Hess Midstream LP (NYSE:HESM) on Thursday, cut its financial and operational outlook for the coming years, citing a slowdown in drilling activity by Chevron Corp (NYSE:CVX) in the Bakken beginning in the fourth quarter of 2025.
While oil volumes are projected to level off, the company sees gas throughput growth supporting earnings and capital returns to investors through 2027.
The partnership now anticipates that Chevron will reduce its rig count in the Bakken from four to three in the fourth quarter of 2025.
As a result, Hess Midstream expects oil throughput volumes to plateau in 2026. In contrast, gas throughput is forecast to expand through at least 2027, ensuring volume levels remain above established minimum commitments.
Despite this shift, management emphasized financial stability.
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