Item 1. Financial Statements
Item 1. Financial Statements
September 30,
December 31,
2025
2024
(in millions, except share amounts)
Assets
Cash and cash equivalents
$
5.5
$
4.3
Accounts receivable from contracts with customers:
Accounts receivable—trade
5.1
3.6
Accounts receivable—affiliate
145.4
135.3
Prepaid insurance
8.2
5.9
Other current assets
4.0
0.3
Total current assets
168.2
149.4
Equity investments
84.5
87.0
Property, plant and equipment, net
3,376.3
3,325.4
Long-term receivable—affiliate
-
0.2
Deferred tax asset
804.0
582.6
Other noncurrent assets
4.7
6.4
Total assets
$
4,437.7
$
4,151.0
Liabilities
Accounts payable—trade
$
40.4
$
55.9
Accounts payable—affiliate
53.0
33.5
Accrued liabilities
89.9
93.8
Current maturities of long-term debt
30.0
22.5
Other current liabilities
11.0
13.6
Total current liabilities
224.3
219.3
Long-term debt
3,764.9
3,449.4
Deferred tax liability
0.5
0.5
Other noncurrent liabilities
21.5
16.5
Total liabilities
4,011.2
3,685.7
Partners’ capital
Class A shares ( 129,378,474 shares issued and outstanding as of
September 30, 2025; 104,086,900 shares issued and outstanding
as of December 31, 2024)
572.5
530.7
Class B shares ( 78,283,296 shares issued and outstanding as of
September 30, 2025; 113,927,226 shares issued and outstanding as of
December 31, 2024)
-
-
Total Class A and Class B partners’ capital
572.5
530.7
Noncontrolling interest
( 146.0
)
( 65.4
)
Total partners’ capital
426.5
465.3
Total liabilities and partners’ capital
$
4,437.7
$
4,151.0
See accompanying notes to unaudited consolidated financial statements.
2
PART I—FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
Table of Contents
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions, except per share data)
Revenues
Affiliate services
$
405.6
$
371.4
$
1,185.2
$
1,079.3
Third-party services
14.0
6.2
28.9
17.6
Other income
1.3
0.9
3.0
2.7
Total revenues
420.9
378.5
1,217.1
1,099.6
Costs and expenses
Operating and maintenance expenses (exclusive of
depreciation shown separately below)
98.1
89.0
277.8
254.6
Depreciation expense
56.6
51.5
159.9
151.8
General and administrative expenses
7.3
6.3
22.9
17.2
Total operating costs and expenses
162.0
146.8
460.6
423.6
Income from operations
258.9
231.7
756.5
676.0
Income from equity investments
5.2
3.7
12.6
10.1
Interest expense, net
57.1
51.8
168.9
150.0
Income before income tax expense
207.0
183.6
600.2
536.1
Income tax expense
31.5
18.9
83.6
49.2
Net income
175.5
164.7
516.6
486.9
Less: Net income attributable to noncontrolling interest
77.8
106.1
257.0
334.2
Net income attributable to Hess Midstream LP
$
97.7
$
58.6
$
259.6
$
152.7
Net income attributable to Hess Midstream LP
per Class A share:
Basic
$
0.75
$
0.63
$
2.15
$
1.82
Diluted
$
0.75
$
0.63
$
2.14
$
1.82
Weighted average Class A shares outstanding
Basic
130.3
93.0
120.9
84.0
Diluted
130.3
93.0
121.0
84.0
See accompanying notes to unaudited consolidated financial statements.
3
PART I—FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
(UNAUDITED)
Partners’ Capital
Class A
Shares
Class B
Shares
Noncontrolling
Interest
Total
(in millions)
Balance at December 31, 2024
$
530.7
$
-
$
( 65.4
)
$
465.3
Net income
71.6
-
89.8
161.4
Equity-based compensation
0.3
-
-
0.3
Distributions - $ 0.7012 per share
( 73.0
)
-
( 78.1
)
( 151.1
)
Deferred tax asset
137.8
-
-
137.8
Sale of shares held by Sponsors
( 16.9
)
-
16.9
-
Share and unit repurchases
( 48.8
)
-
( 51.2
)
( 100.0
)
Transaction costs
( 0.4
)
-
( 0.4
)
( 0.8
)
Balance at March 31, 2025
$
601.3
$
-
$
( 88.4
)
$
512.9
Net income
90.3
-
89.4
179.7
Equity-based compensation
0.3
-
-
0.3
Distributions - $ 0.7098 per share
( 82.9
)
-
( 70.1
)
( 153.0
)
Deferred tax asset
168.9
-
-
168.9
Sale of shares held by Sponsors
( 28.0
)
-
28.0
-
Share and unit repurchases
( 114.2
)
-
( 85.8
)
( 200.0
)
Transaction costs
( 0.7
)
-
( 0.5
)
( 1.2
)
Balance at June 30, 2025
$
635.0
$
-
$
( 127.4
)
$
507.6
Net income
97.7
-
77.8
175.5
Equity-based compensation
0.8
-
-
0.8
Distributions - $ 0.7370 per share
( 96.6
)
-
( 58.2
)
( 154.8
)
Deferred tax asset
( 1.7
)
-
-
( 1.7
)
Share and unit repurchases
( 62.1
)
-
( 37.9
)
( 100.0
)
Transaction costs
( 0.6
)
-
( 0.3
)
( 0.9
)
Balance at September 30, 2025
$
572.5
$
-
$
( 146.0
)
$
426.5
Balance at December 31, 2023
$
340.2
$
-
$
23.0
$
363.2
Net income
44.6
-
117.3
161.9
Equity-based compensation
0.5
-
-
0.5
Distributions - $ 0.6343 per share
( 50.7
)
-
( 92.9
)
( 143.6
)
Deferred tax asset
100.4
-
-
100.4
Sale of shares held by Sponsors
5.2
-
( 5.2
)
-
Share and unit repurchases
( 35.6
)
-
( 64.4
)
( 100.0
)
Transaction costs
( 0.3
)
-
( 0.4
)
( 0.7
)
Balance at March 31, 2024
$
404.3
$
-
$
( 22.6
)
$
381.7
Net income
49.5
-
110.8
160.3
Equity-based compensation
0.1
-
-
0.1
Distributions - $ 0.6516 per share
( 52.1
)
-
( 93.6
)
( 145.7
)
Deferred tax asset
107.0
-
-
107.0
Sale of shares held by Sponsors
( 2.7
)
-
2.7
-
Share and unit repurchases
( 41.3
)
-
( 58.7
)
( 100.0
)
Transaction costs
( 0.3
)
-
( 0.5
)
( 0.8
)
Balance at June 30, 2024
$
464.5
$
-
$
( 61.9
)
$
402.6
Net income
58.6
-
106.1
164.7
Equity-based compensation
0.5
-
-
0.5
Distributions - $ 0.6677 per share
( 61.1
)
-
( 86.4
)
( 147.5
)
Deferred tax asset
122.4
-
-
122.4
Sale of shares held by Sponsors
( 11.1
)
-
11.1
-
Share and unit repurchases
( 42.5
)
-
( 57.5
)
( 100.0
)
Transaction costs
( 0.3
)
-
( 0.6
)
( 0.9
)
Balance at September 30, 2024
$
531.0
$
-
$
( 89.2
)
$
441.8
See accompanying notes to unaudited consolidated financial statements.
4
PART I—FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
Table of Contents
CONSOLIDATED S TATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
2025
2024
(in millions)
Cash flows from operating activities
Net income
$
516.6
$
486.9
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation expense
159.9
151.8
Income from equity investments
( 12.6
)
( 10.1
)
Distributions from equity investments
15.1
11.8
Amortization of deferred financing costs
11.1
7.0
Equity-based compensation expense
1.4
1.1
Deferred income tax expense
83.6
49.0
Changes in assets and liabilities:
Accounts receivable – trade
( 1.5
)
( 1.6
)
Accounts receivable – affiliate
( 9.9
)
( 5.0
)
Other current and noncurrent assets
( 5.9
)
( 5.8
)
Accounts payable – trade
( 15.5
)
4.0
Accounts payable – affiliate
( 2.8
)
( 6.0
)
Accrued liabilities
7.1
13.9
Other current and noncurrent liabilities
( 8.4
)
( 15.2
)
Net cash provided by operating activities
738.2
681.8
Cash flows from investing activities
Additions to property, plant and equipment
( 188.9
)
( 211.0
)
Net cash used in investing activities
( 188.9
)
( 211.0
)
Cash flows from financing activities
Net proceeds from (repayments of) borrowings with maturities of 90
days or less
341.0
( 310.0
)
Borrowings with maturities of greater than 90 days:
Proceeds
800.0
600.0
Repayments
( 815.0
)
( 7.5
)
Deferred financing costs
( 12.5
)
( 9.5
)
Transaction costs
( 2.7
)
( 2.1
)
Share and unit repurchases
( 400.0
)
( 300.0
)
Distributions to shareholders
( 252.5
)
( 163.9
)
Distributions to noncontrolling interest
( 206.4
)
( 272.9
)
Net cash used in financing activities
( 548.1
)
( 465.9
)
Increase in cash and cash equivalents
1.2
4.9
Cash and cash equivalents, beginning of period
4.3
5.4
Cash and cash equivalents, end of period
$
5.5
$
10.3
Supplemental disclosure of non-cash investing and financing activities:
(Increase) decrease in accrued capital expenditures and related liabilities
$
( 11.0
)
$
6.8
Recognition of deferred tax asset
$
305.0
$
329.8
See accompanying notes to unaudited consolidated financial statements.
5
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Note 1. Basis of Presentation
Unless the context otherwise requires, references in this report to the “Company,” “we,” “our,” “us” or like terms, refer to Hess Midstream LP and its subsidiaries. References to “Sponsor” or “Sponsors” refer to (a) Hess Corporation (“Hess”) and GIP II Blue Holding, L.P. (“GIP”) when referring to periods prior to May 30, 2025, (b) Hess from May 30, 2025 to July 17, 2025, and (c) Chevron from July 18, 2025 to present.
As used in this report, the term “Chevron” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
The consolidated financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at September 30, 2025 and December 31, 2024, the consolidated results of operations for the three and nine months ended September 30, 2025 and 2024, and the consolidated cash flows for the nine months ended September 30, 2025 and 2024. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to comprehensive income (loss). The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year.
The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These financial statements, therefore, should be read in conjunction with the financial statements and related notes included in the Company’s annual report on Form 10‑K for the year ended December 31, 2024.
We consolidate the activities of Hess Midstream Operations LP (the “Partnership”), as a variable interest entity (“VIE”) under GAAP. We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our ownership, to direct those activities that most significantly impact the economic performance of the Partnership. This conclusion was based on a qualitative analysis that considered the Partnership’s governance structure and the delegation of control provisions, which provide us with the ability to control the operations of the Partnership. All financial statement activities associated with the VIE are captured within gathering, processing and storage, and terminaling and export segments (see Note 11, Segments ). We currently do not have any independent assets or operations other than our interest in the Partnership. At September 30, 2025, our noncontrolling interest represents an approximate 37.7 % interest in the Partnership retained by our Sponsor (December 31, 2024: 52.3 % ).
On May 30, 2025, GIP sold all of its limited partner interests in the Partnership and no longer holds a direct or indirect ownership interest in the Company, the Partnership or our general partner. See Note 2, Equity Transactions for more details.
On July 18, 2025, Hess and Chevron completed the previously announced merger contemplated by the Agreement and Plan of Merger, dated as of October 22, 2023 (the “Merger”). As a result of the Merger, Chevron is the direct parent of Hess and, therefore, indirectly owns each of the following:
• 100 % of the limited liability company interests in Hess Infrastructure Partners GP LLC, the sole member of the general partner of our general partner;
• 100 % of the limited liability company interests in Hess Midstream GP LLC, the general partner of our general partner;
• 100 % of the partnership interests in Hess Midstream GP LP, our general partner;
• 100 % of the limited liability company interests in Hess Investments North Dakota LLC (“HINDL”), the holder of 449,000 Class A shares representing limited partner interests in the Company (“Class A Shares”) and all of the issued and outstanding Class B shares representing limited partner interests in the Company (“Class B Shares”) and Class B units representing limited partner interests in the Partnership (“Class B Units”), which Class B Shares and Class B Units together are exchangeable into Class A Shares and, together with HINDL’s Class A Shares, collectively represent an approximate 37.9 % interest in the Company on a consolidated basis.
6
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Throughout this filing and depending on the context, we make references to Chevron, as Chevron, following the completion of the Merger, is our Sponsor and indirectly wholly owns our general partner. Our historical commercial, omnibus and employee secondment agreements with Hess remain in effect subsequent to the Merger, and we refer to Chevron as the counterparty to these agreements, as Chevron currently wholly owns the Hess entities that are counterparties to these agreements.
New Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires, among other disclosures, greater disaggregation of information, the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU will be effective for the Company for the year ending December 31, 2025. We do not expect this ASU to have a material impact on our consolidated financial statements or disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses. This ASU requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The ASU is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this new ASU on our consolidated financial statements.
Note 2. Equity Transactions
Equity Offering Transactions
On February 8, 2024, GIP sold an aggregate of 11,500,000 of our Class A Shares, inclusive of the underwriter’s option to purchase up to 1,500,000 additional Class A Shares, which was fully exercised, in an underwritten public offering at a price to the underwriter of $ 32.83 per Class A Share. GIP received net proceeds from the offering of approximately $ 377.5 million.
On May 31, 2024, GIP sold an aggregate of 10,000,000 of our Class A Shares in an underwritten public offering at a price to the underwriter of $ 34.025 per Class A Share. GIP also granted the underwriter an option to purchase up to an additional 1,500,000 Class A Shares at the same price per Class A share, which was exercised in full on June 3, 2024. GIP received net proceeds from the offering of approximately $ 391.3 million.
On September 20, 2024, GIP sold an aggregate of 12,650,000 of our Class A Shares, inclusive of the underwriter’s option to purchase up to 1,650,000 additional Class A Shares, which was fully exercised, in an underwritten public offering at a price to the underwriter of $ 35.12 per Class A Share. GIP received net proceeds from the offering of approximately $ 444.3 million.
On February 12, 2025, GIP sold an aggregate of 11,000,000 of our Class A Shares in an underwritten public offering at a price of $ 39.45 per Class A Share, less underwriting discounts. GIP also granted the underwriter an option to purchase up to an additional 1,650,000 Class A Shares at the same price per Class A Share, which was exercised in full on February 19, 2025. GIP received net proceeds from the offering of approximately $ 494.7 million, after deducting underwriting discounts.
On May 30, 2025, GIP sold an aggregate of 15,022,517 of our Class A Shares in an underwritten public offering at a price of $ 37.25 per Class A Share, less underwriting discounts. GIP received net proceeds from the offering of approximately $ 553.7 million, after deducting underwriting discounts. As of the closing of the offering, GIP no longer held a direct or indirect ownership interest in any of the Company, the Partnership or our general partner.
The Company did no t receive any proceeds in the above equity offering transactions. The above equity offering transactions were conducted pursuant to a registration rights agreement among us and the Sponsors. The Class A Shares sold in the offerings were obtained by GIP by exchanging to us a corresponding number of Class B Units held by GIP, together with an equal number of Class B Shares held by the Company’s general partner. As a result, the total number of the Company’s Class A Shares and Class B Shares did not change. The Company retained control in the Partnership based on the delegation of control provisions, as described in Note 1, Basis of Presentation . As a result of the equity offering transactions described above, we recognized adjustments decreasing the carrying amount of the Class A shareholders’ capital balance by $ 44.9 million during the nine months ended September 30, 2025 (nine months ended September 30, 2024: $ 8.6 million) and increasing the carrying amount of noncontrolling interest by an equal amount to reflect the change in ownership interest.
7
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Class B Unit Repurchases
On March 11, 2024, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsors 2,816,901 Class B Units for an aggregate purchase price of approximately $ 100.0 million. The repurchase transaction was consummated on March 14, 2024. The purchase price per Class B Unit was $ 35.50 , the closing price of the Class A Shares on March 11, 2024.
On June 24, 2024, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsors 2,724,052 Class B Units for an aggregate purchase price of approximately $ 100.0 million. The repurchase transaction was consummated on June 26, 2024. The purchase price per Class B Unit was $ 36.71 , the closing price of the Class A Shares on June 24, 2024.
On September 9, 2024, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsors 2,823,262 Class B Units for an aggregate purchase price of approximately $ 100.0 million. The repurchase transaction was consummated on September 11, 2024. The purchase price per Class B Unit was $ 35.42 , the closing price of the Class A Shares on September 9, 2024.
On January 13, 2025, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsors 2,572,677 Class B Units for an aggregate purchase price of approximately $ 100.0 million. The repurchase transaction was consummated on January 15, 2025. The purchase price per Class B Unit was $ 38.87 , the closing price of the Class A Shares on January 13, 2025.
On May 5, 2025, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsors 5,151,842 Class B Units for an aggregate purchase price of approximately $ 190.0 million. The repurchase transaction was consummated on May 9, 2025. The purchase price per Class B Unit was $ 36.88 , the closing price of the Class A Shares on May 5, 2025.
On August 4, 2025, the Company, the Partnership and our Sponsor entered into a unit repurchase agreement, pursuant to which the Partnership agreed to purchase from the Sponsor 695,894 Class B Units for an aggregate purchase price of approximately $ 30.0 million. The repurchase transaction was consummated on August 8, 2025. The purchase price per Class B Unit was $ 43.11 , the closing price of the Class A Shares on August 4, 2025.
Pursuant to the terms of the unit repurchase agreements described above, immediately following each purchase of the Class B Units from the Sponsors, the Partnership cancelled the repurchased units, and the Company cancelled, for no consideration, an equal number of its Class B Shares.
Accelerated Share Repurchases
In the second quarter of 2025, we repurchased $ 10.0 million of our publicly traded Class A Shares through an accelerated share repurchase (“ASR”) transaction with a financial institution. Under the terms of the ASR, we paid $ 10.0 million in cash to the financial institution and received 267,532 Class A Shares as determined by the average of the daily volume-weighted average prices of Class A Shares during the term of the transaction.
In the third quarter of 2025, we repurchased $ 70.0 million of our publicly traded Class A Shares through an ASR transaction with a financial institution. Under the terms of the ASR, we paid $ 70.0 million in cash to the financial institution and received 1,706,118 Class A Shares as determined by the average of the daily volume-weighted average prices of Class A Shares during the term of the transaction.
Following the settlement of the ASR transactions, the Company cancelled the repurchased Class A Shares, and the Partnership cancelled, for no consideration, an equal number of its Class A units representing limited partner interests in the Partnership.
The Class B Unit repurchase and ASR transactions described above were funded using borrowings under the Partnership’s existing revolving credit facility (see Note 6, Debt and Interest Expense ).
8
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
The Class B Unit repurchase and ASR transactions were accounted for in accordance with Accounting Standards Codification 810, whereby changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions. The carrying amounts of the noncontrolling interest were adjusted to reflect the changes in the ownership interest with the difference between the amounts of consideration paid and the amounts by which the noncontrolling interest were adjusted recognized as a reduction in equity attributable to Class A shareholders. Distributions to noncontrolling interest holders related to the 2024 repurchase transactions exceeded the noncontrolling interest’s carrying value resulting in a deficit balance as shown in the accompanying unaudited consolidated statement of changes in partners’ capital (deficit).
We incurred approximately $ 2.9 million of costs directly attributable to the repurchase transactions that were charged to equity during the nine months ended September 30, 2025 (nine months ended September 30, 2024: $ 2.4 million).
As a result of the equity offering, Class B Unit repurchase and ASR transactions described above, we also recognized an additional deferred tax asset of $ 305.0 million during the nine months ended September 30, 2025 (nine months ended September 30, 2024: $ 329.8 million) related to the change in the temporary difference between the carrying amount and the tax basis of our investment in the Partnership. The effect of recognizing the additional deferred tax asset was included in Class A shareholders’ equity balance in the accompanying unaudited consolidated statement of changes in partners’ capital (deficit) due to the transactions being characterized as transactions among or with shareholders.
Note 3. Related Party Transactions
In addition to the Class B Unit repurchase transactions and distributions to the Sponsors disclosed elsewhere in the Notes to consolidated financial statements, we had the following related party transactions:
Commercial Agreements
We have long-term fee-based commercial agreements with certain subsidiaries of Chevron to provide (i) gas gathering, (ii) crude oil gathering, (iii) gas processing and fractionation, (iv) storage services, (v) terminaling and export services, and (vi) water handling services.
For the services performed under these commercial agreements, we receive a fee per barrel of crude oil, barrel of water, Mcf of natural gas, or Mcf equivalent of natural gas liquids (“NGLs”), as applicable, delivered during each month, and Chevron is obligated to provide us with minimum volumes of crude oil, water, natural gas and NGLs. Minimum volume commitments (“MVCs”) are equal to 80 % of Chevron’s nominations in each development plan that apply on a three-year rolling basis such that MVCs are set for the three years following the most recent nomination. Without our consent, the MVCs resulting from the nominated volumes for any quarter or year contained in any prior development plan cannot be reduced by any updated development plan unless dedicated production is released by us. The applicable MVCs may, however, be increased as a result of the nominations contained in any such updated development plan. If Chevron fails to deliver its applicable MVCs during any quarter, then Chevron will pay us a shortfall fee equal to the volume of the deficiency multiplied by the applicable fee.
9
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Except for the water services agreements and except for a certain gathering sub-system as described below, each of our commercial agreements with Chevron had an initial 10 -year term effective January 1, 2014 (“Initial Term”). For this gathering sub-system, the Initial Term is 15 years effective January 1, 2014 and for the water services agreements the Initial Term is 14 years effective January 1, 2019. Each of our commercial agreements other than our storage services agreement includes an inflation escalator capped at 3 % in any calendar year and a fee recalculation mechanism that allows fees to be adjusted annually during the Initial Term for updated estimates of cumulative throughput volumes and our capital and operating expenditures in order to target a return on capital deployed over the Initial Term of the applicable commercial agreement (or, with respect to the crude oil services fee under our terminal and export services agreement, the 20 -year period commencing on the effective date of the agreement).
For certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Chevron, we exercised our renewal options to extend each of these commercial agreements for one additional 10 -year term (“Secondary Term”) effective January 1, 2024 through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options. For the remaining gathering sub-system, the Secondary Term is 5 years, and for the water services agreements the Secondary Term is 10 years, and we have the sole option to renew these remaining agreements for their Secondary Term that is exercisable at a later date. Upon the expiration of the Secondary Term, if any, the agreements will automatically renew for subsequent one-year periods unless terminated by either party no later than 180 days prior to the end of the applicable Secondary Term.
Consistent with the existing terms of the commercial agreements, during the Secondary Term of each of our commercial agreements other than our storage services agreement and terminal and export services agreement (with respect to crude oil terminaling services), the fee recalculation model under each applicable agreement is replaced by an inflation-based fee structure. The initial fee for the first year of the Secondary Term is determined based on the average fees paid by Chevron under the applicable agreement during the last three years of the Initial Term (with such fees adjusted for inflation through the first year of the Secondary Term). For each year following the first year of the Secondary Term, the applicable fee is adjusted annually based on the percentage change in the consumer price index, provided that we may not increase any fee by more than 3 % in any calendar year solely by reason of an increase in the consumer price index, and no fee may ever be reduced below the amount of the applicable fee payable by Chevron in the prior year as a result of a decrease in the consumer price index. During the Secondary Term, MVCs continue to be set at 80 % of Chevron’s nominated volumes in each development plan set three years in advance. Except for the crude oil terminaling and water handling services, Chevron is entitled to receive a credit, calculated in barrels or Mcf, as applicable, with respect to the amount of any shortfall fee paid by Chevron and may apply such credit against any volumes delivered to us under the applicable agreement in excess of Chevron’s nominated volumes during any of the following four quarters after such credit is earned, after which time any unused credits will expire. The shortfall amounts received under MVCs during the Secondary Term (except for the crude oil terminaling and water handling services) are recorded as deferred revenue and recognized as revenue as the credits are utilized or expire . At September 30, 2025, deferred revenue included in Accrued liabilities in the accompanying unaudited consolidated balance sheet was $ 1.8 million (December 31, 2024: $ 2.6 million ).
Revenues attributable to our fee‑based commercial agreements with Chevron, including revenues from third‑party volumes contracted with Chevron and del ivered to us under these agreements, for the three and nine months ended September 30, 2025 were 96 % and 97 % , respectively, compared with 98 % for both the three and nine months ended September 30, 2024. In 2023, we began providing fee-based services directly to third-party customers. Together with our Sponsor, we are pursuing strategic relationships with third‑party producers and other midstream companies with operations in the Bakken in order to maximize our utilization rates.
10
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Revenues from contracts with customers, including affiliate services and third-party services, on a disaggregated basis are as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions)
Affiliate services
Oil and gas gathering services
$
186.2
$
171.0
$
543.6
$
495.6
Processing and storage services
151.4
140.8
447.3
411.4
Terminaling and export services
32.7
28.9
95.3
85.9
Water gathering and disposal services
35.3
30.7
99.0
86.4
Total affiliate services
$
405.6
$
371.4
$
1,185.2
$
1,079.3
Third-party services
14.0
6.2
28.9
17.6
Total revenues from contracts with customers
$
419.6
$
377.6
$
1,214.1
$
1,096.9
Other income
1.3
0.9
3.0
2.7
Total revenues
$
420.9
$
378.5
$
1,217.1
$
1,099.6
The following table presents third-party pass-through costs for which we recognize revenues in an amount equal to the costs. These pass-through revenues are included in Affiliate services, and the related pass-through costs are included in Operating and maintenance expenses in the accompanying unaudited consolidated statements of operations.
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions)
Electricity and other related fees
$
13.8
$
13.6
$
43.6
$
40.6
Produced water trucking and disposal costs
13.1
11.2
35.1
30.5
Total
$
26.9
$
24.8
$
78.7
$
71.1
Omnibus and Employee Secondment Agreements
Under our omnibus and employee secondment agreements, Chevron provides substantial operational and administrative services to us in support of our assets and operations. For the three and nine months ended September 30, 2025 and 2024, we had the following charges from Chevron included in Operating and maintenance expenses and General and administrative expenses in the accompanying unaudited consolidated statement of operations. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the fundamental nature of the services being performed for our operations.
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions)
Operating and maintenance expenses
$
26.4
$
21.0
$
76.3
$
60.6
General and administrative expenses
4.9
3.9
15.2
10.9
Total
$
31.3
$
24.9
$
91.5
$
71.5
11
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
LM4 Agreements
Separately from our commercial agreements with Chevron, we entered into a gas processing agreement with Little Missouri 4 (“LM4”), a 50 / 50 joint venture with Targa Resources Corp., under which we pay a processing fee per Mcf of natural gas and reimburse LM4 for our proportionate share of electricity costs. These processing fees are included in Operating and maintenance expenses in the accompanying unaudited consolidated statements of operations. In addition, we share profits and losses and receive distributions from LM4 under the LM4 amended and restated limited liability company agreement based on our ownership interest. For the three and nine months ended September 30, 2025 and 2024, we had the following activity related to our agreements with LM4:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in millions)
Processing fee incurred
$
10.3
$
8.4
$
27.8
$
23.8
Earnings from equity investments
5.2
3.7
12.6
10.1
Distributions received from equity investments
5.5
4.4
15.1
11.8
Note 4. Property, Plant and Equipment
Property, plant and equipment, at cost, is as follows:
Estimated useful lives
September 30, 2025
December 31, 2024
(in millions, except for number of years)
Gathering assets
Pipelines
22 years
$
1,914.3
$
1,782.7
Compressors, pumping stations and terminals
22 to 25 years
1,197.2
1,109.1
Gas plant assets
Pipelines, pipes and valves
22 to 25 years
460.0
460.0
Equipment
12 to 30 years
431.2
428.2
Processing and fractionation facilities
25 years
444.0
436.1
Buildings
35 years
182.3
182.3
Logistics facilities and railcars
20 to 25 years
410.7
409.8
Storage facilities
20 to 25 years
19.9
19.9
Other
20 to 25 years
51.8
39.0
Construction-in-progress
N/A
215.9
250.1
Total property, plant and equipment, at cost
5,327.3
5,117.2
Accumulated depreciation
( 1,951.0
)
( 1,791.8
)
Property, plant and equipment, net
$
3,376.3
$
3,325.4
Note 5. Accrued Liabilities
Accrued liabilities are as follows:
September 30, 2025
December 31, 2024
(in millions)
Accrued interest
$
40.3
$
38.6
Accrued capital expenditures
15.9
27.1
Other accruals
33.7
28.1
Total
$
89.9
$
93.8
12
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Note 6. Debt and Interest Expense
Fixed‑Rate Senior Notes
On February 12, 2025, the Partnership issued $ 800.0 million aggregate principal amount of 5.875 % fixed‑rate senior unsecured notes due 2028 to qualified institutional investors. Interest is payable semi‑annually on March 1 and September 1 , commencing September 1, 2025. The Partnership used the net proceeds from the issuance of the new notes, along with borrowings under its revolving credit facility, to redeem its outstanding $ 800.0 million aggregate principal amount of 5.625 % fixed‑rate senior unsecured notes due 2026 (the “2026 Notes”). The Partnership redeemed the 2026 Notes on March 5, 2025, and recognized an extinguishment loss of approximately $ 2.0 million included in Interest expense, net in the accompanying unaudited consolidated statements of operations.
As of September 30, 2025, the Partnership had:
• $ 400.0 million aggregate principal amount of 5.500 % fixed‑rate senior unsecured notes due 2030 that were issued to qualified institutional investors. Interest is payable semi‑annually on April 15 and October 15.
• $ 750.0 million aggregate principal amount of 4.250 % fixed‑rate senior unsecured notes due 2030 that were issued to qualified institutional investors. Interest is payable semi‑annually on February 15 and August 15.
• $ 600.0 million aggregate principal amount of 6.500 % fixed‑rate senior unsecured notes due 2029 that were issued to qualified institutional investors. Interest is payable semi‑annually on June 1 and December 1.
• $ 550.0 million aggregate principal amount of 5.125 % fixed‑rate senior unsecured notes due 2028 that were issued to qualified institutional investors. Interest is payable semi‑annually on June 15 and December 15.
• $ 800.0 million aggregate principal amount of 5.875 % fixed‑rate senior unsecured notes due 2028 that were issued to qualified institutional investors. Interest is payable semi‑annually on March 1 and September 1 .
Each of the indentures for the senior unsecured notes described above contains covenants that the Partnership considers to be customary. On July 24, 2025 (the “Investment Grade Rating Date”), the Partnership received an investment grade rating from S&P Global Ratings (“S&P”). S&P assigned a rating of ‘BBB-’ to the Partnership’s unsecured debt and raised the Partnership’s issuer level credit rating to ‘BBB-’, with a stable outlook. As a result of this investment grade rating, the Partnership is not required to comply with certain restrictive covenants set forth in the unsecured notes indentures, including those related to (i) declaring or paying any dividend or making any other restricted payments; (ii) transfer or sale of assets or subsidiary stock; (iii) incurrence of additional debt; (iv) restricted investments; and (v) affiliate transactions. As of September 30, 2025, the Partnership was in compliance with all debt covenants under the indentures.
In addition, the covenants included in the indentures governing the senior unsecured notes contain provisions that allow the Company to satisfy the Partnership’s reporting obligations under the indenture, as long as any such financial information of the Company contains information reasonably sufficient to identify the material differences, if any, between the financial information of the Company, on the one hand, and the Partnership and its subsidiaries on a stand-alone basis, on the other hand, and the Company does not directly own capital stock of any person other than the Partnership and its subsidiaries, or material business operations that would not be consolidated with the financial results of the Partnership and its subsidiaries. The Company is a holding company and has no independent assets or operations. Other than the interest in the Partnership and the effect of federal and state income taxes that are recognized at the Company level, there are no material differences between the consolidated financial statements of the Partnership and the consolidated financial statements of the Company.
13
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Credit Facilities
As of September 30, 2025 , the Partnership had $ 1.4 billion senior unsecured credit facilities (the “Credit Facilities”) consisting of a $ 1.0 billion five-year revolving credit facility and a $ 400.0 million five‑year Term Loan A facility. The Credit Facilities mature in July 2027 . Facility fees accrue on the total capacity of the revolving credit facility. Borrowings under the five-year Term Loan A facility generally bear interest at Secured Overnight Financing Rate (“SOFR”) plus the applicable margin that, prior to the Investment Grade Rating Date, ranged from 1.65 % to 2.55 %, while the applicable margin for the five‑year syndicated revolving credit facility ranged from 1.375 % to 2.050 %. As a result of the investment grade rating, on and after the Investment Grade Rating Date, borrowings under the Partnership’s five-year Term Loan A facility bear interest at SOFR plus the applicable margin ranging from 1.10 % to 1.85 %, while the applicable margin for the five-year syndicated revolving credit facility ranges from 1.00 % to 1.60 %. On and after the Investment Grade Rating Date, pricing levels for the facility fee and interest rate margins are based on the Partnership’s Designated Rating (as defined in the Credit Facilities) . As of September 30, 2025, borrowings of $ 356.0 million were drawn and outstanding under the Partnership’s revolving credit facility, and borrowings of $ 370.0 million, excluding deferred issuance costs, were drawn and outstanding under the Partnership’s Term Loan A facility.
The Credit Facilities can be used for borrowings and letters of credit for general corporate purposes. After the Investment Grade Rating Date, each of the guarantors was released from its obligations under the guarantee agreement, each of the loan parties was released from its obligations under the security documents to which it was a party and all liens granted to the administrative agent by the loan parties on any collateral were released. Additionally, after the Investment Grade Rating Date, the covenant that requires the Partnership to maintain a ratio of secured debt to Consolidated EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter fell away. The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to Consolidated EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter ( 5.50 to 1.00 during the specified period following certain acquisitions). As of September 30, 2025, the Partnership was in compliance with this financial covenant.
Fair Value Measurement
At September 30, 2025, our total debt had a carrying value of $ 3,794.9 million and had a fair value of approximately $ 3,840.1 million, based on Level 2 inputs in the fair value measurement hierarchy. The carrying value of the amounts under the Term Loan A facility and revolving credit facility at September 30, 2025 , approximated their fair value. Any changes in interest rates do not impact cash outflows associated with fixed rate interest payments or settlement of debt principal, unless a debt instrument is repurchased prior to maturity.
Note 7. Partners’ Capital and Distributions
Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash, as defined in the partnership agreement, to shareholders of record on the applicable record date. The following table details the distributions declared and/or paid for the periods presented:
z
Period
Record Date
Distribution Date
Distribution per Class A Share
First Quarter 2024
May 2, 2024
May 14, 2024
$
0.6516
Second Quarter 2024
August 8, 2024
August 14, 2024
$
0.6677
Third Quarter 2024
November 7, 2024
November 14, 2024
$
0.6846
Fourth Quarter 2024
February 6, 2025
February 14, 2025
$
0.7012
First Quarter 2025
May 8, 2025
May 14, 2025
$
0.7098
Second Quarter 2025
August 7, 2025
August 14, 2025
$
0.7370
Third Quarter 2025 (1)
November 6, 2025
November 14, 2025
$
0.7548
(1) For more information, see Note 12, Subsequent Events.
14
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Note 8. Earnings per Share
We calculate earnings per Class A Share as we do not have any other participating securities. Substantially all of income tax expense is attributed to earnings of Class A Shares reflective of our organizational structure. Class B Units of the Partnership together with the equal number of Class B Shares of the Company are convertible to Class A Shares of the Company on a one -for-one basis. In addition, our restricted equity-based awards may have a dilutive effect on our earnings per share. Diluted earnings per Class A Share are calculated using the “treasury stock method” or “if-converted method,” whichever is more dilutive.
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share amounts)
2025
2024
2025
2024
Net income
$
175.5
$
164.7
$
516.6
$
486.9
Less: Net income attributable to noncontrolling interest
77.8
106.1
257.0
334.2
Net income attributable to Hess Midstream LP
97.7
58.6
259.6
152.7
Net income attributable to Hess Midstream LP
per Class A share:
Basic:
$
0.75
$
0.63
$
2.15
$
1.82
Diluted:
$
0.75
$
0.63
$
2.14
$
1.82
Weighted average Class A shares outstanding:
Basic:
130.3
93.0
120.9
84.0
Diluted:
130.3
93.0
121.0
84.0
For the three and nine months ended September 30, 2025 , the weighted average number of Class A Shares outstanding included 24,866 and 22,392 d ilutive restricted shares, respectively, compared with 30,413 and 29,566 dilutive restricted shares for the three and nine months ended September 30, 2024 , respectively.
Note 9. Concentration of Credit Risk
As of both September 30, 2025 and December 31, 2024, Chevron and its affiliates represented approximately 97 % of accounts receivable from contracts with customers. Total revenues attributable to Chevron for the three and nine months ended September 30, 2025 were 96 % and 97 % , respectively, compared with 98 % of revenues for both the three and nine months ended September 30, 2024 .
15
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Note 10. Commitments and Contingencies
Environmental Contingencies
The Company is subject to federal, state and local laws and regulations relating to the environment. On August 12, 2022, the Company became aware of a produced water release from an underground pipeline located approximately eight miles north of Ray, North Dakota. It is estimated that approximately 34,000 barrels of produced water were released, causing impacts to soils, crops, and groundwater. Remediation infrastructure was put in place and remediation and monitoring is ongoing.
As of September 30, 2025 our reserves for all estimated remediation liabilities, inclusive of the produced water release above, were $ 1.4 million in Accrued liabilities and $ 1.3 millio n in Other noncurrent li abilities , each in the accompanying unaudited consolidated balance sheet, compared with $ 1.9 million and $ 1.4 million, respectively, as of December 31, 2024.
Legal Proceedings
In the ordinary course of business, the Company is from time to time party to various judicial and administrative proceedings. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of a known contingency, we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued.
Based on currently available information, we believe it is remote that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows. Accordingly, as of September 30, 2025 and December 31, 2024 , we did no t have material accrued liabilities for legal contingencies.
Note 11. Segments
Our operations are located in the United States and are organized into three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export. Our reportable segments comprise the structure used by our Chief Executive Officer and Chief Financial Office r, who, collectively, have been determined to be our Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. These segments are strategic business units with differing products and services. Interest and Other includes certain functional departments that do not recognize revenues.
Our CODM evaluates the segments’ operating performance based on Adjusted EBITDA, defined as net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash and non‑recurring items, if applicable. For all of the segments, the CODM uses segment Adjusted EBITDA in the annual budgeting and monthly forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for Adjusted EBITDA on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.
16
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
The following tables reflect certain financial data for each reportable segment:
Gathering
Processing and Storage
Terminaling and Export
Total Reportable Segments
Interest and Other
Consolidated
(in millions)
For the Three Months Ended September 30, 2025
Revenues and other income
$
227.3
$
159.6
$
34.0
$
420.9
$
-
$
420.9
Operating and maintenance expenses
(exclusive of depreciation shown
separately below)
58.6
29.2
10.3
98.1
-
98.1
Depreciation expense
34.5
17.7
4.4
56.6
-
56.6
General and administrative expenses
2.7
1.9
0.3
4.9
2.4
7.3
Income from equity investments
-
5.2
-
5.2
-
5.2
Interest expense, net
-
-
-
-
57.1
57.1
Income tax expense
-
-
-
-
31.5
31.5
Adjusted EBITDA
166.0
133.7
23.4
323.1
Capital expenditures
76.0
3.5
0.3
79.8
Gathering
Processing and Storage
Terminaling and Export
Total Reportable Segments
Interest and Other
Consolidated
(in millions)
For the Three Months Ended September 30, 2024
Revenues and other income
$
203.5
$
145.1
$
29.9
$
378.5
$
-
$
378.5
Operating and maintenance expenses
(exclusive of depreciation shown
separately below)
51.3
30.3
7.4
89.0
-
89.0
Depreciation expense
32.2
15.0
4.3
51.5
-
51.5
General and administrative expenses
2.4
1.2
0.3
3.9
2.4
6.3
Income from equity investments
-
3.7
-
3.7
-
3.7
Interest expense, net
-
-
-
-
51.8
51.8
Income tax expense
-
-
-
-
18.9
18.9
Adjusted EBITDA
149.8
117.3
22.2
289.3
Capital expenditures
93.3
3.0
-
96.3
17
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Gathering
Processing and Storage
Terminaling and Export
Total Reportable Segments
Interest and Other
Consolidated
(in millions)
For the Nine Months Ended September 30, 2025
Revenues and other income
$
653.3
$
465.3
$
98.5
$
1,217.1
$
-
$
1,217.1
Operating and maintenance expenses
(exclusive of depreciation shown
separately below)
163.7
87.5
26.6
277.8
-
277.8
Depreciation expense
99.6
47.2
13.1
159.9
-
159.9
General and administrative expenses
8.9
5.5
0.8
15.2
7.7
22.9
Income from equity investments
-
12.6
-
12.6
-
12.6
Interest expense, net
-
-
-
-
168.9
168.9
Income tax expense
-
-
-
-
83.6
83.6
Adjusted EBITDA
480.7
384.9
71.1
936.7
Capital expenditures
188.8
10.7
0.4
199.9
Gathering
Processing and Storage
Terminaling and Export
Total Reportable Segments
Interest and Other
Consolidated
(in millions)
For the Nine Months Ended September 30, 2024
Revenues and other income
$
587.1
$
423.7
$
88.8
$
1,099.6
$
-
$
1,099.6
Operating and maintenance expenses
(exclusive of depreciation shown
separately below)
148.4
82.8
23.4
254.6
-
254.6
Depreciation expense
94.5
44.3
13.0
151.8
-
151.8
General and administrative expenses
6.8
3.4
0.7
10.9
6.3
17.2
Income from equity investments
-
10.1
-
10.1
-
10.1
Interest expense, net
-
-
-
-
150.0
150.0
Income tax expense
-
-
-
-
49.2
49.2
Adjusted EBITDA
431.9
347.6
64.7
844.2
Capital expenditures
194.5
9.6
0.1
204.2
The following table presents a reconciliation of reportable segment Adjusted EBITDA to income before income tax expense:
Three Months Ended September 30,
Nine Months Ended September 30, 2024
(in millions)
2025
2024
2025
2024
Reconciliation of reportable segment Adjusted
EBITDA to income before income tax expense:
Total reportable segment Adjusted EBITDA
$
323.1
$
289.3
$
936.7
$
844.2
Less:
Depreciation expense
56.6
51.5
159.9
151.8
Unallocated general and administrative expenses
2.4
2.4
7.7
6.3
Interest expense, net
57.1
51.8
168.9
150.0
Income before income tax expense
$
207.0
$
183.6
$
600.2
$
536.1
18
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Table of Contents
Total assets for the reportable segments are as follows:
September 30, 2025
December 31, 2024
(in millions)
Gathering
$
2,408.8
$
2,299.0
Processing and Storage (1)
978.5
1,010.9
Terminaling and Export
236.3
248.1
Total reportable segments assets
3,623.6
3,558.0
Interest and Other
814.1
593.0
Total consolidated assets
$
4,437.7
$
4,151.0
(1) Includes investment in equity investees of $ 84.5 million as of September 30, 2025 and $ 87.0 million as of December 31, 2024 .
Note 12. Subsequent Events
On October 27, 2025 , the board of directors of our general partner declared a quarterly cash distribution of $ 0.7548 per Class A Share for the quarter ended September 30, 2025. The distribution represents an increase of $ 0.0178 per Class A Share for the third quarter of 2025 as compared with the second quarter of 2025. The distribution will be payable on November 14, 2025 , to shareholders of record as of the close of business on November 6, 2025 . Simultaneously, the Partnership will make a distribution of $ 0.7548 per Class B Unit of the Partnership to our Sponsor.
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PART I – FINANCIAL INFORMATION (CONT’D)
Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.