Hess Midstream expects its oil volumes to plateau while natural gas volumes increase into at least 2027, a function of Chevron reducing its Bakken rig count from four to three in Q4 2025 and higher gas-to-oil (GOR) ratios in the producing wells, according to the company’s quarterly earnings call on November 3.
Executives said Chevron’s decision to keep its Bakken production steady at about 200 Mboe/d was a positive. Chevron has a 37.8% interest in Hess Midstream after its $60 billion acquisition of Hess.
“That model works really well for the Hess Midstream model, where we’re focused on long-term execution,” Hess Midstream CFO Mike Chadwick said. “At that level … that provides ongoing free cash flow generation and ongoing financial flexibility.”
Hess Midstream said it suspended early engineering activities at its proposed Capa gas processing plant in September and removed the project from its forward plan. Planned for north of Tioga, ND, the plant had a designed capacity of 1.25 Bcf/d.
The company’s assets (see map below) are primarily in the Bakken and Three Forks shale plays in the Williston Basin area, one of the most prolific crude oil producing basins in North America.
