HESM on NYSE

Hess Midstream LP

American crude petroleum and natural gas company, incorporated in Delaware. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerHESM on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address1400 Smith Street, Houston, Tx 770022
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

62.2%Operating margin3
21.8%Net margin3
8.4%Revenue growth, 20253
$728.2MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Affiliate Services brought in 97% of the revenue Hess Midstream LP broke down this way in fiscal 2025.

  1. Affiliate Services$1.6B397%up 7% from 2024
  2. Third Party Services$43.6M33%up 81% from 2024
Products and services by year
Products and services202320242025
Affiliate Services$1.3B$1.5B$1.6B
Third Party Services$8.0M$24.1M$43.6M

Business segments

Gathering brought in 54% of the revenue Hess Midstream LP broke down this way in fiscal 2025.

  1. Gathering$870.6M354%up 9% from 2024
  2. Processing And Storage$620.0M338%up 7% from 2024
  3. Terminaling And Export$130.7M38%up 10% from 2024
Business segments by year
Business segments202320242025
Gathering$730.0M$799.1M$870.6M
Processing And Storage$501.7M$577.7M$620.0M
Terminaling And Export$116.9M$118.7M$130.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs71¢$1.2B
  • Income tax7¢$113.8M
  • Profit22¢$352.9M

Out of $1.6B in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending26¢$255.6M
  • Share buybacks41¢$400.0M
  • Kept or used elsewhere33¢$328.2M

Out of $983.8M of cash from operations.3

Financial statements

Revenue45673$1.6B in 2025+91% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $848.3M$848.3M20192020: $1.1B$1.1B2020+29%2021: $1.2B$1.2B2021+10%2022: $1.3B$1.3B2022+6%2023: $1.3B$1.3B2023+6%2024: $1.5B$1.5B2024+11%2025: $1.6B$1.6B2025+8%
Operating income45673$1.0B in 2025+168% since 2019
0$500.0M$1.0B$1.5B2019: $376.6M$376.6M20192020: $576.5M$576.5M2020+53%2021: $727.2M$727.2M2021+26%2022: $791.2M$791.2M2022+9%2023: $816.9M$816.9M2023+3%2024: $919.0M$919.0M2024+12%2025: $1.0B$1.0B2025+10%
Net income45673$352.9M in 2025+403% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $70.1M$70.1M20192020: $24.0M$24.0M2020−66%2021: $46.4M$46.4M2021+93%2022: $83.9M$83.9M2022+81%2023: $118.6M$118.6M2023+41%2024: $223.1M$223.1M2024+88%2025: $352.9M$352.9M2025+58%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Revenues$1.6B$1.5B$1.3B
Other income$4.1M$3.6M$2.5M
Total revenues$1.6B$1.5B$1.3B
Operating and maintenance expenses (exclusive of depreciation shown separately below)$370.6M$347.3M$313.0M
Depreciation expense$214.1M$203.1M$192.5M
General and administrative expenses$28.5M$26.1M$26.2M
Total operating costs and expenses$613.2M$576.5M$531.7M
Income from operations$1.0B$919.0M$816.9M
Income from equity investments$15.9M$14.0M$7.7M
Interest expense, net$225.6M$202.2M$179.0M
Income before income tax expense$798.4M$730.8M$645.6M
Income tax expense$113.8M$71.8M$37.9M
Net income$684.6M$659.0M$607.7M
Less: Net income attributable to noncontrolling interest$331.7M$435.9M$489.1M
Net income attributable to Hess Midstream LP$352.9M$223.1M$118.6M

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Leadership

Who has led Hess Midstream LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. John B. Hess2019–2021
  2. Jonathan C. Stein2026–now

Chair

  1. John B. Hess2019–2021

President

  1. John A. Gatling2019–2025
  2. Michael Scott Bast2025–now

Chief financial officer

  1. Jonathan C. Stein2019–2025
  2. Michael James Chadwick2025–now

Chief operating officer

  1. John A. Gatling2019–2025
  2. Michael Scott Bast2025–now
20202025
Board members and other officers (17)

Timeline

  1. Mar 10, 2026New chief executive Jonathan C. Stein becomes CEO11
  2. Dec 17, 2019New chief executive John B. Hess becomes CEO12

Filings

290 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 100 insider forms, 86 large holders, 32 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13D/A EDGAR
  2. Oct 8, 20268-K EDGAR
  3. Oct 7, 2026SCHEDULE 13G/A EDGAR
  4. Sep 23, 2026SD EDGAR
  5. Aug 7, 2026SCHEDULE 13G/A EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 3, 20268-K EDGAR
  8. Jul 9, 2026SCHEDULE 13G/A EDGAR
  9. May 15, 2026SCHEDULE 13G EDGAR
  10. May 7, 202610-Q EDGAR
  11. May 4, 20268-K EDGAR
  12. Apr 13, 2026SCHEDULE 13G/A EDGAR
  13. Mar 10, 20264 EDGAR
  14. Mar 10, 20264 EDGAR
  15. Mar 10, 20264 EDGAR
  16. Mar 10, 20264 EDGAR
  17. Mar 10, 20264 EDGAR
  18. Mar 4, 20264 EDGAR
  19. Mar 4, 2026SCHEDULE 13D/A EDGAR
  20. Mar 4, 20268-K EDGAR

The 290 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 1 buys and 29 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 12, 2025Gatling John A.President and COOSale62,457$41.59$2.6MForm 4
Jun 9, 2025Schoonman Geurt GDirectorSale3,249$39.10$127.1KForm 4
May 30, 2025BlackRock Portfolio Management LLC10% ownerSale15,022,517$36.86$553.7MForm 4
Mar 11, 2025Gatling John A.President and COOSale2,087$40.60$84.7KForm 4
Feb 19, 2025BlackRock Portfolio Management LLC10% ownerSale1,650,000$39.11$64.5MForm 4
Feb 12, 2025BlackRock Portfolio Management LLC10% ownerSale11,000,000$39.11$430.2MForm 4
Nov 11, 2024Stein Jonathan C.Chief Executive OfficerSale7,923$35.32$279.8KForm 4
Sep 20, 2024Global Infrastructure Investors II, LLCDirectorSale12,650,000$35.12$444.3MForm 4
Jun 3, 2024GIP Blue Holding GP, LLCDirectorSale1,500,000$34.03$51.0MForm 4
May 31, 2024GIP Blue Holding GP, LLCDirectorSale10,000,000$34.03$340.3MForm 4
Mar 13, 2024Gatling John A.President and COOSale2,231$35.78$79.8KForm 4
Feb 8, 2024GIP II Blue Holding, L.P.DirectorSale11,500,000$32.83$377.5MForm 4
Aug 22, 2023Global Infrastructure GP II, L.P.DirectorSale1,500,000$28.59$42.9MForm 4
Aug 17, 2023GIP Blue Holding GP, LLCDirectorSale10,000,000$28.59$285.9MForm 4
May 19, 2023HESS CORPDirectorSale6,382,500$26.12$166.7MForm 4
May 19, 2023GIP Blue Holding GP, LLCDirectorSale6,382,500$26.12$166.7MForm 4
Mar 13, 2023Gatling John A.President and COOSale3,062$27.38$83.8KForm 4
Mar 13, 2023Stein Jonathan C.Chief Executive OfficerSale3,973$27.38$108.8KForm 4
Mar 9, 2023Stein Jonathan C.Chief Executive OfficerSale2,239$28.26$63.3KForm 4
Mar 9, 2023Gatling John A.President and COOSale1,512$28.26$42.7KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alps Advisors Inc29,254,074$1.1B5.2%−1,626,119
Goldman Sachs Group Inc8,389,537$315.4M0.0%+439,639
Invesco Ltd.7,535,978$283.4M0.0%+352,973
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.7,055,800$265.3M0.3%−10,630
Blackstone Inc.5,786,130$217.6M0.7%−1,983,395
Bank of New York Mellon Corp4,720,992$177.5M0.0%+968,990
Tortoise Capital Advisors, L.l.c.4,236,214$159.3M1.6%−230,725
Neuberger Berman Group LLC2,671,592$100.4M0.1%+695,678
TD Asset Management Inc1,984,203$74.6M0.1%−216,914
UBS Group AG1,974,398$74.2M0.0%+10,399
Epoch Investment Partners, Inc.1,945,456$73.1M0.4%−136,365
Jpmorgan Chase & Co1,906,588$71.2M0.0%+65,483
Two Sigma Investments, LP1,674,699$63.0M0.0%+1,469,793
Adage Capital Partners Gp, L.l.c.1,610,000$60.5M0.1%+535,000
Miller Howard Investments Inc /ny1,558,131$58.6M1.6%+66,232
Ci Investments Inc.1,285,671$48.3M0.2%−266,105
Fmr LLC1,206,735$45.4M0.0%−521,500
Westwood Holdings Group Inc1,170,092$44.0M0.3%−141,343
Morgan Stanley1,167,570$43.9M0.0%−553,321
Fractal Investments LLC1,160,420$43.6M5.0%−24,800
Lazard Asset Management LLC1,110,853$41.8M0.1%+41,609
Zimmer Partners, LP997,643$37.5M0.9%+697,843
American Century Companies Inc961,849$36.2M0.0%+155,354
Clearbridge Investments, LLC956,243$36.0M0.0%−751,142
BlackRock, Inc.887,083$33.4M0.0%−4,882

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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