Hess Midstream (NYSE:HESM) reported fourth-quarter 2025 results on Monday that met analyst earnings expectations but fell slightly short on revenue, as severe winter weather in the Bakken region hampered throughput volumes.
The Houston-based midstream provider posted net income of $168 million, compared with $172.1 million in the prior-year period.
Net income attributable to Hess Midstream was $93.3 million, or $0.72 per Class A share, aligning with the consensus estimate.
The quarter was defined by a transition toward a "harvest" phase for the company’s capital.
Total capital expenditures fell 44% year-over-year to $47.6 million, following the successful completion of a multi-year infrastructure expansion.
This reduction in spending helped fuel adjusted free cash flow of $207.8 million, up from $164.3 million in the fourth quarter of 2024.
Operational performance also faced seasonal headwinds, with throughput volumes decreasing across all segments compared to the prior-year quarter.
Oil terminaling volumes fell 4%, gas processing dropped 1%, and water gathering declined 5%.