Hess Midstream, which operates oil, gas and water handling assets in North Dakota’s Williston Basin, expects to see volume growth of at least 5% in the second half of 2026, the company said during its Q2 2026 earnings call August 3.
Chevron’s ability to maintain production at around 200 Mboe/d, a result of longer laterals and improved productivity, underpins Hess’s guidance going forward, CEO Jonathan Stein said. About 90% of Hess’s volumes are from Chevron production, with third parties making up the other 10%.
“We've talked about in the past, as they drill longer laterals … you have less wells to be able to achieve similar volumes, and so that helps us in terms of our capex,” Stein said.
Chevron inherited a 37.8% interest in Hess Midstream after its $60 billion acquisition of Hess, which closed in July 2025.
Hess said Q2 throughput averaged 433 MMcf/d of gas processing, 117 Mb/d for crude terminaling, and 121 Mb/d for water gathering. Compared with Q1, oil-related volumes were flat to lower, while gas volumes increased as additional third-party volumes helped offset the impact of maintenance at its Tioga Gas Plant in the Bakken’s Williston Basin.
