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Hess Midstream LP operates pipelines, processing plants and terminals that connect oil and gas wells in North Dakota’s Bakken region to markets. Its network gathers natural gas from Chevron and other producers, processes it at facilities including the Tioga Gas Plant, and connects the output to transport systems. Natural-gas gathering and processing generate most of its service revenue. It also moves crude oil to pipelines and rail terminals and collects and disposes of water produced alongside oil and gas.
Almost all revenue comes through long-term agreements with Chevron, including fees for other producers’ volumes delivered under those agreements. Chevron commits substantially all of its owned or controlled Bakken production to the system. It generally pays according to the volumes handled and owes shortfall fees when deliveries fall below contractual minimums. Hess Midstream generally neither owns nor trades the oil and gas it handles, so it earns service fees rather than the commodities’ sale value.
The business depends on Chevron and other producers continuing to drill and replace declining well production. Commodity prices therefore affect demand indirectly through producers’ activity. Its facilities must also operate within permit limits; unavailable or revoked permits can restrict its ability to handle oil, gas and produced water.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Hess Midstream depends on Chevron, which controls its general partner and pays for Bakken oil, gas and water handling under agreements accounting for 97% of 2025 revenue, including third-party volumes. Watch Chevron’s Bakken production and development plans: they shape the volumes Hess Midstream handles, with minimum-volume payments cushioning shortfalls.
Targa Resources and Hess Midstream both gather and process Bakken producers’ oil and gas, and each owns half of the LM4 gas plant operated by Targa. Targa’s news about LM4 operations bears directly on Hess Midstream’s share of that plant’s gas-processing capacity.
ONEOK and Hess Midstream both process Bakken gas, so both are exposed to the basin’s gas volumes. ONEOK also transports liquids extracted from natural gas through its Elk Creek pipeline, which connects to Hess Midstream’s LM4 plant.
Chord Energy produces oil and gas in the same Bakken and Three Forks formations that supply Hess Midstream’s fee-based gathering and processing systems, making it a window on local production economics rather than a stated customer. Chord’s drilling plans and sales of oil and gas to refiners and marketers help gauge the producer activity behind Hess Midstream’s throughput.
Western Midstream Partners and Hess Midstream both serve producers by gathering and processing oil and gas and handling water brought up with production, so producer activity matters to both despite their different basins. Western Midstream’s gas-processing and water-handling volumes offer a comparison for how drilling activity feeds demand for these services, not a direct measure of Bakken demand.
Antero Midstream and Hess Midstream both depend on a dominant producer paying for gas gathering, processing and water services under long-term contracts with inflation adjustments and volume protection. Antero Midstream’s gathering volumes from Antero Resources offer a comparison for how a dedicated customer’s development activity supports fee revenue, while some contracts require payment for minimum volumes.
Kinetik Holdings and Hess Midstream both depend on oil producers’ development activity to supply gas for gathering and processing, crude oil for handling and produced water for disposal, although Kinetik operates in the Permian rather than the Bakken. Kinetik’s gas-processing and water-disposal volumes provide a cross-basin comparison for demand from producers, rather than a readout of Hess Midstream’s own customers.
Energy Transfer’s Dakota Access Pipeline carries Bakken crude delivered through Hess Midstream’s terminals and pipeline connections, linking both businesses to the basin’s oil production. Hess Midstream collects and hands off the crude; Energy Transfer provides the onward pipeline transport.
EIA Crude Oil Stocks Change (Oct/16)
Hess Midstream charges fees to gather and process Bakken gas, handle crude oil and gather produced water, so the EIA’s weekly measure of crude and fuel stocks can signal price pressure that may affect customer production and the volumes generating those fees.
A stock build that pressures oil prices would raise concern that sustained weakness could curb Bakken customers’ drilling and production, reducing fee-generating volumes and produced-water demand; a stock draw that supports prices would point the other way, though the effect depends on sustained customer activity.
Oneok, Inc. earningsOKE
ONEOK processes Bakken gas, and its Elk Creek pipeline connects to Hess Midstream’s LM4 plant, so ONEOK’s operating updates can offer clues about activity in that linked gas-processing and liquids route.
Watch for ONEOK’s comments on Elk Creek operations or liquids transport, alongside any discussion of related gas-processing activity. Steady activity would support the connected processing and takeaway route around LM4; weaker activity would offer less support, but would not prove that Hess Midstream’s own volumes moved the same way. The report is a signal about a connected path, not a reading of Hess Midstream’s volumes.
Fed Interest Rate Decision
Hess Midstream’s debt includes credit-facility borrowings, so the Fed’s policy rate—which influences borrowing rates—can change interest paid on floating-rate debt and the cash left for operations, investment and distributions.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is above expectations, floating-rate borrowing may cost Hess Midstream more, leaving less cash for operations, investment and distributions.
If it comes in below expectations
If the policy rate is below expectations, floating-rate borrowing may cost Hess Midstream less, leaving more cash for operations, investment and distributions.
Chevron Corporation earningsCVX
Chevron accounts for nearly all of Hess Midstream’s fee revenue, so its report’s Bakken production and development details can show whether the main source of Hess Midstream’s volumes has support.
Read any Bakken production or development details Chevron reports alongside Hess Midstream’s gas, crude-oil and water volumes. Steady Chevron activity would support demand for Hess Midstream’s gathering, processing and water services; weaker activity could pressure those volumes, with minimum-volume commitment fees cushioning only part of the near-term effect. The takeaway is whether Chevron’s Bakken business continues to provide a production base for Hess Midstream’s fee services.
Hess Midstream LP Class A Share representing a limited partner Interest earningsThis company
Hess Midstream charges fees for handling oil, gas and water, and this report will show whether Bakken production is still driving its volumes and fee revenue.
Read gas-gathering and processing volumes alongside fee revenue and Adjusted EBITDA, the company’s supplemental measure of operating performance. Rising volumes with higher fee revenue and Adjusted EBITDA would show that more production is using Hess Midstream’s facilities; weaker volumes would point to less production activity, even if minimum-volume commitment fees cushion revenue for a time. If revenue rises without volume growth, tariff rates or other revenue items may be doing the work. Together, the figures show whether growth comes from greater use of the systems or from fees and other items.
Targa Resources Corp. earningsTRGP
Targa Resources and Hess Midstream each own half of the LM4 gas plant, so Targa’s operating updates can show whether this shared facility is running reliably.
Watch Targa Resources’ comments on LM4 operations, processing capacity or outages. Reliable operations would mean the plant Hess Midstream co-owns is available to provide gas-processing capacity; an outage or restriction could reduce available capacity and the gas handled through the plant. The takeaway is whether LM4 is providing steady support for Hess Midstream’s gas-processing business.
