Hess Midstream Delivers Strong Q2 2026 Performance, Reiterates Adjusted Free Cash Flow Guidance
Hess Midstream, a leading midstream energy company, has reported strong second quarter (Q2) 2026 performance, with the company's executives highlighting their operational and financial priorities during a recent conference call.
According to Jonathan Stein, Chief Executive Officer, Hess Midstream continued to execute its operational priorities and deliver on its financial strategies in Q2 2026. This included completing planned maintenance at TGP on time and under budget, finding efficiencies across assets on synergies and improved performance, and delivering on the company's financial strategy by strengthening its balance sheet and increasing its distribution.
"We remain focused on executing safe and reliable operations while leveraging our historical investment in existing infrastructure to continue generating significant Adjusted Free Cash Flow," Stein stated during the conference call. "This allows us to uniquely provide returns to our shareholders through growing distributions and incremental share repurchases while simultaneously continuing to reduce our debt leverage."
Financially, Hess Midstream reported a net income of $174 million in Q2 2026, compared to approximately $158 million in the first quarter. Adjusted EBITDA for the second quarter was $314 million, an increase from $300 million in the first quarter, primarily due to lower operating expenses and G&A savings.
The company also maintained its guidance on Adjusted Free Cash Flow for 2026, reiterating a range of $910 million-$960 million, representing a 20% increase year-over-year at the midpoint. This guidance reflects Hess Midstream's commitment to generating strong cash flows while continuing to invest in its assets and return value to shareholders.
Mike Chadwick, Chief Financial Officer, highlighted the company's financial performance during the conference call, noting that total revenues, excluding pass-through revenues, increased by approximately $10 million in Q2 2026. Gathering revenues increased by around $7 million, while processing revenues rose by approximately $3 million.
"Our capital program continues to execute on our strategy of investing in high-return projects," Chadwick stated. "We expect our capital spend to be higher in the third quarter in line with planned activity."
The conference call demonstrated Hess Midstream's commitment to delivering strong operational and financial performance, while prioritizing shareholder returns through growing distributions and share repurchases.
