US ／ HESM
Hess Midstream LPHESM · NYSE
Business summary not written yet. Industry: Crude Petroleum & Natural Gas
Market discounts it because revenue hinges entirely on parent Chevron's single-basin Bakken production volumes.
How rare is that fall? (US companies of the same size over ten years) →
Results over the years
| 2022/12 | 2023/12 | 2024/12 | 2025/12 | |
|---|---|---|---|---|
| Sales | $1.3bn | $1.3bn | $1.5bn | $1.6bn |
| Operating profit | $791m | $817m | $919m | $1.0bn |
| Net profit | $84m | $119m | $223m | $353m |
| Operating cash flow | $861m | $866m | $940m | $984m |
Fiscal years from SEC filings (10-K).
Why the market may be pricing it low
Assets are concentrated in a single basin, making the business highly dependent on one region and one customer.
Our assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North DakotaRisk factors
Nearly all revenue stems from long-term fee agreements tied to the sponsor's production, subordinating the firm to its parent's plans.
Our Sponsor dedicated substantially all of its existing and future owned or controlled production in the Bakken under our long-term, fee-based agreements and intends to use us as the primary midstream vehicleRisk factors
In July 2025 the sponsor changed from Hess to Chevron, leaving uncertainty over whose strategic intent now drives the company.
(c) Chevron from July 18, 2025Risk factors
What could close the gap
A clear capital-allocation stance from new sponsor Chevron following the July 2025 control-change 8-K filings could shift market view.
2025-07-18 Item 5.01,5.02,7.01,9.018-K filings
Completion of gas compression capacity expansions aligned with the sponsor's output growth could make revenue upside tangible.
further increased compression capacity by approximately 50 MMcf/d in 2026MD&A
18 Schedule 13D filings in two years signal active large-holder involvement that could trigger a capital-policy reassessment.
直近2年に 18 件Shareholders
How a buyer could still lose (value trap)
With borrowings of $3.68B against only $5M cash and thin equity of $514.6M, the company has little buffer if production volumes decline.
Based on the figures below
Because revenue is tied directly to the sponsor's production plans, any reduction in Chevron's Bakken drilling would undercut earnings.
Our Sponsor dedicated substantially all of its existing and future owned or controlled production in the Bakken under our long-term, fee-based agreementsRisk factors
Drafted by AI on 17 Oct 2026 from the figures on this page and excerpts of the filing only (no web search). Each point's quote was checked by machine against the filing text; points whose quote could not be found are not shown. These are hypotheses, not findings. Latest 10-K (SEC)
Financial quality (Piotroski F-score)
- ✓Profitable (ROA > 0)
- ✓Positive operating cash flow
- ✓ROA up on last year
- ✓Cash flow exceeds net profit
- ✗Leverage down on last year
- ✓Current ratio up on last year
- –No new shares issuedno data
- –Gross margin up on last yearno data
- ✓Asset turnover up on last year
Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.
Figures
- Sales
- $1.6bn
- Operating profit
- $1.0bn
- Net profit
- $377m
- Operating cash flow
- $1.0bn
- Cash
- $1m
- Debt
- $3.6bn
- Equity
- $513m
Latest twelve months to 2026-09-30; F-score for the fiscal year to 2025-12-31
This site ranks companies whose share price is low relative to their profits, using public filings and market prices, and has AI draft hypotheses on why they are cheap from those filings. The hypotheses are unverified. Nothing here is a price forecast or a recommendation to buy or sell. Not investment advice.
Updated 10 Nov 2026 08:40 JST