Severe winter weather in January and February has led to lower volumes across its system but Hess Midstream said it still expects to match its previous guidance for full-year 2026 (see chart below), which called for relatively flat volumes compared to 2025, executives said during the company’s quarterly earnings call February 2.
Gas processing volumes averaged 444 MMcf/d in Q4 2025, with crude terminaling at 122 Mb/d and water gathering at 124 Mb/d, down from the previous quarter due to severe weather in December. For full-year 2025, gas processing averaged 445 MMcf/d, with crude terminaling at 129 Mb/d and water gathering at 131 Mb/d.
The company said it grew its gas gathering and compression system in 2025 and completed its multi-year projects on time and on budget. With its system now substantially built, CEO Jonathan Stein said Hess expects about $150 million in capital spending in 2026, down 40% from 2025.
Hess now has about 500 MMcf/d of gas processing capacity, 675 MMcf/d of gas gathering pipeline capacity, 505 Mb/d of crude oil terminaling capacity, 290 Mb/d of crude oil gathering capacity, and 330 miles of water gathering pipelines.
Chevron has a 37.8% interest in Hess Midstream after its $60 billion acquisition of Hess, which closed in July 2025. About 90% of Hess Midstream's volumes are from Chevron production, with third parties making up the other 10%.
