--- title: "Hess Midstream Partners LP | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 390.1 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285615324.md" datetime: "2026-05-07T20:40:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285615324.md) - [en](https://longbridge.com/en/news/285615324.md) - [zh-HK](https://longbridge.com/zh-HK/news/285615324.md) --- # Hess Midstream Partners LP | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 390.1 M Revenue: As of FY2026 Q1, the actual value is USD 390.1 M, beating the estimate of USD 389.51 M. EPS: As of FY2026 Q1, the actual value is USD 0.68, beating the estimate of USD 0.6481. EBIT: As of FY2026 Q1, the actual value is USD 241.3 M. #### Consolidated Financial Highlights For the three months ended March 31, 2026, Hess Midstream LP reported consolidated net income of $157.7 million, a decrease from $161.4 million in the prior-year quarter, while net income attributable to Hess Midstream LP increased to $87.6 million from $71.6 million in the prior-year quarter. Total revenues rose to $390.1 million from $382.0 million, driven by higher tariff rates, third-party services, and pass-through revenues, partially offset by lower throughput volumes. Total operating costs and expenses increased to $152.0 million from $144.6 million, mainly due to higher depreciation expense, resulting in income from operations of $238.1 million, slightly up from $237.4 million. Adjusted EBITDA increased to $299.8 million from $292.3 million. #### Cash Flow Net cash provided by operating activities increased by $50.9 million to $253.3 million for the three months ended March 31, 2026, compared to $202.4 million in the same period of 2025. Net cash used in investing activities decreased to - $28.8 million from - $45.5 million. Net cash used in financing activities increased to - $221.8 million from - $155.1 million. #### Capital Expenditures Total capital expenditures on an accrual basis were $10.4 million for the three months ended March 31, 2026, a significant decrease from $50.1 million in the prior-year period. Capital expenditures in 2026 primarily related to ongoing gathering system well connects, while 2025 expenditures focused on the multi-year expansion of compression capacity and associated infrastructure. #### Segment Performance (Three Months Ended March 31, 2026 vs. 2025) ##### Gathering Segment - **Revenues and Other Income:** $204.1 million (2026) vs. $203.6 million (2025), driven by higher pass-through revenue, tariff rates, and third-party services, partially offset by lower physical volumes from Chevron. - **Operating and Maintenance Expenses:** $49.7 million (2026) vs. $50.4 million (2025), primarily due to lower employee costs and maintenance activity, partially offset by higher pass-through costs. - **Depreciation Expense:** $37.7 million (2026) vs. $32.4 million (2025), due to new gathering assets. - **Adjusted EBITDA:** $150.3 million (2026) vs. $150.2 million (2025). - **Capital Expenditures:** $5.8 million (2026) vs. $47.7 million (2025). - **Throughput Volumes:** Gas gathering increased to 438 MMcf/d (2026) from 431 MMcf/d (2025); crude oil gathering decreased to 110 MBbl/d (2026) from 117 MBbl/d (2025); water gathering decreased to 115 MBbl/d (2026) from 126 MBbl/d (2025). ##### Processing and Storage Segment - **Revenues and Other Income:** $148.4 million (2026) vs. $147.8 million (2025), mainly due to increased third-party services and higher tariff rates, partially offset by lower gas processing physical volumes from Chevron. - **Operating and Maintenance Expenses:** $29.3 million (2026) vs. $27.7 million (2025), primarily from higher third-party processing and offload fees. - **Depreciation Expense:** $16.4 million (2026) vs. $14.7 million (2025), related to the cancellation of the Capa gas plant project and write-off of related costs. - **Income from Equity Investments:** $3.2 million (2026) vs. $3.4 million (2025). - **Adjusted EBITDA:** $120.9 million (2026) vs. $121.8 million (2025). - **Capital Expenditures:** $4.6 million (2026) vs. $2.4 million (2025). - **Throughput Volumes:** Gas processing increased to 430 MMcf/d (2026) from 424 MMcf/d (2025). ##### Terminaling and Export Segment - **Revenues and Other Income:** $37.6 million (2026) vs. $30.6 million (2025), due to higher tariff rates, previously deferred MVC revenues, and third-party services, partially offset by lower physical volumes from Chevron. - **Operating and Maintenance Expenses:** Remained relatively flat at $6.6 million (2026) vs. $7.5 million (2025). - **Adjusted EBITDA:** $30.7 million (2026) vs. $22.8 million (2025). - **Capital Expenditures:** $0 million (2026) vs. $0 million (2025). - **Throughput Volumes:** Crude oil terminaling decreased to 119 MBbl/d (2026) from 125 MBbl/d (2025); NGL loading increased to 15 MBbl/d (2026) from 14 MBbl/d (2025). #### Outlook and Strategy Hess Midstream LP’s strategy focuses on generating substantially all revenues from long-term, fee-based commercial agreements with Chevron, which include minimum volume commitments, inflation escalators, and fee recalculation mechanisms to ensure cash flow stability. The company aims to maximize utilization rates by pursuing strategic relationships with third-party producers and other midstream companies in the Bakken. Minimum volume commitments will continue to provide downside risk protection through 2033, and the company expects ongoing liquidity from cash on hand, operations, revolving credit facility borrowings, and potential debt/equity issuances to meet its financial requirements. ### Related Stocks - [HESM.US](https://longbridge.com/en/quote/HESM.US.md) ## Related News & Research - [Wall Street's Most Accurate Analysts Spotlight On 3 Energy Stocks With Over 7% Dividend Yields](https://longbridge.com/en/news/286259202.md) - [Hess Midstream Partners (HESM) Projected to Post Earnings on Monday](https://longbridge.com/en/news/284185405.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Electro-Sensors GAAP EPS of -$0.03, revenue of $2.6M](https://longbridge.com/en/news/286518577.md) - [Sangoma Announces Third Quarter Fiscal 2026 Results | SANG Stock News](https://longbridge.com/en/news/286317217.md)