Hess Midstream LPHESMEarnings & Financial Report
Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s until 1995, after which his son John B Hess succeeded him as chairman and CEO. The company agreed to be acquired by rival oil company Chevron in October 2023, and the acquisition closed in July 2025.
Revenue
$382.0M
Gross Profit
N/A
Operating Profit
$237.4M
Net Profit
$71.6M
Gross Margin
N/A
Operating Margin
62.1%
Net Margin
18.7%
YoY Growth
7.4%
Hess Midstream LP Q1 FY2025 Financial Summary
Hess Midstream LP reported revenue of $382.0M (up 7.4% YoY) for Q1 FY2025, with a net profit of $71.6M (up 60.5% YoY) (18.7% margin).
Key Financial Metrics
| Total Revenue | $382.0M |
|---|---|
| Net Profit | $71.6M |
| Gross Margin | N/A |
| Operating Margin | 62.1% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
Hess Midstream LP Q1 FY2025 revenue of $382.0M breaks down across 4 segments, led by Gathering at $203.6M (53.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Gathering | $203.6M | 53.3% |
| Processing And Storage | $147.8M | 38.7% |
| Hess | $24.6M | 6.4% |
| Third Party Services | $6.7M | 1.8% |
Hess Midstream LP Revenue by Segment — Quarterly Trend
Hess Midstream LP revenue by segment across the last 4 reported quarters, showing how each business line (such as Gathering and Processing And Storage) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Gathering | — | $217.3M | $227.3M | $222.4M |
| Processing And Storage | — | $154.7M | $159.6M | $157.9M |
| Hess | — | — | — | $27.2M |
| Third Party Services | — | — | — | $8.2M |
Hess Midstream LP Annual Revenue by Year
Hess Midstream LP annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.6B).
| Year | Annual Revenue |
|---|---|
| 2025 | $1.6B |
| 2024 | $1.5B |
| 2023 | $1.3B |
| 2022 | $1.3B |
Hess Midstream LP Quarterly Revenue & Net Profit History
Hess Midstream LP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $204.1M | +2.1% | $157.7M | 77.3% |
| Q4 FY2025 | $404.2M | +2.1% | $93.3M | 23.1% |
| Q3 FY2025 | $420.9M | +11.2% | $97.7M | 23.2% |
| Q2 FY2025 | $414.2M | +13.3% | $90.3M | 21.8% |
| Q1 FY2025 | $382.0M | +7.4% | $71.6M | 18.7% |
| Q4 FY2024 | $395.9M | +11.1% | $70.4M | 17.8% |
| Q3 FY2024 | $378.5M | +4.2% | $58.6M | 15.5% |
| Q2 FY2024 | $365.5M | +12.8% | $49.5M | 13.5% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $365.5M | $378.5M | $395.9M | $382.0M | $414.2M | $420.9M | $404.2M | $204.1M |
| YoY Growth | 12.8% | 4.2% | 11.1% | 7.4% | 13.3% | 11.2% | 2.1% | 2.1% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.05B | $4.15B | $4.15B | $4.26B | $4.42B | $4.44B | $4.39B | N/A |
| Liabilities | $3.65B | $3.71B | $3.69B | $3.75B | $3.92B | $4.01B | $3.95B | N/A |
| Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $271.6M | $224.9M | $258.5M | $202.4M | $276.9M | $258.9M | $245.6M | $253.3M |