Hess Midstream LP — Form 8-K
Filed October 30, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Hess Midstream LP reported Q3 2026 net income of $179.1 million ($0.77 per Class A share, after noncontrolling interests) versus $175.5 million ($0.75/share) in Q3 2025. Adjusted EBITDA was $319.9 million; Adjusted Free Cash Flow was $247.9 million. The company increased its quarterly distribution to $0.7985 per Class A share (up $0.0097 from Q2 2026), tracking its 5% annualized growth target. Throughput volumes declined 4–10% YoY due to lower production. The company expects a transaction announced October 6, 2026 (acquiring DJ Basin assets) to close by year-end, projected to approximately triple crude gathering throughput and significantly grow gas gathering, diversifying from its current Williston Basin focus into a multi-basin independent midstream operator.
Why this rating
Pending DJ Basin acquisition is material to HESM's $5B market cap—expected to triple crude throughput and substantially expand footprint. Earnings and distribution growth are solid but modest (2.7% YoY). Integration execution and deal close certainty are key near-term drivers.
Price action (we called it positive)
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