Hess Midstream LP Earnings Call Transcripts
Fiscal Year 2026
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The agreement combines Bakken operations with DJ Basin assets and Chevron’s full ownership stake, creating an independent multi-basin platform. Extended contracts, protected revenue and lower unit count support cash generation, while 2027 priorities include maintaining distributions and reducing leverage over time.
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Q2 2026 saw strong operational execution, higher net income, and robust EBITDA margins above targets. Guidance for 2026 remains unchanged, with higher second-half volumes and continued focus on shareholder returns and debt reduction.
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Q1 2026 saw strong operational execution despite weather impacts, with net income of $158M and adjusted EBITDA of $300M. CapEx guidance was reduced, free cash flow guidance raised, and shareholder returns increased, supported by stable contracts and Chevron's efficiencies.
Fiscal Year 2025
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Strong 2025 results with 9% Adjusted EBITDA growth and robust free cash flow. Capital spending to drop sharply, supporting 5% annual distribution growth and debt reduction. 2026 guidance is stable, with weather-related volume impacts mitigated by 95% MVC protection.
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Q3 2025 saw strong operational and financial results, with adjusted EBITDA up to $321 million and a $100 million share repurchase. Capital expenditures are reduced following the Capa gas plant suspension, supporting higher free cash flow and ongoing capital returns.
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Q2 2025 saw record operational and financial performance, with net income and adjusted EBITDA rising sequentially. Guidance for 2025 remains strong, supported by robust throughput growth, disciplined capital allocation, and a focus on shareholder returns.
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Q1 2025 saw strong financial and operational performance despite weather-related volume declines, with a robust recovery in March. Full-year guidance and capital plans remain unchanged, and shareholder returns are prioritized through ongoing buybacks and distribution growth.
Fiscal Year 2024
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Delivered strong 2024 results with 12% Adjusted EBITDA growth and robust volume increases. 2025–2027 outlook projects double-digit growth, major infrastructure expansion, and continued high shareholder returns, with leverage expected to decline further.
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Q3 2024 saw strong financial and operational results, with net income and EBITDA rising sequentially and throughput volumes stable despite planned maintenance. Guidance for 2024 and beyond remains robust, with 10% annualized growth in volumes and EBITDA projected through 2026.
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Throughput and financial performance improved in Q2 2024, with higher volumes and strong gas capture. Guidance for 2024 was raised, and shareholder returns remain a priority, supported by robust free cash flow and low leverage.