Operational Performance and Shareholder Returns
Strong operational performance with gas throughputs increasing and a $100 million share and unit repurchase in the third quarter. Distribution increased by 2.4% and approximately 10% on an annualized basis for Class A share.
Adjusted EBITDA and Free Cash Flow Growth
Adjusted EBITDA for Q3 2025 was $321 million, an increase from $316 million in Q2. Adjusted free cash flow was approximately $187 million, with expectations for continued growth through 2027.
Capital Expenditure Reduction
Capital expenditures are expected to total approximately $270 million for 2025, with a significant reduction in future capital going forward due to the removal of the Capa gas plant project.
Financial Flexibility
Hess Midstream maintains an adjusted EBITDA margin of approximately 80%, above the 75% target, highlighting strong operating leverage.