4 millones

Hess Midstream LP (HESM) - Modelo de negocios: flujos de ingresos

Tarifas de recolección y transporte

En 2023, Hess Midstream informó ingresos por reuniones y transporte de $ 1.14 mil millones. La compañía opera aproximadamente 1,200 millas de tuberías de reunión en la Formación Bakken.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Tarifas de recolección	$ 682 millones	59.8%
Tarifas de transporte	$ 458 millones	40.2%

Cargos de servicio de procesamiento y almacenamiento

Los servicios de procesamiento y almacenamiento generaron $ 326 millones en ingresos para 2023, con una capacidad de procesamiento de 250,000 barriles por día.

• Ingresos de procesamiento de gas natural: $ 214 millones
• Cargos de la instalación de almacenamiento: $ 112 millones

Acuerdos de ingresos contratados a largo plazo

Hess Midstream mantiene contratos a largo plazo con una duración promedio de 10 años, asegurando $ 2.3 mil millones en ingresos futuros contratados.

Tipo de contrato	Valor anual del contrato	Duración del contrato
Acuerdos para llevar o pagar	$ 1.8 mil millones	10-15 años
Contratos de compromiso de volumen	$ 500 millones	5-10 años

Ingresos de utilización y optimización de activos

La optimización de activos generó $ 92 millones en ingresos adicionales para 2023, con una tasa de utilización de activos del 78%.

Ganancias basadas en el desempeño de la infraestructura de la corriente intermedia

Las ganancias basadas en el desempeño totalizaron $ 156 millones en 2023, lo que representa el 13.7% de los ingresos totales de Midstream.

• Incentivos basados ​​en eficiencia: $ 76 millones
• Bonos de rendimiento: $ 80 millones

Ingresos anuales totales para 2023: $ 1.14 mil millones

Hess Midstream LP (HESM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hess Midstream LP (HESM) captures value in the Bakken and Three Forks plays. It's all about contract structure and operational scale, which translates directly into predictable cash flow for investors.

Highly stable cash flow due to fee-based structure and MVCs

Hess Midstream LP's structure is designed to decouple its earnings from commodity price volatility. This is achieved through contracts that are almost entirely fee-based.

• 100% fee-based contracts minimize direct commodity price exposure.
• Approximately 80% of 2025 revenues are protected by Minimum Volume Commitments (MVCs).
• MVCs are set on a three-year rolling basis, currently providing downside risk protection through 2027.
• MVCs are set annually at 80% of the sponsor's volume nomination for the subsequent three years.

Integrated, single-source solution for oil, gas, and water handling

Hess Midstream LP offers a comprehensive suite of services across the midstream value chain, primarily serving Hess Corporation and third parties in the Bakken. This integration helps ensure operational efficiency for their anchor customer.

Here's a look at the throughput volumes that define the scale of this integrated service offering for the full year 2025 guidance, noting some volumes were revised downward due to weather and maintenance late in the year:

Service Segment	Original 2025 Guidance (MMcf/d or MBbl/d)	Revised 2025 Guidance (MMcf/d or MBbl/d)
Gas Gathering	475 - 485 MMcf/d	455 - 465 MMcf/d
Gas Processing	455 - 465 MMcf/d	440 - 450 MMcf/d
Crude Oil Gathering	120 - 130 MBbl/d	Not explicitly revised, but oil volumes are expected to plateau in 2026
Crude Terminaling	130 - 140 MBbl/d	130 - 140 MBbl/d
Water Gathering	125 - 135 MBbl/d	125 - 135 MBbl/d

The company generated $320.7 million in Adjusted EBITDA for the third quarter of 2025.

Structural revenue growth via inflation escalators (CPI-based) in contracts

Contractual terms build in predictable revenue increases, providing a layer of organic growth even when physical volumes are flat. This is a key component of their capital return framework.

• Fees increase annually based on Consumer Price Index (CPI) escalation.
• The CPI escalation is explicitly capped at 3% annually in certain agreements.
• Hess Midstream LP targets at least 5% annual distribution growth per Class A share through 2027.
• Adjusted EBITDA for 2025 is guided between $1,235 million and $1,285 million.

High system reliability and operational excellence in a key basin

Operational performance in the Bakken supports the volume assumptions underpinning the contracts. You see this reflected in the throughput growth figures.

• Gas throughputs increased sequentially in Q3 2025 despite localized flooding.
• Q3 2025 throughput increased 10% for gas processing year-over-year.
• Q2 2025 throughput showed year-over-year increases of 7% for gas processing, 9% for oil terminaling, and 11% for water gathering.
• The Gross Adjusted EBITDA Margin was maintained at approximately 80% for Q3 2025, exceeding the 75% target.
• The company completed construction of a new compressor station in Q3 2025, adding 35 MMcf/d of installed capacity.

Finance: draft 13-week cash view by Friday.

Hess Midstream LP (HESM) - Canvas Business Model: Customer Relationships

You're looking at the core of Hess Midstream LP's stability, which is its deep, structural relationship with its primary customer, now Chevron Corporation, following the merger with Hess Corporation.

Strategic, long-term partnership with Chevron (primary customer).

The relationship is cemented by long-term contracts that provide exceptional revenue visibility. The oil and gas commercial agreements, which began on January 1, 2014, were extended for a secondary term running through December 31, 2033. The water services agreements, effective January 1, 2019, have a primary cost of service term of 14 years. Following the merger, Chevron beneficially owns approximately 37.8% of Hess Midstream LP on a consolidated basis. This infrastructure serves the entirety of the former Hess Corporation's Bakken acreage.

Here's a look at the operational scale supporting this relationship based on 2025 guidance:

Service Type	2025 Estimated Throughput (Midpoint)	Contractual Basis Detail
Gas Gathering	480 MMcf/d (Range: 475 to 485 MMcf/d)	Long-term commercial agreements
Gas Processing	460 MMcf/d (Range: 455 to 465 MMcf/d)	Gas processing agreement secondary term through 2033
Crude Oil Gathering	125 MBbl/d (Range: 120 to 130 MBbl/d)	Long-term commercial agreements
Water Gathering	125 MBbl/d (Range: 120 to 130 MBbl/d)	Water services agreements with 14-year primary term

Contractual, non-commodity-sensitive relationship via fixed-fee agreements.

The revenue structure is designed to be highly stable. Hess Midstream LP operates on 100% fee-based contracts, which minimizes direct commodity price exposure. The cash flow stability is further buttressed by Minimum Volume Commitments (MVCs). As of July 2025, approximately 80% of revenues are protected by these MVCs. These MVCs are set annually at 80% of the customer's nomination on a three-year rolling basis, and critically, once set, they can only be increased, never reduced. This structure allows management to target annual distribution per Class A share growth of at least 5% through 2027, which they state can be covered by cash flow generated just from the MVCs. For the full year 2025, Hess Midstream LP expects Adjusted EBITDA between $1,235 million and $1,285 million.

The contractual protections translate to clear financial expectations:

• Targeted annual distribution per Class A share growth of at least 5% through 2027.
• Expected Adjusted Free Cash Flow after distributions for 2025 is approximately $135 million at the midpoint of guidance.
• Gross Adjusted EBITDA Margin is targeted to be approximately 75% in 2025.
• The company expects its leverage to decrease to below its long-term target of 3x Adjusted EBITDA by the end of 2025.

Dedicated capacity and system expansion to meet customer growth.

Hess Midstream LP is actively investing capital to support anticipated volume growth from Chevron's development activities. The company expects throughput volumes in 2025 to increase by approximately 10% across oil and gas systems compared with 2024. Total capital expenditures for 2025 are approximately $300 million, with about $175 million allocated to project-based capital expenditures. This project capital is focused on enhancing capture capability.

Key expansion projects coming online in 2025 include:

• Completion of two new compressor stations.
• Initial aggregate gas compression capacity addition of 85 MMcf per day.
• Capacity is expandable up to 140 MMcf per day.
• Commencement of construction for a gas processing plant with capacity of approximately 125 MMcf per day, expected online in 2027.

However, customer activity can shift near-term plans; Chevron's decision to reduce its Bakken rig count from four to three starting in the fourth quarter of 2025 caused Hess Midstream LP to guide for relatively flat Adjusted EBITDA in 2026 compared to 2025. This change also resulted in a reduction of total 2025 capital expenditure guidance to approximately $270 million, implying fourth-quarter capital expenditures of about $70 million, due to suspending the Capa gas plant project.

Finance: draft 13-week cash view by Friday.

Hess Midstream LP (HESM) - Canvas Business Model: Channels

You're looking at the physical arteries Hess Midstream LP uses to move resources for its customers, mainly Hess Corporation and third parties in the Williston Basin. These are the pipelines, terminals, and gathering lines that turn production into delivered product.

Direct pipeline and gathering systems from wellhead to processing

This channel involves the physical infrastructure to move natural gas and crude oil from the wellhead to processing or storage facilities. The company completed construction of a new compressor station in the third quarter of 2025, adding 35 MMcf/d of installed capacity, with potential for future expansion. This supports the overall system capacity and capture capability.

Here are the expected full-year 2025 throughput volumes for the gathering segment:

Service Type	Expected Full Year 2025 Throughput Guidance
Gas Gathering	475 to 485 MMcf/day
Crude Oil Gathering	120 to 130 MBbl/day
Gas Processing	455 to 465 MMcf/day

For the third quarter of 2025 specifically, throughput volumes showed growth compared to the prior-year quarter:

• Gas processing throughput increased by 10% year-over-year.
• The company has approximately ~290 MBbl/d of Crude Oil Gathering Capacity.

Crude oil terminaling and export facilities

These facilities handle the movement and storage of crude oil, connecting production to downstream markets. The Q3 2025 results showed solid utilization in this area.

The expected full-year 2025 throughput guidance for crude oil terminaling is:

• Crude Oil Terminaling Throughput: 130 to 140 MBbl/day.
• Q3 2025 Oil Terminaling throughput increased by 7% compared to the prior-year quarter.

The contractual commitments underpinning this channel are also clear:

Agreement Type	2025 Minimum Volume Commitment (MBbl/day)
Terminaling and Export Services Agreement	111

The total Crude Terminals capacity guidance as of July 2025 was approximately ~505 MBbl/d.

Produced water gathering and disposal facilities

This channel manages the produced water stream, which is a necessary service tied directly to the upstream production volumes. Hess Midstream LP has about ~330 Miles of Water Gathering Pipelines.

The expected full-year 2025 throughput guidance for water gathering is:

• Water Gathering Throughput: 120 to 130 MBbl/day.
• Q3 2025 Water Gathering throughput increased by 7% compared to the prior-year quarter.

The Minimum Volume Commitment for the Water Services Agreement in 2025 was set at 104 MBbl/day.

Finance: draft 13-week cash view by Friday.

Hess Midstream LP (HESM) - Canvas Business Model: Customer Segments

You're looking at the core relationships Hess Midstream LP has established to drive its fee-based cash flows, which is key to understanding its stability as of late 2025.

Anchor Customer: Chevron Corporation (via its Hess subsidiary)

The relationship with the anchor customer remains central. As of March 31, 2025, Hess Corporation continued to own approximately 37.8% of Hess Midstream LP on a consolidated basis, following the merger completion with Chevron Corporation in July 2025. Hess Midstream Operations LP, a subsidiary, completed an accretive $100 million repurchase of Class B units held by Hess Corporation and Global Infrastructure Partners in January 2025, with Hess Corporation receiving $38 million of that amount.

The infrastructure supports Hess Corporation's development activity, which is a primary driver for volume growth.

Upstream Oil and Gas Producers (E&P) operating in the Bakken

Hess Midstream LP provides services to both its anchor customer's E&P arm and other third-party producers in the Williston Basin area, specifically the Bakken and Three Forks Shale plays. The company's 2025 capital budget included approximately $125 million allocated to gathering system well connects to service both Hess and third-party customers, plus maintenance activities.

Here are the expected average daily throughput volumes for full-year 2025:

Service Type	Average Daily Volume (2025 Guidance)
Gas Gathering	475 to 485 MMcf per day
Gas Processing	455 to 465 MMcf per day
Water Gathering	120 to 130 MBbl of water per day

Operational performance in the first three quarters of 2025 showed volume increases across the board compared to the prior year periods. For instance, Q3 2025 throughput volumes saw year-over-year increases of:

• Gas processing: 10%
• Oil terminaling: 7%
• Water gathering: 7%

Energy commodity purchasers utilizing terminaling and export services

The customer base includes purchasers that rely on Hess Midstream LP's terminaling and export capabilities, though the primary revenue driver is tied to gathering and processing volumes from the upstream side. Gas processing and gathering is expected to represent approximately 75% of total affiliate revenues in 2025, when excluding pass-through revenues. This indicates that while terminaling is a segment, the core customer relationship is volume-based service provision to the producers themselves.

The pass-through revenues, which cover costs charged to customers for third-party services like electricity and water disposal, are also a component of the revenue stream from these customers. For Q3 2025, these pass-through costs included in revenues totaled $27.9 million.

The growth in throughput volumes directly supports the revenue base from these customers. For example, Q1 2025 saw a 7% rise in oil terminaling volumes year-over-year.

Hess Midstream LP (HESM) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Hess Midstream LP as of late 2025, focusing on where the cash actually goes to keep those fee-based assets running and deliver returns. It's a structure heavily influenced by capital deployment and shareholder commitments, so let's break down the hard numbers we have from the third quarter and the full-year outlook.

Capital expenditures saw a recent adjustment. Hess Midstream LP reduced its full-year 2025 capital expenditure guidance to approximately $270 million. This revision came after suspending the Capa gas plant project and removing it from the forward plan. To give you some context on that spending, the earlier 2025 budget had allocated approximately $125 million to ongoing capital expenditures, which covered gathering system well connects for both Hess and third-party customers, along with necessary maintenance. The capital spending for the third quarter of 2025 itself totaled $79.8 million.

Operating costs are a significant, recurring outflow. For the third quarter of 2025, total operating costs and expenses hit $162.0 million. This figure includes costs that are passed through to customers, like electricity and produced water trucking. Honestly, understanding the components of that total is key to seeing the operational leverage.

Cost Component	Q3 2025 Amount (in millions)
Operating and maintenance expenses (exclusive of depreciation)	98.1
Depreciation expense	56.6
General and administrative expenses	7.3
Total operating costs and expenses	162.0

Financing costs are also a major line item. The net interest expense for Hess Midstream LP in the third quarter of 2025 was $57.1 million. This was higher than the prior-year quarter, primarily because of increased borrowings under the Company's revolving credit facility. It's definitely something to watch, especially given the recent investment-grade upgrade to BBB- by S&P on July 24, 2025, which should help manage future borrowing costs.

The commitment to unitholders forms a structural cost floor. Hess Midstream LP continues to target at least 5% annual distribution growth per Class A share through 2027. This is a non-negotiable part of their financial plan, supported by the expectation of continued Adjusted Free Cash Flow growth. The third quarter 2025 distribution was declared at $0.7548 per Class A share.

The cost structure is also defined by necessary upkeep:

• Maintenance and integrity spending for pipeline infrastructure is embedded within the capital expenditure budget.
• Ongoing capital expenditures, which include maintenance, were initially budgeted at approximately $125 million for the full year 2025.
• Expansion projects, like gas gathering system and compression expansions, make up the remainder of the capital plan.

The company is clearly prioritizing capital discipline right now.

Hess Midstream LP (HESM) - Canvas Business Model: Revenue Streams

Hess Midstream LP (HESM) operates on a 100% Fee-Based Contracts structure, which minimizes direct commodity price exposure for its core services. Revenue is generated across three primary service areas serving Hess Corporation and third-party customers.

Fee-based revenue from gas gathering, compression, and processing forms a significant portion of the total. Gas processing and gathering is projected to represent approximately 75% of total affiliate revenues in 2026 and 2027, excluding pass-through revenues. For the full year 2025, throughput guidance for gas gathering averages between 455 to 465 MMcf of natural gas per day, and gas processing volumes are expected to average between 440 to 450 MMcf of natural gas per day. Hess Midstream LP has approximately 310 MMcf/d of compression capacity, with an additional ~70 MMcf/d available.

Fee-based revenue from crude oil gathering, terminaling, and export is supported by dedicated infrastructure. Crude oil gathering capacity is approximately 290 MBbl/d. Full-year 2025 throughput guidance for crude oil terminaling averages between 130 to 140 MBbl of crude oil per day.

Fee-based revenue from produced water gathering and disposal is another key component. Full-year 2025 throughput guidance for water gathering averages between 125 to 135 MBbl of water per day. Operated Salt Water Disposal Capacity is approximately ~115 MBbl/d.

The company's fee structure includes mechanisms for cash flow stability, such as annual fee recalculations designed to maintain the contractual return on capital deployed. Pass-through costs, which relate to fees charged for third-party services like electricity and water disposal, were $27.9 million in the third quarter of 2025.

Here is a look at the 2025 throughput guidance volumes for the primary service lines:

Service Line	2025 Throughput Guidance (Average per Day)
Gas Gathering	455 to 465 MMcf
Gas Processing	440 to 450 MMcf
Crude Oil Terminaling	130 to 140 MBbl
Water Gathering	125 to 135 MBbl

The revenue floor is provided by Minimum Volume Commitments (MVCs). These MVCs are set on a 3-year forward basis and are established at 80% of anticipated production levels. Once set, MVCs can never decrease. The contract structure provides downside protection via MVCs through 2033. Management has stated that cash flow generated just from the MVCs is sufficient to cover the targeted 5% annual distribution growth per Class A share through 2027.

Full-year 2025 Adjusted EBITDA guidance is $1,245 million to $1,255 million.

The Gross Adjusted EBITDA Margin is targeted to be approximately 75% in 2025.