AI-extracted from the 10-Q filed 2026-08-06 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenues and other income fell to $399.0 million from $414.2 million as Chevron throughput declined — oil terminaling down 15%, water gathering down 12% — with net income of $173.7 million.
Biggest Revenue Drivers
Oil and gas gathering services (affiliate)$171.2Mvs $185.9M in Q2 2025
Lower gas and crude oil gathering physical volumes delivered by Chevron, partly offset by higher tariff rates and MVC revenue
Processing and storage services (affiliate)$140.1Mvs $152.3M in Q2 2025
$16.0 million attributable to lower gas processing physical volumes delivered by Chevron, partly offset by third-party services and higher tariff rates
Biggest Revenue Drivers
Total revenue: $397.7M
Oil and gas gathering services (affiliate)$171.2Mvs $185.9M in Q2 2025
Lower gas and crude oil gathering physical volumes delivered by Chevron, partly offset by higher tariff rates and MVC revenue
Processing and storage services (affiliate)$140.1Mvs $152.3M in Q2 2025
$16.0 million attributable to lower gas processing physical volumes delivered by Chevron, partly offset by third-party services and higher tariff rates
Terminaling and export services (affiliate)$36.5Mvs $33.1M in Q2 2025
$7.0 million from higher tariff rates, offset by $4.2 million from lower physical volumes delivered by Chevron
Water gathering and disposal services (affiliate)$32.0Mvs $34.0M in Q2 2025
Lower water gathering and disposal revenue on lower production from lower new-well activity
Third-party services$17.9Mvs $8.2M in Q2 2025
Services provided directly to third parties as the company pursues strategic relationships with Bakken producers to maximize utilization
Largest Expense Items
Operating and maintenance expenses$85.9Mvs $94.1M in Q2 2025
Lower employee costs charged under omnibus and secondment agreements and lower maintenance activity, partly offset by higher pass-through costs
Interest expense, net$54.5Mvs $55.4M in Q2 2025
Approximately flat compared with the prior-year quarter
Depreciation expense$54.4Mvs $51.8M in Q2 2025
Increased due to new gathering assets brought into service
General and administrative expenses$5.5Mvs $8.1M in Q2 2025
Lower charges from Chevron under omnibus and employee secondment agreements
Margins: Total operating costs fell to $145.8 million from $154.0 million on lower employee and maintenance costs, partly offset by higher depreciation; income from operations was $253.2 million versus $260.2 million.
Watch Items from the Filing
Chevron accounted for 95% of total revenues for the three and six months ended June 30, 2026, and 94% of accounts receivable from contracts with customers.
Throughput volumes fell 15% for oil terminaling and 12% for water gathering versus Q2 2025 on lower production from lower new-well activity; gas processing fell 4%.
Most systems are in the Secondary Term with inflation-based fees capped at 3% annually, which the filing says may provide less downside risk protection than the prior structure.
Total debt carrying value was $3,680.0 million, including $256.0 million drawn on the revolver and $347.5 million term loan; both Credit Facilities mature July 2027.
MVC shortfall deferred revenue rose to $25.9 million at June 30, 2026 from $6.4 million at January 1, with $22.2 million of shortfall fees received year-to-date.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Officers, directors and 10% owners with a Form 4 filed in the last 24 months, most recent first. From SEC EDGAR.
Niemiec David WReporting ownerGrant or award · Mar 8, 2026
Bast Michael ScottPresident and COOShares withheld for tax or exercise price · Mar 8, 2026
Letwin Stephen J JReporting ownerGrant or award · Mar 8, 2026
Reddy J PatrickReporting ownerGrant or award · Mar 8, 2026
Stein Jonathan C.Chief Executive OfficerShares withheld for tax or exercise price · Mar 8, 2026
Chevron CorpReporting ownerOther acquisition or disposition · Mar 4, 2026
About Hess Midstream LP (HESM): stock profile, AI score and financials
Hess Midstream LP (HESM) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores HESM at 69.8/100 on a composite quality score built from its SEC filings, placing it at rank #234 of 2,925 stocks — the top 10% of the AI-ranked universe. HESM scores in the top quartile across free cash flow (95.5), profitability (85.3), balance sheet strength (81.2). Areas of concern include institutional flow (26.2), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), Hess Midstream LP reports quarterly revenue of $399.0M, net income of $96.4M, an operating margin of 63.5%. Top institutional holders of HESM by reported 13-F value include ALPS ADVISORS, GOLDMAN SACHS GROUP, Invesco Ltd., based on the most recent SEC filings. HESM trades on the NYSE exchange and files with the SEC under CIK 1789832. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HESM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Hess Midstream LP directly from SEC EDGAR.