Hess Midstream LP (NYSE: HESM) is a midstream energy company that gathers, processes, stores, and exports crude oil, natural gas, NGLs, and produced water in the Williston Basin of North Dakota. Revenue comes primarily from fee-based contracts, including minimum volume commitments (MVCs), with Chevron (the successor to Hess Corporation following the July 2025 merger) as the anchor customer, plus fees from third-party producers. Chevron indirectly wholly owns HESM's general partner and held a 37.7% noncontrolling economic interest in the operating partnership as of December 31, 2025. Key assets include approximately 1,430 miles of natural gas and NGL gathering pipelines (capacity up to 685 MMcf/d), approximately 615 miles of crude oil gathering pipelines (capacity 290 MBbl/d), the Tioga Gas Plant (400 MMcf/d processing capacity, one of the largest in North Dakota), a 50% interest in the LM4 gas processing plant (100 MMcf/d entitlement), and the Mentor Storage Terminal. Operations are concentrated in McKenzie, Williams, and Mountrail Counties, North Dakota.

Revenue model

Fee-based contracts with minimum volume commitments (MVCs) for gathering, processing, storage, and export services. Chevron entities (formerly Hess) are the anchor counterparty. Third-party producer volumes generate additional throughput fees.

Products and services

Natural gas gathering and compression; crude oil gathering; produced water gathering and disposal; natural gas processing and NGL fractionation (Tioga Gas Plant, LM4 plant); NGL storage and truck loading; crude oil terminal and rail export (Tioga Rail Terminal, Ramberg Terminal Facility, Johnson's Corner Header System); natural gas storage (Mentor Storage Terminal); CNG compression and loading.

Customers and end markets

Anchor customer is Chevron (and its wholly owned Hess affiliates) following the July 2025 merger. Third-party upstream operators in the Williston Basin (Bakken) are additional customers. End markets include natural gas pipelines, NGL fractionation and petrochemical markets, crude oil export and refining, and local propane distribution.

Value-chain role

Midstream infrastructure operator. Sits between upstream Bakken producers (Chevron and third parties) and downstream pipeline, fractionation, storage, and export facilities. Does not own upstream acreage or take commodity price risk under the fee-based MVC structure.

Geographic exposure

Concentrated in the Williston Basin, primarily McKenzie, Williams, and Mountrail Counties, North Dakota. Operations also include the Mentor Storage Terminal. No disclosed international operations.

Source: SEC 10-K, filed 2026-02-25

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