Hess Midstream (HESM) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Energy· May 4, 2026

Source: earnings call transcript

Hess Midstream delivered solid Q1 FY26 results, navigating severe winter weather while executing its financial strategy. The company significantly reduced its full-year capital expenditure guidance, leading to a substantial increase in adjusted free cash flow expectations. This strong cash generation supports continued distribution growth, incremental share repurchases, and debt reduction, reinforcing its differentiated business model and shareholder returns focus.

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HESM operating KPIs by quarter

HESM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Throughput volumes Gas processing	430M cf/d During the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering. Source: earnings call transcript	433M cf/d During the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering. Source: earnings call transcript	+0.7%
Throughput volumes Crude terminaling	119K bbl/d During the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering. Source: earnings call transcript	117K bbl/d During the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering. Source: earnings call transcript	-1.7%
Throughput volumes Water gathering	115K bbl/d During the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering. Source: earnings call transcript	121K bbl/d During the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering. Source: earnings call transcript	+5.2%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.