Hess Midstream LP said first-quarter 2026 net income slipped to $157.7 million from $161.4 million a year earlier, while net income attributable to the partnership rose to $87.6 million, or $0.68 a share, from $0.65 a share.
Revenue and other income increased to $390.1 million from $382.0 million, up $8.1 million year over year. Operating costs and expenses climbed to $152.0 million from $144.6 million, driven mainly by higher depreciation expense. Interest expense, net of interest income, edged down to $55.4 million from $56.4 million.
Adjusted EBITDA increased to $299.8 million from $292.3 million, and adjusted free cash flow rose to $237.0 million from $190.7 million. Net cash provided by operating activities improved to $253.3 million from $202.4 million.
Capital expenditures fell sharply to $10.4 million from $50.1 million, a drop of 79%, as the company finished expanding gas compression capacity.
On operations, oil terminaling throughput fell 5% from the prior-year quarter, water gathering dropped 9%, and gas processing rose 1%.
The company also raised its quarterly cash distribution to $0.7792 per class A share, up $0.0151 from the fourth quarter of 2025. During the quarter, it repurchased $42.0 million of class A shares and $18.0 million of class B units.
For 2026, Hess Midstream lifted capital expenditure guidance to about $105 million and increased adjusted free cash flow guidance to $910 million to $960 million. It kept full-year guidance unchanged for throughput, net income and adjusted EBITDA, with net income still projected at $650 million to $700 million and adjusted EBITDA at $1.225 billion to $1.275 billion. Following these announcements, the company's shares moved -1.37%, and are now trading at a price of $37.34. For the full picture, make sure to review Hess Midstream LP's 8-K report.
