Hess Midstream LP Submits 2025 Form 10-K, Detailing Financial Performance and Operational Highlights for the Fiscal Year
Hess Midstream LP has announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission on February 25, 2026. The comprehensive filing provides shareholders, analysts, and stakeholders with a detailed overview of the company’s financial performance, operational developments, governance practices, and strategic outlook for the year.
The Form 10-K serves as one of the most important disclosures a publicly traded company makes each year. It includes audited financial statements, management’s discussion and analysis (MD&A), risk factors, information about business operations, and other critical data that enables investors to assess the company’s financial health and long-term prospects. For Hess Midstream, the filing underscores its continued commitment to transparency, regulatory compliance, and shareholder engagement.
Access to the 2025 Annual Report
A digital copy of the Annual Report on Form 10-K is available through the company’s official website at www.hessmidstream.com. Investors can navigate to the “Investors” section and select “SEC Filings” to access the full report. This ensures that stakeholders can conveniently review the document and gain comprehensive insight into the company’s audited financial statements and operational performance.
In addition to online access, Hess Midstream is offering shareholders the option to request a printed copy of the annual report free of charge. Printed copies include the company’s complete audited financial statements and can be requested by contacting Investor Relations via email at HessMidstream@hess.com. This initiative reflects the company’s dedication to maintaining open lines of communication with its investor base and accommodating varying shareholder preferences.
Financial Transparency and Regulatory Compliance
Filing the Form 10-K with the U.S. Securities and Exchange Commission represents more than a regulatory requirement; it is a demonstration of corporate accountability. Public companies such as Hess Midstream are required to disclose detailed financial and operational information to ensure that investors have equal access to material data. The 2025 filing provides a clear picture of the company’s financial condition as of year-end and outlines the results of operations for the full fiscal year.
The audited financial statements included in the report offer independent verification of the company’s financial position. These statements are examined by external auditors in accordance with established accounting standards, adding credibility and assurance to the information presented. Through this process, Hess Midstream reinforces investor confidence and supports informed decision-making within the capital markets.
Overview of Hess Midstream’s Business Model
Hess Midstream is a fee-based, growth-oriented midstream energy company focused on owning, operating, developing, and acquiring a diversified portfolio of midstream assets. The company provides critical infrastructure and services that support oil and gas production activities. Its business model emphasizes stable, fee-based revenues, which are generally less sensitive to commodity price fluctuations compared to upstream exploration and production companies.
The company’s asset portfolio includes oil, natural gas, and produced water handling systems. These assets are strategically located in the Bakken and Three Forks Shale plays within the Williston Basin region of North Dakota—one of the most prolific onshore oil-producing regions in the United States. By operating in this core production area, Hess Midstream benefits from long-term development activity and infrastructure demand.
Strategic Relationship with Chevron
Hess Midstream provides midstream services to Chevron Corporation, its subsidiaries, and various third-party customers. As noted in the company’s communications, the term “Chevron” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them collectively, depending on context. This clarification ensures that references are understood for convenience rather than as precise legal descriptions of individual entities.
The company’s relationship with Chevron reflects its role as a reliable midstream services provider supporting upstream production. By delivering gathering, processing, transportation, and water handling services, Hess Midstream enables efficient resource development and operational continuity. This integrated approach helps optimize production economics while supporting safe and environmentally responsible operations.
Asset Base in the Williston Basin
The Bakken and Three Forks formations, located within the Williston Basin, have long been recognized as significant unconventional resource plays. Hess Midstream’s infrastructure footprint in this region positions the company to capture ongoing development activity. Its assets include:
- Crude oil gathering pipelines and terminals
- Natural gas gathering and processing facilities
- Produced water gathering and disposal systems
- Compression and related infrastructure
These integrated systems are designed to transport and process hydrocarbons safely and efficiently from wellhead to market. By owning and operating these assets, Hess Midstream plays a vital role in supporting regional energy production while maintaining operational excellence.
Growth-Oriented Strategy
Hess Midstream’s growth strategy centers on expanding its asset base, optimizing operations, and pursuing accretive acquisitions when appropriate. As a growth-oriented company, it continually evaluates opportunities to enhance infrastructure capacity and extend its service offerings. The company’s fee-based model provides predictable cash flows that can support reinvestment, distributions to unitholders, and disciplined balance sheet management.
The 2025 Annual Report likely details capital expenditure programs, expansion projects, and system enhancements undertaken during the year. Such investments are critical to ensuring that infrastructure keeps pace with production volumes and evolving customer needs.
Commitment to Shareholders
The announcement of the 10-K filing highlights Hess Midstream’s ongoing commitment to shareholder engagement. By making its annual report readily accessible and offering printed copies at no cost, the company demonstrates a proactive approach to investor relations.
Transparent reporting helps investors evaluate key performance indicators such as revenue, operating income, net income, cash flow, and distribution metrics. It also provides insights into management’s strategic priorities and risk management practices. For income-focused investors, midstream companies are often valued for their distribution stability and growth potential, making detailed financial disclosure especially important.
Risk Management and Governance
The Form 10-K includes comprehensive disclosures regarding risk factors that may affect the company’s business. These may include commodity market conditions, regulatory developments, environmental considerations, operational risks, and capital market dynamics. By identifying and describing these risks, Hess Midstream helps investors understand both the opportunities and potential challenges associated with its operations.
Corporate governance is another essential component of the annual report. Publicly traded partnerships and corporations must adhere to established governance frameworks that promote accountability and ethical conduct. The 2025 filing provides updated information on board oversight, executive leadership, and internal controls.
Industry Context
Midstream energy companies operate at the intersection of upstream production and downstream markets. They provide the infrastructure necessary to transport, process, and store hydrocarbons. In a dynamic energy environment, midstream operators must balance capital discipline with growth opportunities, while also addressing environmental and regulatory expectations.
Hess Midstream’s focus on fee-based contracts helps mitigate direct exposure to commodity price volatility. This structure can offer greater revenue stability compared to companies whose earnings depend heavily on fluctuating oil and gas prices. As energy markets evolve, midstream infrastructure remains essential to ensuring reliable supply chains.
