Hess Midstream (HESM) Q2 2026 Earnings Call Transcript
Hess Midstream LP (HESM) reported Q2 2026 net income of $173.7 million, down from $179.7 million a year earlier, with adjusted EBITDA of $313.7 million and total revenues of $399.0 million. The company set Q3 2026 guidance for net income of $165 million to $175 million and reaffirmed 2026 guidance, including net income $650 million to $700 million.
How this was made
The 30-second read
Why it matters
Traders can update models for 2026 net income, adjusted EBITDA, and adjusted free cash flow, and reassess Q3 expectations given throughput declines and planned maintenance at Little Missouri 4.
Market read
The call provides actionable forward ranges for earnings and cash flow plus operational throughput detail that can drive near-term positioning around distribution growth and execution risk.
What to watch
Execution risk remains tied to weather and maintenance cost overruns, and multiple throughput metrics (crude terminaling, water gathering, gas processing) are down year over year.
Background
The piece is a transcript of Hess Midstream LP’s Q2 2026 earnings call, covering operating results, guidance, and key operational drivers (Tioga maintenance, Bakken laterals, and Chevron integration synergies).
Ticker impact
Hess Midstream reported Q2 2026 results and reaffirmed 2026 guidance, including net income $650M-$700M and adjusted EBITDA $1.225B-$1.275B.
Moderate near-term volatility risk around Q3 volume and cost execution versus the reaffirmed ranges.
The article provides concrete quarterly metrics and forward guidance ranges, but it is a transcript-style disclosure without an explicit surprise versus prior expectations.
Market effects
Reinforces midstream earnings sensitivity to maintenance phasing, throughput volumes, and operating leverage in shale basins.
Highlights Bakken/Tioga and North Dakota processing and terminaling throughput trends that can influence local service demand.
Limited direct global linkage; primarily impacts US natural gas and crude midstream sentiment.
Counterpoint
The 85% gross adjusted EBITDA margin may be flattered by credits and expense phasing, so normalized margins could be lower than the headline suggests.
Key entities
- companyHess Midstream LP
Midstream operator reporting Q2 2026 results and reaffirming 2026 guidance, including distribution growth and leverage targets.
- customer/partnerChevron
Referenced as optimizing Bakken operations with longer laterals, supporting midstream capital efficiency and throughput.