NYSE: HESM
Hess Midstream LPCIK 0001789832 · SIC 1311 · Crude Petroleum & Natural Gas
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Affiliate services | 379.8 | 405.3 | 752.9 | 779.6 |
| Third-party services | 17.9 | 8.2 | 33.5 | 14.9 |
| Other income | 1.3 | 0.7 | 2.7 | 1.7 |
| Total revenues | 399.0 | 414.2 | 789.1 | 796.2 |
| Costs and expenses | ||||
| Operating and maintenance expenses (exclusive of depreciation shown separately below) | 85.9 | 94.1 | 171.5 | 179.7 |
| Depreciation expense | 54.4 | 51.8 | 112.9 | 103.3 |
| General and administrative expenses | 5.5 | 8.1 | 13.4 | 15.6 |
| Total operating costs and expenses | 145.8 | 154.0 | 297.8 | 298.6 |
| Income from operations | 253.2 | 260.2 | 491.3 | 497.6 |
| Income from equity investments | 6.1 | 4.0 | 9.3 | 7.4 |
| Interest expense, net | 54.5 | 55.4 | 109.9 | 111.8 |
| Income before income tax expense | 204.8 | 208.8 | 390.7 | 393.2 |
| Income tax expense | 31.1 | 29.1 | 59.3 | 52.1 |
| Net income | 173.7 | 179.7 | 331.4 | 341.1 |
| Less: Net income attributable to noncontrolling interest | 77.3 | 89.4 | 147.4 | 179.2 |
| Net income attributable to Hess Midstream LP | 96.4 | 90.3 | 184.0 | 161.9 |
| Net income attributable to Hess Midstream LP per Class A share: | ||||
| Basic | 0.75 | 0.74 | 1.43 | 1.39 |
| Diluted | 0.75 | 0.74 | 1.43 | 1.39 |
| Weighted average Class A shares outstanding | ||||
| Basic | 128.4 | 121.8 | 128.8 | 116.3 |
| Diluted | 128.4 | 121.8 | 128.8 | 116.3 |
Consolidated Balance Sheets (Unaudited)
(in millions, except share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 5.0 | 1.9 |
| Accounts receivable from contracts with customers: | ||
| Accounts receivable—trade | 8.4 | 6.7 |
| Accounts receivable—affiliate | 142.9 | 143.5 |
| Other current assets | 0.9 | 6.9 |
| Total current assets | 157.2 | 159.0 |
| Equity investments | 83.2 | 81.5 |
| Property, plant and equipment, at cost | 5,415.8 | 5,374.6 |
| Accumulated depreciation | (2,117.1) | (2,004.8) |
| Property, plant and equipment, net | 3,298.7 | 3,369.8 |
| Deferred tax asset | 713.5 | 773.9 |
| Other noncurrent assets | 4.0 | 4.1 |
| Total assets | 4,256.6 | 4,388.3 |
| Liabilities | ||
| Accounts payable—trade | 31.7 | 24.9 |
| Accounts payable—affiliate | 29.2 | 26.9 |
| Accrued liabilities | 97.5 | 89.4 |
| Current maturities of long-term debt | 37.5 | 32.5 |
| Other current liabilities | 8.1 | 14.1 |
| Total current liabilities | 204.0 | 187.8 |
| Long-term debt | 3,642.5 | 3,739.5 |
| Deferred tax liability | 0.5 | 0.5 |
| Other noncurrent liabilities | 21.6 | 22.6 |
| Total liabilities | 3,868.6 | 3,950.4 |
| Partners’ capital | ||
| Class A shares (128,350,881 shares issued and outstanding as of June 30, 2026; 129,403,244 shares issued and outstanding as of December 31, 2025) | 514.6 | 568.3 |
| Class B shares (77,827,485 shares issued and outstanding as of June 30, 2026; 78,283,296 shares issued and outstanding as of December 31, 2025) | - | - |
| Total Class A and Class B partners’ capital | 514.6 | 568.3 |
| Noncontrolling interest | (126.6) | (130.4) |
| Total partners’ capital | 388.0 | 437.9 |
| Total liabilities and partners’ capital | 4,256.6 | 4,388.3 |
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 331.4 | 341.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 112.9 | 103.3 |
| Income from equity investments | (9.3) | (7.4) |
| Distributions from equity investments | 7.6 | 9.6 |
| Amortization of deferred financing costs | 6.0 | 8.1 |
| Equity-based compensation expense | 0.3 | 0.6 |
| Deferred income tax expense | 59.3 | 52.0 |
| Changes in assets and liabilities: | ||
| Accounts receivable trade | (1.7) | (2.0) |
| Accounts receivable affiliate | 0.6 | (2.9) |
| Other current and noncurrent assets | 5.1 | 3.7 |
| Accounts payable trade | 6.8 | (23.5) |
| Accounts payable affiliate | 2.8 | (1.2) |
| Accrued liabilities | 18.3 | 8.6 |
| Other current and noncurrent liabilities | (8.2) | (10.7) |
| Net cash provided by operating activities | 531.9 | 479.3 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipment | (51.9) | (108.9) |
| Net cash used in investing activities | (51.9) | (108.9) |
| Cash flows from financing activities | ||
| Net proceeds from (repayments of) borrowings with maturities of 90 days or less | (82.0) | 258.0 |
| Borrowings with maturities of greater than 90 days: | ||
| Proceeds | - | 800.0 |
| Repayments | (15.0) | (810.0) |
| Deferred financing costs | - | (12.5) |
| Transaction costs | (0.6) | (1.6) |
| Share and unit repurchases | (60.0) | (300.0) |
| Distributions to shareholders | (198.8) | (155.9) |
| Distributions to noncontrolling interest | (120.5) | (148.2) |
| Net cash used in financing activities | (476.9) | (370.2) |
| Increase in cash and cash equivalents | 3.1 | 0.2 |
| Cash and cash equivalents, beginning of period | 1.9 | 4.3 |
| Cash and cash equivalents, end of period | 5.0 | 4.5 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| (Increase) decrease in accrued capital expenditures and related liabilities | 10.9 | (11.2) |
| Recognition of deferred tax asset | (1.1) | 306.7 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share amounts); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗