Hess Midstream LP sees long-term growth in gas volumes through at least 2027

Hess Midstream provided updated financial and operational guidance for the remainder of 2025 based on updated expectations and for 2026 and 2027 based on an expected decrease in Bakken rig activity by Chevron from four to three drilling rigs commencing in the fourth quarter of 2025. Hess Midstream continues to expect long-term growth in gas throughput volumes through at least 2027 in the Bakken while oil throughput volumes are now expected to plateau in 2026 as a result of lower planned rig activity. Hess Midstream expects throughput volumes to generally stay above already-established minimum volume commitments. Hess Midstream now expects relatively flat Adjusted EBITDA in 2026 as compared to 2025, with growth in 2027 from continued growth in gas throughput volumes and the inflation escalation provisions under Hess Midstream’s existing commercial agreements. Hess Midstream continues to prioritize financial strength and reiterates its long-term leverage target of 3x Adjusted EBITDA. Hess Midstream now expects significantly lower capital spending in 2026 and 2027 based on suspension of early engineering activities on the Capa gas plant and removal of the project from its forward plan. With expected continued Adjusted EBITDA growth in 2027 and lower capital expenditures in 2026 and 2027, Hess Midstream expects continued Adjusted Free Cash Flow growth through 2027 supporting its return of capital framework that continues to include targeted annual distribution per Class A share growth of at least 5% through 2027 and financial flexibility for incremental return of capital including potential share repurchases. Hess Midstream is also updating its full year 2025 gas throughput guidance based on adverse weather conditions and maintenance in the third quarter and lower expected third-party volumes in the fourth quarter. In 2025, full year gas gathering volumes are now anticipated to average between 455 to 465 million cubic feet of natural gas per day and gas processing volumes are now expected to average between 440 to 450 MMcf of natural gas per day. Third quarter 2025 net income and Adjusted EBITDA is expected at the lower end of the previously announced guidance range and full year 2025 net income and Adjusted EBITDA is expected to be within the lower half of the previously announced guidance range.