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Jun 30, 2025
Hess Q2 2025 Earnings Report
Hess Midstream reported higher Q2 2025 earnings, driven by volume growth across all systems and an increase in tariff rates.
Key Takeaways
Hess Midstream delivered strong Q2 2025 results with net income of $179.7 million, boosted by higher throughput and improved margins, while reaffirming its 2025 EBITDA guidance.
Revenue rose to $414.2 million, reflecting higher volumes and tariff rates
Net income attributable to Hess Midstream LP was $90.3 million
EPS increased to $0.74 from $0.59 in Q2 2024
Operating cash flow reached $276.9 million, with $193.8 million in free cash flow
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hess Midstream reaffirmed its 2025 throughput and Adjusted EBITDA guidance, while updating net income and free cash flow projections due to ownership and interest expense changes.
Positive Outlook
- Full-year Adjusted EBITDA guidance reaffirmed at $1.235–$1.285 billion
- Targeting at least 5% annual distribution growth through 2027
- Expecting >10% growth in net income and EBITDA in 2026
- Guiding >10% growth in Adjusted Free Cash Flow in 2026
- Organic throughput growth expected through 2027 across all systems
Challenges Ahead
- Higher expected interest expense due to increased debt
- Increased income tax expense due to ownership structure changes
- No international diversification—fully reliant on U.S. operations
- Dependent on Chevron for significant volume
Historical Earnings Impact
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Avg. Return Before/After Earnings
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