Oil & Gas Gathering Services was the largest of Hess Midstream LP’s 6 reported lines in fiscal 2025, at $721.60M — 45% of $1.60B.
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Oil & Gas Gathering Services | $600.80M | $633.80M | $673.40M | $721.60M | |||||
| Processing & Storage Services | $470.80M | $496.00M | $561.10M | $593.70M | |||||
| Terminaling & Export Services | $124.50M | $114.40M | — | — | |||||
| Water Gathering & Disposal Services | — | — | $118.50M | $132.00M | |||||
| Electricity & Other Related Fees | $44.80M | $47.80M | $54.90M | $58.50M | |||||
| Produced Water Trucking & Disposal Costs | $33.10M | $38.50M | $42.90M | $48.00M | |||||
| Water Trucking & Disposal Costs | — | — | — | — | |||||
| Electricity Fees | — | — | — | — | |||||
| Third-Party Services | — | $8.00M | $24.10M | $43.60M | |||||
| Rail Transportation Costs | $3.50M | -$3.40M | — | — | |||||
| Total | $1.28B | $1.34B | $1.47B | $1.60B |
In fiscal 2025, which ended December 31, 2025, the 6 revenue lines Hess Midstream LP reported in this breakdown added up to $1.60B. That was up 8.3% from $1.47B in fiscal 2024. Oil & Gas Gathering Services was the largest revenue line, at $721.60M or 45.2% of the total, followed by Processing & Storage Services ($593.70M, 37.2%) and Water Gathering & Disposal Services ($132.00M, 8.3%). Together, the two largest revenue lines made up 82.3% of this total.
Compared with fiscal 2024, Third-Party Services grew the fastest, rising 80.9% to $43.60M. Every sizeable revenue line reported in both years grew.
Third-Party Services was first reported as a separate revenue line in fiscal 2023. The table also keeps 4 revenue lines that Hess Midstream LP no longer reports, so earlier years can still be read on their original basis; use "Show 4 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2017 to 2025, as reported in Hess Midstream LP's annual filings.
Gathering Opco was the largest of Hess Midstream LP’s 3 reported lines in fiscal 2025, at $870.60M — 54% of $1.62B.
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gathering Opco | $677.90M | $730.00M | $799.10M | $870.60M | |||||
| Processing & Storage | $470.80M | $501.70M | $577.70M | $620.00M | |||||
| Terminaling & Export | $126.50M | $116.90M | $118.70M | $130.70M | |||||
| Total | $1.28B | $1.35B | $1.50B | $1.62B |
In fiscal 2025, which ended December 31, 2025, the 3 segments Hess Midstream LP reported in this breakdown added up to $1.62B. That was up 8.4% from $1.50B in fiscal 2024. Gathering Opco was the largest segment, at $870.60M or 53.7% of the total, followed by Processing & Storage ($620.00M, 38.2%) and Terminaling & Export ($130.70M, 8.1%). Together, the two largest segments made up 91.9% of this total.
Compared with fiscal 2024, Terminaling & Export grew the fastest, rising 10.1% to $130.70M. Every sizeable segment reported in both years grew. Over fiscal 2022 to 2025, revenue across these segments went from $1.28B to $1.62B, a compound annual growth rate of 8.3%. Gathering Opco's share of the total rose from 53.2% to 53.7% over the same years.
This breakdown covers every fiscal year from 2017 to 2025, as reported in Hess Midstream LP's annual filings.
Affiliate was the largest of Hess Midstream LP’s 3 reported lines in fiscal 2025, at $853.60M — 89% of $955.70M.
| Related and Nonrelated Parties | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Affiliate | $600.80M | $633.80M | $791.90M | $853.60M | |
| Hess | $77.90M | — | — | — | |
| Chevron Corporation | — | $47.80M | $54.90M | $58.50M | |
| Third Party | — | $8.00M | $24.10M | $43.60M | |
| Total | $678.70M | $689.60M | $870.90M | $955.70M |
In fiscal 2025, which ended December 31, 2025, the 3 revenue lines Hess Midstream LP reported in this breakdown added up to $955.70M. That is less than the $1.62B in its breakdown by segment, so these revenue lines do not account for all of its revenue that year. Affiliate was the largest revenue line, at $853.60M or 89.3% of the total, followed by Chevron Corporation ($58.50M, 6.1%) and Third Party ($43.60M, 4.6%). Together, the two largest revenue lines made up 95.4% of this total.
Compared with fiscal 2024, Third Party grew the fastest, rising 80.9% to $43.60M. Every sizeable revenue line reported in both years grew.
Chevron Corporation (fiscal 2023) and Third Party (fiscal 2023) were first reported as separate revenue lines during this period. The table also keeps 1 revenue line that Hess Midstream LP no longer reports, so earlier years can still be read on their original basis; use "Show 1 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2021 to 2025, as reported in Hess Midstream LP's annual filings.
Hess Midstream LP (HESM) breaks its revenue down by revenue line and segment. In fiscal 2025, its largest revenue line was Oil & Gas Gathering Services, with $721.60M or 45.2% of the total, followed by Processing & Storage Services at $593.70M (37.2%).
Oil & Gas Gathering Services was Hess Midstream LP's largest revenue line in fiscal 2025, with $721.60M in revenue, 45.2% of the $1.60B reported across its 6 revenue lines.
Gathering Opco was Hess Midstream LP's largest segment in fiscal 2025, with $870.60M in revenue, 53.7% of the $1.62B reported across its 3 segments.
Of the Hess Midstream LP revenue lines reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Third-Party Services grew the fastest, rising 80.9% from $24.10M to $43.60M.
Every figure is taken from Hess Midstream LP's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2017 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.