Overview
Hess Midstream LP is a fee-based midstream partnership that gathers, compresses and processes natural gas, and provides infrastructure for crude oil, natural gas liquids (NGLs), propane and produced water. Its services include transportation, storage, terminaling and loading; it generally does not take ownership of the commodities it handles.[1][2]
Its assets are concentrated in North Dakota’s Bakken and Three Forks shale plays in the Williston Basin. The business is designed to support production in that region; the company’s filings describe a North Dakota-centered footprint rather than a global operating presence.[1][3] No distinct corporate mission statement was identified in the sources reviewed; the company describes its business objective as supporting its sponsor’s Bakken production goals and preserving the value of its midstream business.[1]
For the year ended December 31, 2025, Hess Midstream reported $1.62 billion in revenue and other income. The partnership and its subsidiaries report no employees of their own; approximately 195 full-time employee equivalents supported operations through affiliated entities at year-end 2025.[4][5] [1][2][3][4][5]
Products & services
Hess Midstream LP provides fee-based gathering and compression services for natural gas, natural gas liquids (NGLs), crude oil and produced water. Its gas and NGL gathering system includes about 1,430 miles of pipeline, with capacity of up to 685 MMcf/d, and about 550 MMcf/d of aggregate compression capacity at year-end 2025; a compressor placed in service in early 2026 added approximately 50 MMcf/d.[6][7]
Gas processing and NGL services include the Tioga Gas Plant, with 400 MMcf/d of natural-gas processing capacity, 60 MBbl/d of NGL cryogenic/fractionation capacity and 25 MBbl/d of Y-grade NGL stabilization capacity. Tioga also has 80 MBbl of storage for each of those NGL streams and 40 Mdge/d of CNG compression capacity. Hess Midstream owns 50% of the LM4 joint-venture plant and is entitled to 100 MMcf/d of its 200-MMcf/d capacity. Mentor Storage Terminal provides propane storage and rail and truck loading and unloading, with 330 MBbl of storage.[8][9]
Crude services include gathering across approximately 615 pipeline miles, with 290 MBbl/d capacity; truck unloading and pumping at the 75-MBbl/d Hawkeye Oil Facility; and terminaling at Ramberg, which has 285 MBbl/d throughput capacity and 40 MBbl of storage. Tioga Rail Terminal handles crude oil and NGLs, with respective capacities of 140 MBbl/d and 30 MBbl/d and 290 MBbl of storage. Produced-water services comprise about 360 miles of gathering pipelines with 290 MBbl/d capacity; at year-end 2025, Hess Water Services operated 13 facilities with 185 MBbl/d of combined permitted capacity and moved water to 13 third-party facilities with about 180 MBbl/d of permitted capacity.[7][10][11]
For Q1 2026, reported segment revenue was $204.1 million from Gathering, $148.4 million from Processing and Storage, and $37.6 million from Terminaling and Export. These represent approximately 52.3%, 38.0% and 9.6%, respectively, of the $390.1 million total, calculated from the reported segment figures.[12] [6][7][8][9][10][11][12]
Geographic presence
Hess Midstream LP’s operating footprint is concentrated in the Bakken and Three Forks shale plays of the Williston Basin in North Dakota, with substantially all of its assets located in the Bakken [2][13]. Its natural-gas and NGL gathering network extends primarily across McKenzie, Williams and Mountrail Counties. Key facilities include the Tioga Gas Plant in Tioga, the LM4 plant in McKenzie County, the Hawkeye Oil Facility in McKenzie County, and the Ramberg Terminal in Williams County [6][14][9][15][16]. Produced-water gathering is concentrated mainly in Williams and Mountrail Counties [11].
The North Dakota assets connect to markets and infrastructure beyond the operating area: Tioga gas can reach Chicago, Illinois, and Ventura, Iowa; ethane can be shipped to Canada; and y-grade liquids move toward Bushton, Kansas, with access to Mont Belvieu, Texas. Crude transported by rail from Tioga can reach the U.S. East, West and Gulf Coasts [17][18]. The reviewed reporting does not provide revenue by geographic region; it reports that Chevron-related fee agreements represented 95% of revenue in the first half of 2026, a customer-concentration figure rather than a regional revenue split [19]. The 2025 Form 10-K lists the principal executive office in Houston, Texas, and approximately 195 full-time employee equivalents at year-end 2025, without a geographic breakdown of employees [20]. [2][13][6][14][9][15][16][11][17][18][19][20]
Business segments
Hess Midstream LP reports three operating segments. Gathering handles natural-gas and NGL gathering and compression, crude-oil gathering, and produced-water gathering and transport. In 2025, it generated $870.6 million in revenue—about 53.7% of the three segments’ combined revenue—and $643.4 million in Adjusted EBITDA, about 51.6% of their combined Adjusted EBITDA.[21][22] [21][22][22][23][24][25][26][22][22][27][28][29][30][22][22][31][32][33][34][35]
Company history
Hess Midstream was formed in 2014 by Hess to own and develop midstream assets, and in 2015 Hess and Global Infrastructure Partners established Hess Infrastructure Partners as a 50/50 joint venture. In April 2017, Hess Midstream completed its IPO and listed its units on the New York Stock Exchange; the initial assets included interests in North Dakota pipeline, gas-processing and export-logistics infrastructure, as well as Mentor storage.[36][37][38][39]
In March 2019, Hess Infrastructure Partners acquired Hess’s Bakken water-services business. That year, Hess Midstream announced an expansion of the Tioga Gas Plant, adding 150 million cubic feet per day of planned capacity; the project was completed in 2021.[38][40][41]
In December 2019, Hess Midstream acquired Hess Infrastructure Partners, including its remaining interests in the joint midstream assets, the water-services business and the partnership’s general-partner and incentive distribution rights. The transaction also reorganized the company from a publicly traded master limited partnership into an “Up-C” structure, with public holders exchanging their units for Class A shares that began trading on the NYSE on December 17.[42]
Chevron completed its acquisition of Hess in July 2025, becoming Hess Midstream’s sponsor through Hess’s interest; Jonathan C. Stein became chief executive officer of the general-partner LLC effective July 18.[43][44][45] [37][38][42][43][44][36][39][40][41][45]
Sources
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