Hess Midstream LP HESM

Hess Midstream LP filed a 10-Q for the three months to 31 March 2026 reporting $390.1 million of revenue, $87.6 million of net income attributable to the parent, and $238.1 million of operating income (SEC EDGAR). The same filing shows $253.3 million of net cash provided by operating activities against just $4.6 million of cash on the balance sheet, the signature of a partnership built to move money out the door rather than hoard it.

As a midstream limited partnership, the business earns fees for moving and handling hydrocarbons under commercial agreements rather than betting on the price of the commodity itself. The 10-Q states that roughly 96% of revenue for the quarter, and about 96% of accounts receivable, came from fee-based agreements with Chevron, compared with 98% of revenue a year earlier. That makes the operation closer to a contracted toll business than a producer, with the obvious cost that one counterparty dominates the income statement.

Beyond the headline figures, the balance sheet carried $4.32 billion of assets and $3.94 billion of liabilities at 31 March 2026, and property, plant and equipment spending for the quarter was $28.8 million (SEC EDGAR 10-Q). An 8-K dated 4 March 2026 disclosed an accelerated share repurchase under which the company paid the repurchase price and received an initial delivery of 744,492 Class A shares, representing about 70% of the repurchase price based on the relevant closing price. A separate 8-K dated 4 May 2026 noted a news release reporting estimated quarterly results.

The supplied rail is entirely SEC EDGAR: the 10-Q, several 8-Ks, two Form 4 insider filings dated 10 March 2026, a Schedule 13G dated 15 May 2026, an amended 13G dated 13 April 2026, plus the submissions and companyfacts JSON endpoints. No chart route or TradingView level was supplied, so this file carries no price marks and no support, resistance or moving-average claims; the mechanism here is documentary, read from filings rather than candles.

What changed across the rail is modest: the Chevron revenue share eased from 98% to 96% year over year, and capital was returned through the accelerated repurchase. What remains unproven from the supplied facts is the final share count from that buyback, any forward guidance, distribution detail, segment volumes, and the actual figures behind the 4 May results release, which the rail describes but does not parse. Multi-period data from the companyfacts JSON, and the parsed numbers from the next earnings release, would deepen the file most.