Hess Midstream LP is a U.S.-based midstream energy company that owns, operates, and develops infrastructure critical to the transportation and processing of crude oil, natural gas, and produced water. Founded in 2014 as a master limited partnership by Hess Corporation, the company was created to manage and expand midstream assets tied to Hess’s upstream production in the Bakken region of North Dakota. Headquartered in Houston, Texas, Hess Midstream is publicly traded on the New York Stock Exchange under the ticker symbol HESM. Its structure and operations are primarily fee-based, ensuring that a significant portion of its revenue comes from contracted service volumes rather than direct exposure to commodity prices.
The company’s asset portfolio is concentrated in the Williston Basin, particularly within the Bakken and Three Forks formations. Its integrated system includes gathering networks that collect crude oil, natural gas, and produced water from well sites; processing facilities that handle natural gas treatment and NGL fractionation; and storage, terminaling, and export facilities that move products to regional and national markets. These assets are designed for reliability, scalability, and efficiency, enabling Hess Midstream to support both Hess Corporation and third-party producers operating in the basin. The company’s infrastructure provides a critical link between upstream production and downstream markets, ensuring continuous energy flow across the supply chain.
Hess Midstream’s business model is built around long-term, fee-based contracts that include minimum volume commitments from its primary customer, Hess Corporation, and other producers. This structure provides predictable cash flows and shields the company from much of the price volatility inherent in the energy sector. Its strategic focus is on maintaining steady throughput, optimizing existing assets, and selectively expanding capacity in response to production trends in the Williston Basin. Financial discipline and capital efficiency remain central to its approach, allowing the company to support regular distributions while pursuing growth opportunities through system expansions and accretive transactions.