Hess Midstream (HESM) Operating Expenses (2019 - 2026)
Hess Midstream (HESM) reported Operating Expenses of $145.8 million for Q2 2026, down 5.3% from $154 million a year earlier and down 4.1% from the prior quarter.
Powered by 
Analysis
Hess Midstream (HESM) Operating Expenses (2019 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Hess Midstream's Operating Expenses came in at $612.4 million, up 2.4% year-over-year; for FY2025, it came in at $613.2 million, up 6.4% from FY2024.
- Operating Expenses has increased for four consecutive years, with a five-year compound annual growth rate of 3.5% (FY2020 to FY2025).
- By year, Operating Expenses came in at $576.5 million in FY2024 (+8.4%), $531.7 million in FY2023 (+9.9%), $484 million in FY2022 (+1.6%) and $476.6 million in FY2021 (-7.5%).
- The Q2 2026 figure ranks as the lowest quarterly Operating Expenses since Q1 2025.
- Year over year, Operating Expenses gained in six of the last eight quarters, with growth averaging 4.1%.
- The high point for year-over-year Operating Expenses in five years was Q4 2023 (growth of 23.9%); the low point was Q3 2022 (a decline of 9.6%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $152 million (Q1 2026), $152.6 million (Q4 2025) and $162 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 104.84 Bn | 100.44 Bn | 4.84 Bn | 19.09 Bn |
| 2 | Williams Companies | 89.20 Bn | 87.92 Bn | 2.54 Bn | 1.87 Bn |
| 3 | Enterprise Products Partners | 79.12 Bn | 77.51 Bn | - | 16.13 Bn |
| 4 | Kinder Morgan | 75.45 Bn | 75.15 Bn | 3.07 Bn | 3.13 Bn |
| 5 | Energy Transfer | 69.26 Bn | 62.44 Bn | 7.40 Bn | 30.76 Bn |
| 6 | Tc Energy | 64.74 Bn | 60.82 Bn | 2.81 Bn | -1.06 Bn |
| 7 | Targa Resources | 63.52 Bn | 63.00 Bn | 2.14 Bn | 354.10 Mn |
| 8 | Cheniere Energy | 59.48 Bn | 54.30 Bn | 5.29 Bn | 1.44 Bn |
| 9 | Mplx | 59.26 Bn | 52.82 Bn | 2.91 Bn | 1.93 Bn |
| 10 | Hess Midstream | 4.00 Bn | 3.98 Bn | - | 145.80 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 145.80 Mn |
| Mar 31, 2026 | 152.00 Mn |
| Dec 31, 2025 | 152.60 Mn |
| Sep 30, 2025 | 162.00 Mn |
| Jun 30, 2025 | 154.00 Mn |
| Mar 31, 2025 | 144.60 Mn |
| Dec 31, 2024 | 152.90 Mn |
| Sep 30, 2024 | 146.80 Mn |
| Jun 30, 2024 | 143.20 Mn |
| Mar 31, 2024 | 133.60 Mn |
| Dec 31, 2023 | 146.40 Mn |
| Sep 30, 2023 | 143.10 Mn |
| Jun 30, 2023 | 125.90 Mn |
| Mar 31, 2023 | 116.30 Mn |
| Dec 31, 2022 | 118.20 Mn |
| Sep 30, 2022 | 130.80 Mn |
| Jun 30, 2022 | 118.10 Mn |
| Mar 31, 2022 | 116.90 Mn |
| Dec 31, 2021 | 116.40 Mn |
| Sep 30, 2021 | 144.70 Mn |
API Access
Hess Midstream Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=HESM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "HESM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=HESM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();