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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39163

Hess Midstream LP

(Exact name of Registrant as specified in its charter)


DELAWARE	84-3211812
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

1501 McKinney Street	77010
Houston, TX (Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code, is (713) 496-4200)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A shares representing limited partner interests	HESM	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

131,084,592 Class A shares representing limited partner interests (“Class A Shares”) in the registrant were outstanding as of July 31, 2025.

HESS MIDSTREAM LP

FORM 10-Q

TABLE OF CONTENTS


Item		Page
No.		Number

	PART I—FINANCIAL INFORMATION

1.	Financial Statements (unaudited)
	Consolidated Balance Sheets at June 30, 2025 and December 31, 2024	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024	3
	Consolidated Statements of Changes in Partners’ Capital (Deficit) for the six months ended June 30, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	5
	Notes to Consolidated Financial Statements	6

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
3.	Quantitative and Qualitative Disclosures about Market Risk	35
4.	Controls and Procedures	35

	PART II—OTHER INFORMATION

1.	Legal Proceedings	36
1A.	Risk Factors	36
2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
5.	Other Information	36
6.	Exhibits	37

	Signatures	38
	Certifications

PART I—FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Item 1. Financial Statements


	June 30,			December 31,
	2025			2024
(in millions, except share amounts)
Assets
Cash and cash equivalents	$	4.5		$	4.3
Accounts receivable from contracts with customers:
Accounts receivable—trade		5.6			3.6
Accounts receivable—affiliate		138.4			135.3
Other current assets		2.4			6.2
Total current assets		150.9			149.4
Equity investments		84.8			87.0
Property, plant and equipment, net		3,344.7			3,325.4
Long-term receivable—affiliate		-			0.2
Deferred tax asset		837.3			582.6
Other noncurrent assets		5.4			6.4
Total assets	$	4,423.1		$	4,151.0
Liabilities
Accounts payable—trade	$	32.4		$	55.9
Accounts payable—affiliate		44.2			33.5
Accrued liabilities		102.2			93.8
Current maturities of long-term debt		27.5			22.5
Other current liabilities		7.2			13.6
Total current liabilities		213.5			219.3
Long-term debt		3,686.9			3,449.4
Deferred tax liability		0.5			0.5
Other noncurrent liabilities		14.6			16.5
Total liabilities		3,915.5			3,685.7
Partners’ capital
Class A shares (131,084,592 shares issued and outstanding as of June 30, 2025; 104,086,900 shares issued and outstanding as of December 31, 2024)		635.0			530.7
Class B shares (78,979,190 shares issued and outstanding as of June 30, 2025; 113,927,226 shares issued and outstanding as of December 31, 2024)		-			-
Total Class A and Class B partners’ capital		635.0			530.7
Noncontrolling interest		(127.4	)		(65.4	)
Total partners’ capital		507.6			465.3
Total liabilities and partners’ capital	$	4,423.1		$	4,151.0

See accompanying notes to unaudited consolidated financial statements.

PART I—FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(in millions, except per share data)
Revenues
Affiliate services	$	405.3	$	358.5	$	779.6	$	707.9
Third-party services		8.2		6.1		14.9		11.4
Other income		0.7		0.9		1.7		1.8
Total revenues		414.2		365.5		796.2		721.1
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		94.1		87.5		179.7		165.6
Depreciation expense		51.8		50.5		103.3		100.3
General and administrative expenses		8.1		5.2		15.6		10.9
Total operating costs and expenses		154.0		143.2		298.6		276.8
Income from operations		260.2		222.3		497.6		444.3
Income from equity investments		4.0		3.7		7.4		6.4
Interest expense, net		55.4		49.7		111.8		98.2
Income before income tax expense		208.8		176.3		393.2		352.5
Income tax expense		29.1		16.0		52.1		30.3
Net income		179.7		160.3		341.1		322.2
Less: Net income attributable to noncontrolling interest		89.4		110.8		179.2		228.1
Net income attributable to Hess Midstream LP	$	90.3	$	49.5	$	161.9	$	94.1

Net income attributable to Hess Midstream LP per Class A share:
Basic	$	0.74	$	0.59	$	1.39	$	1.19
Diluted	$	0.74	$	0.59	$	1.39	$	1.19
Weighted average Class A shares outstanding
Basic		121.8		83.8		116.3		79.5
Diluted		121.8		83.8		116.3		79.5

See accompanying notes to unaudited consolidated financial statements.

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	)
Recognition of 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	)
Recognition of 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

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	)
Recognition of 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	)
Recognition of 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

See accompanying notes to unaudited consolidated financial statements.

PART I—FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Six Months Ended June 30,
	2025			2024
(in millions)
Cash flows from operating activities
Net income	$	341.1		$	322.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		103.3			100.3
Income from equity investments		(7.4	)		(6.4	)
Distributions from equity investments		9.6			7.4
Amortization of deferred financing costs		8.1			4.4
Equity-based compensation expense		0.6			0.6
Deferred income tax expense		52.0			30.1
Changes in assets and liabilities:
Accounts receivable – trade		(2.0	)		(1.4	)
Accounts receivable – affiliate		(2.9	)		12.9
Other current and noncurrent assets		3.7			5.2
Accounts payable – trade		(23.5	)		(0.4	)
Accounts payable – affiliate		(1.2	)		(12.7	)
Accrued liabilities		8.6			5.1
Other current and noncurrent liabilities		(10.7	)		(10.4	)
Net cash provided by operating activities		479.3			456.9
Cash flows from investing activities
Additions to property, plant and equipment		(108.9	)		(118.7	)
Net cash used in investing activities		(108.9	)		(118.7	)
Cash flows from financing activities
Net proceeds from (repayments of) borrowings with maturities of 90 days or less		258.0			(340.0	)
Borrowings with maturities of greater than 90 days:
Proceeds		800.0			600.0
Repayments		(810.0	)		(5.0	)
Deferred financing costs		(12.5	)		(8.9	)
Transaction costs		(1.6	)		(0.8	)
Share and unit repurchases		(300.0	)		(200.0	)
Distributions to shareholders		(155.9	)		(102.8	)
Distributions to noncontrolling interest		(148.2	)		(186.5	)
Net cash used in financing activities		(370.2	)		(244.0	)
Increase in cash and cash equivalents		0.2			94.2
Cash and cash equivalents, beginning of period		4.3			5.4
Cash and cash equivalents, end of period	$	4.5		$	99.6
Supplemental disclosure of non-cash investing and financing activities:
(Increase) decrease in accrued capital expenditures and related liabilities	$	(11.2	)	$	10.8
Recognition of deferred tax asset	$	306.7		$	207.4

See accompanying notes to unaudited consolidated financial statements.

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 Hess Corporation (“Hess”) and GIP II Blue Holding, L.P. (“GIP”) when referring to periods prior to May 30, 2025, Hess from May 30, 2025 to July 17, 2025, and Chevron Corporation (“Chevron”) from July 18, 2025 to present.

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 June 30, 2025 and December 31, 2024, the consolidated results of operations for the three and six months ended June 30, 2025 and 2024, and the consolidated cash flows for the six months ended June 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 June 30, 2025, our noncontrolling interest represents an approximate 37.6% interest in the Partnership retained by our Sponsors (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. 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 an approximate 37.8% interest in the Company on a consolidated basis. See Note 2, Equity Transactions and Note 12, Subsequent Events for more details. There were no changes to our existing commercial agreements with Hess or our existing partnership agreement as a result of the Merger or GIP’s departure.

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.

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.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

Note 2. Equity Transactions

Equity Offering Transactions

On February 8, 2024, GIP sold an aggregate of 11,500,000 of our Class A Shares representing limited partner interests (the “Class A Shares”), inclusive of the underwriter’s option to purchase up to 1,500,000 of additional 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 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 this offering, GIP no longer holds a direct or indirect ownership interest in any of the Company, the Partnership or our general partner.

The Company did not 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 the respective number of their Class B units representing limited partner interests in the Partnership (the “Class B Units”), together with an equal number of Class B shares representing limited partner interests in the Company (the “Class B Shares”) held by the Company’s general partner. As a result, the total number of Class A 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 six months ended June 30, 2025 and increasing the carrying amount of noncontrolling interest by an equal amount to reflect the change in ownership interest. During the six months ended June 30, 2024, we recognized adjustments increasing the carrying amount of the Class A shareholders’ capital balance by $2.5 million and decreasing the carrying amount of noncontrolling interest by an equal amount.

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 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.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

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 May 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. Following the settlement of the ASR, the Company cancelled the repurchased Class A Shares, and the Partnership cancelled, for no consideration, an equal number of its Class A units.

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).

The Class B Unit repurchase and ASR transactions were accounted for in accordance with ASC 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 $2.0 million of costs directly attributable to the repurchase transactions that were charged to equity during the six months ended June 30, 2025 (six months ended June 30, 2024: $1.5 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 $306.7 million during the six months ended June 30, 2025 (six months ended June 30, 2024: $207.4 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.

See Note 12, Subsequent Events for description of the August 2025 Class A Share and Class B Unit repurchase transactions.

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 Hess 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 Hess 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 Hess’ 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 Hess fails to deliver its applicable MVCs during any quarter, then Hess will pay us a shortfall fee equal to the volume of the deficiency multiplied by the applicable fee.

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 Hess has 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 Hess, 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 Hess 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 Hess 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 Hess’ nominated volumes in each development plan set three years in advance. Except for the crude oil terminaling and water handling services, Hess is entitled to receive a credit, calculated in barrels or Mcf, as applicable, with respect to the amount of any shortfall fee paid by Hess and may apply such credit against any volumes delivered to us under the applicable agreement in excess of Hess’ 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 June 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 Hess, including revenues from third‑party volumes contracted with Hess and delivered to us under these agreements, for the three and six months ended June 30, 2025 and June 30, 2024 were 98% for all periods. 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.

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(in millions)
Affiliate services
Oil and gas gathering services	$	185.9	$	165.3	$	357.4	$	324.6
Processing and storage services		152.3		135.2		295.9		270.6
Terminaling and export services		33.1		29.6		62.6		57.0
Water gathering and disposal services		34.0		28.4		63.7		55.7
Total affiliate services	$	405.3	$	358.5	$	779.6	$	707.9
Third-party services		8.2		6.1		14.9		11.4
Total revenues from contracts with customers	$	413.5	$	364.6	$	794.5	$	719.3
Other income		0.7		0.9		1.7		1.8
Total revenues	$	414.2	$	365.5	$	796.2	$	721.1

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(in millions)
Electricity and other related fees	$	15.3	$	13.6	$	29.8	$	27.0
Produced water trucking and disposal costs		11.9		9.5		22.0		19.3
Total	$	27.2	$	23.1	$	51.8	$	46.3

Omnibus and Employee Secondment Agreements

Under our omnibus and employee secondment agreements, Hess provides substantial operational and administrative services to us in support of our assets and operations. For the three and six months ended June 30, 2025 and 2024, we had the following charges from Hess included in the 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(in millions)
Operating and maintenance expenses	$	25.0	$	20.5	$	49.9	$	39.6
General and administrative expenses		5.3		3.5		10.3		7.0
Total	$	30.3	$	24.0	$	60.2	$	46.6

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 Hess, 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 six months ended June 30, 2025 and 2024, we had the following activity related to our agreements with LM4:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(in millions)
Processing fee incurred	$	9.2	$	8.6	$	17.5	$	15.4
Earnings from equity investments		4.0		3.7		7.4		6.4
Distributions received from equity investments		4.7		3.9		9.6		7.4

Note 4. Property, Plant and Equipment

Property, plant and equipment, at cost, is as follows:


	Estimated useful lives	June 30, 2025			December 31, 2024
(in millions, except for number of years)
Gathering assets
Pipelines	22 years	$	1,817.1		$	1,782.7
Compressors, pumping stations and terminals	22 to 25 years		1,123.6			1,109.1
Gas plant assets
Pipelines, pipes and valves	22 to 25 years		460.0			460.0
Equipment	12 to 30 years		428.2			428.2
Processing and fractionation facilities	25 years		443.3			436.1
Buildings	35 years		182.3			182.3
Logistics facilities and railcars	20 to 25 years		410.8			409.8
Storage facilities	20 to 25 years		19.9			19.9
Other	20 to 25 years		40.8			39.0
Construction-in-progress	N/A		313.3			250.1
Total property, plant and equipment, at cost			5,239.3			5,117.2
Accumulated depreciation			(1,894.6	)		(1,791.8	)
Property, plant and equipment, net		$	3,344.7		$	3,325.4

Note 5. Accrued Liabilities

Accrued liabilities are as follows:


	June 30, 2025		December 31, 2024
(in millions)
Accrued interest	$	40.1	$	38.6
Accrued capital expenditures		26.5		27.1
Other accruals		35.6		28.1
Total	$	102.2	$	93.8

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 June 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.

The notes described above are guaranteed by certain subsidiaries of the Partnership. Each of the indentures for the senior unsecured notes described above contains customary covenants that restrict our ability and the ability of our restricted subsidiaries to (i) declare or pay any dividend or make any other restricted payments; (ii) transfer or sell assets or subsidiary stock; (iii) incur additional debt; or (iv) make restricted investments, unless, at the time of and immediately after giving pro forma effect to such restricted payments and any related incurrence of indebtedness or other transactions, no default has occurred and is continuing or would occur as a consequence of such restricted payment and if the leverage ratio (as defined in the indentures) does not exceed 4.25 to 1.00. As of June 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.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

Credit Facilities

As of June 30, 2025, the Partnership had $1.4 billion senior secured 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 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%. Pricing levels for the facility fee and interest rate margins are based on the Partnership’s ratio of total debt to EBITDA (as defined in the Credit Facilities). As of June 30, 2025, borrowings of $273.0 million were drawn and outstanding under the Partnership’s revolving credit facility, and borrowings of $375.0 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. The Credit Facilities are guaranteed by each direct and indirect wholly owned material domestic subsidiary of the Partnership, and are secured by first priority perfected liens on substantially all of the presently owned and after-acquired assets of the Partnership and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. 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 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) and a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter (the “Secured Debt Financial Covenant”). As of June 30, 2025, the Partnership was in compliance with these financial covenants.

On July 24, 2025, the Partnership received an investment grade credit rating from S&P Global Ratings (“S&P”). See Note 12, Subsequent Events.

Fair Value Measurement

At June 30, 2025, our total debt had a carrying value of $3,714.4 million and had a fair value of approximately $3,752.2 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 June 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:


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(1)	August 7, 2025	August 14, 2025	$	0.7370

(1) For more information, see Note 12, Subsequent Events.

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 June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Net income	$	179.7	$	160.3	$	341.1	$	322.2
Less: Net income attributable to noncontrolling interest		89.4		110.8		179.2		228.1
Net income attributable to Hess Midstream LP		90.3		49.5		161.9		94.1
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.74	$	0.59	$	1.39	$	1.19
Diluted:	$	0.74	$	0.59	$	1.39	$	1.19
Weighted average Class A shares outstanding:
Basic:		121.8		83.8		116.3		79.5
Diluted:		121.8		83.8		116.3		79.5

For the three and six months ended June 30, 2025, the weighted average number of Class A Shares outstanding included 8,518 and 21,154 dilutive restricted shares, respectively, compared with 17,859 and 29,143 dilutive restricted shares for the three and six months ended June 30, 2024, respectively.

Note 9. Concentration of Credit Risk

As of June 30, 2025 and December 31, 2024, Hess and its affiliates represented 96% and 97%, respectively, of accounts receivable from contracts with customers. Total revenues attributable to Hess for the three and six months ended June 30, 2025 and June 30, 2024 were 98% for all periods.

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 June 30, 2025 our reserves for all estimated remediation liabilities, inclusive of the produced water release above, were $1.4 million in Accrued liabilities and $1.4 million in Other noncurrent liabilities, 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 June 30, 2025 and December 31, 2024, we did not have material accrued liabilities for legal contingencies.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

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 Officer, 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.

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 June 30, 2025
Revenues and other income	$	222.4	$	157.9	$	33.9	$	414.2	$	-	$	414.2
Operating and maintenance expenses (exclusive of depreciation shown separately below)		54.7		30.6		8.8		94.1		-		94.1
Depreciation expense		32.7		14.8		4.3		51.8		-		51.8
General and administrative expenses		3.2		1.9		0.2		5.3		2.8		8.1
Income from equity investments		-		4.0		-		4.0		-		4.0
Interest expense, net		-		-		-		-		55.4		55.4
Income tax expense		-		-		-		-		29.1		29.1
Adjusted EBITDA		164.5		129.4		24.9		318.8
Capital expenditures		65.1		4.8		0.1		70.0

	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Three Months Ended June 30, 2024
Revenues and other income	$	195.5	$	139.5	$	30.5	$	365.5	$	-	$	365.5
Operating and maintenance expenses (exclusive of depreciation shown separately below)		50.8		27.3		9.4		87.5		-		87.5
Depreciation expense		31.5		14.6		4.4		50.5		-		50.5
General and administrative expenses		2.3		1.0		0.2		3.5		1.7		5.2
Income from equity investments		-		3.7		-		3.7		-		3.7
Interest expense, net		-		-		-		-		49.7		49.7
Income tax expense		-		-		-		-		16.0		16.0
Adjusted EBITDA		142.4		114.9		20.9		278.2
Capital expenditures		69.5		3.2		-		72.7

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 Six Months Ended June 30, 2025
Revenues and other income	$	426.0	$	305.7	$	64.5	$	796.2	$	-	$	796.2
Operating and maintenance expenses (exclusive of depreciation shown separately below)		105.1		58.3		16.3		179.7		-		179.7
Depreciation expense		65.1		29.5		8.7		103.3		-		103.3
General and administrative expenses		6.2		3.6		0.5		10.3		5.3		15.6
Income from equity investments		-		7.4		-		7.4		-		7.4
Interest expense, net		-		-		-		-		111.8		111.8
Income tax expense		-		-		-		-		52.1		52.1
Adjusted EBITDA		314.7		251.2		47.7		613.6
Capital expenditures		112.8		7.2		0.1		120.1

	Gathering		Processing and Storage		Terminaling and Export		Total Reportable Segments		Interest and Other		Consolidated
(in millions)
For the Six Months Ended June 30, 2024
Revenues and other income	$	383.6

Hess Midstream LP 10-Q