HESM Hess Midstream LP

NEUTRAL Impact: 4/10 8-K
Horizon weeks Filed May 4, 2026 Processed 1mo ago SEC 0001193125-26-202613
8-K Item 2.02: Earnings release
Latest settled — T+20d
HESM ▼ -2.05% at T+20d
NEUTRAL call ✗ call lost -2.05% · α vs SPY -7.70% · entry $38.71 → $37.92
Next anchor: T+60d in 7w
Last close $38.94 (close Jun 8) · +0.58% from $38.71 entry
Entry anchored
May 4, 2026
via day open
T+1d
-0.86%
call -0.86% · α -1.66%
$38.38
settled 5w ago
T+5d
+1.23%
call +1.23% · α -1.71%
$39.19
settled 4w ago
T+20d
-2.05%
call -2.05% · α -7.70%
$37.92
settled 8d ago
T+60d
—
call — · α —
—
in 7w

Price Chart

Loading chart...

Executive Summary

Hess Midstream reported Q1 2026 revenue of $390.1M (up 2.1% YoY) and EPS of $0.68 (up 4.6% YoY from $0.65). Throughput volumes declined for oil terminaling (-5%) and water gathering (-9%), while gas processing rose 1%. The company reaffirmed full-year net income and Adjusted EBITDA guidance, lowered capex to ~$105M, and raised Adjusted Free Cash Flow guidance to $910-960M, supported by lower investment and deferred taxes.

Key Financial Metrics

Free Cash Flow
$237.0M

Actionable Insight

Traders should watch for further throughput volume trends as lower well activity persists, but the improved AFF guidance and shareholder return program (buybacks + distribution growth) provide a floor. Monitor Chevron's drilling plans in the Bakken for volume recovery.

Key Facts

  • Q1 2026 revenue $390.1M vs $382.0M YoY (+2.1%)
  • Q1 2026 EPS $0.68 vs $0.65 YoY (+4.6%)
  • Net income attributable to Hess Midstream LP $87.6M vs $71.6M YoY (+22.3%)
  • Adjusted EBITDA $299.8M vs $292.3M YoY (+2.6%)
  • Adjusted Free Cash Flow $237.0M vs $190.7M YoY (+24.3%)
  • Completed $42M Class A share repurchase and $18M Class B unit repurchase
  • Quarterly distribution increased to $0.7792 per Class A share (up 2.0% QoQ)
  • FY2026 capex guidance lowered to ~$105M; AFF guidance raised to $910-960M
  • Throughput volumes YoY: oil terminaling -5%, water gathering -9%, gas processing +1%

Financial Impact

Revenue +2.1% YoY, EPS +4.6% YoY, AFF +24.3% YoY; net income (consolidated) -2.3% YoY

revenueepsadjusted free cash flowcapital expenditures

Risk Factors

  • Continued decline in throughput volumes due to lower new-well activity
  • Dependence on Chevron (sponsor) for ~90% of affiliate revenue
  • Leverage of 3.1x Adjusted EBITDA may limit financial flexibility

Market Snapshot

Exchange
NYSE
Sector
Crude Petroleum & Natural Gas
Analyst Consensus
0% bullish (12 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001193125-26-202613
Document: hesm-20260504.htm0001193125-26-202613
Document: 0001193125-26-202613-index-headers.html0001193125-26-202613
Document: 0001193125-26-202613-index.html0001193125-26-202613
Document: 0001193125-26-202613.txt0001193125-26-202613
8-K Data (Synthetic)0001193125-26-202613
2 reports for HESM
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for HESM — sortable, filterable
Type Now
May 4, 2026
5w ago
8-K
NEUTRAL ★ 4/10
$38.71 $37.92▼ −2.05%▼ −7.70%$38.94 (+0.58%)
Mar 4, 2026
13w ago
8-K
BULLISH ★ 7/10
$38.08 $38.81▲ +1.92%▲ +5.71%$38.94 (+2.26%)
Showing 2 of 2

US Market Status

Market Closed — Opens in 7h 2m

Subscribe to SecBot

Get Real-Time SEC Filing Intelligence

Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.

Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access