United Stateshessmidstream.com
Hess Midstream LP is a publicly traded fee-based midstream limited partnership that acquires, owns, operates, and develops midstream assets in the United States. It provides gathering, processing, storage, terminaling, and export services for natural gas, crude oil, and produced water primarily to Chevron Corporation, its subsidiaries, and third-party customers under long-term contracts.
The company operates through three segments. The Gathering segment includes extensive natural gas and crude oil pipeline networks, compression systems, and produced water gathering and disposal facilities, mainly in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota. The Processing and Storage segment encompasses the Tioga Gas Plant in North Dakota for natural gas processing and fractionation, as well as the Mentor Storage Terminal in Minnesota. The Terminaling and Export segment features rail terminals, crude oil rail cars, pipeline header systems, and connections to major infrastructure such as the Dakota Access Pipeline.
Founded in 2014 and headquartered in Houston, Texas, Hess Midstream LP was formerly known as Hess Midstream Partners LP. It is listed on the NYSE under ticker HESM. In October 2026, the company announced a definitive agreement with Chevron under which Hess Midstream will acquire Chevron's DJ Basin crude oil and natural gas gathering and storage assets, while Chevron will divest its ownership interests and general partner position. The transaction is expected to close by year-end 2026, establishing Hess Midstream as an independent multi-basin midstream company with enhanced geographic diversification.
Also known as Hess Midstream Partners LP and HESM.
Restructures Bakken contracts to cut unit midstream costs ~50%, transfers midstream ownership and DJ Basin assets for improved terms plus $200M, expects a $3–4B one-time after-tax loss; close by year-end 2026.
