HESM · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Hess Midstream

31 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Chevron

earns from · 97% of our revenuesnamed as a risk

For the year ended December 31, 2025, 97% of our revenues were attributable to our fee‑based commercial agreements with Chevron, including revenues from third‑party volumes delivered under these agreements.Business (Item 1)

Also named by SUN, SUNC

Suppliers

Chevron

depends on · approximately 195 full‑time employee equivalents

As a result, all of the employees that conduct our business are employed by affiliates of our general partner, including Chevron.Business (Item 1)

Also named by SUN, SUNC

Tioga Rail Terminal contract operator

depends onnamed as a risk

For example, we utilize contract operator services at our Tioga Rail Terminal under a rail and transload services agreement with a third‑party operator that may be terminated by us with 90-day notice.Risk factors (Item 1A)

Partners and platforms

Dakota Access Pipeline (DAPL)

depends on · 120 MBbl/d

The Johnson’s Corner Header System is a crude oil pipeline header system located in McKenzie County, North Dakota that receives crude oil by pipeline from Chevron and third parties and delivers crude oil to DAPL and other third‑party interstate pipeline systems.Business (Item 1)

Also named by CHRD, DMLP, ET, MPC, MPLX

Targa Resources Corp.

depends on · 50/50 joint venture

On January 25, 2018, we entered into a 50/50 joint venture with Targa Resources Corp. (“Targa”) to construct a new 200 MMcf/d gas processing plant called Little Missouri 4 (“LM4”).Business (Item 1)

Alliance Pipeline

depends on · more than 250 MMcf/d

For residue gas, the plant has total export capacity of more than 250 MMcf/d with access to the Chicago, IL market through the Alliance Pipeline from the Tioga lateral; it also has access to the Ventura, IA market through the Northern Border Pipeline from the WBI North Bakken Expansion Pipeline.Business (Item 1)

Northern Border Pipeline

depends on · approximately 135 MMcf/d

The plant also has direct residue gas and NGL pipeline connections at the tailgate of the plant, with export capacity of approximately 135 MMcf/d of natural gas to the Northern Border Interstate Pipeline and 40 MBbl/d of NGLs to ONEOK Elk Creek Pipeline.Business (Item 1)

ONEOK Elk Creek Pipeline

depends on · 40 MBbl/d

Y-grade liquids are shipped on the Elk Creek Pipeline from the ONEOK NGL lateral to Bushton, KS with access to Mont Belvieu, TX.Business (Item 1)

Vantage Pipeline

depends on · 30 MBbl/d

For ethane, TGP can recover and ship up to 30 MBbl/d of ethane to Canada on the Vantage Pipeline.Business (Item 1)

BNSF Railway

depends onnamed as a risk

The terminal has a direct rail connection to the BNSF Railway, which in turn connects to the Union Pacific, CSX, Norfolk Southern and other Class 1 railroads.Business (Item 1)

Chevron cybersecurity program

depends on

The Company utilizes Chevron’s cybersecurity program, which is designed to protect our information assets and operations from external and internal cyber threats by identifying and appropriately managing and mitigating risks while ensuring business resiliency.Cybersecurity (Item 1C)

Other companies

Hess–Chevron Merger

named as a risk

Because we are substantially dependent on Chevron, if the anticipated benefits of the Merger are not realized fully, or at all, or if they take longer to realize than expected, our business, financial condition and operating results could be adversely affected and could negatively affect the trading prices of our Class A Shares.Risk factors (Item 1A)

North Dakota royalty litigation (post-production deductions)

named as a risk

Chevron’s involvement in certain claims in federal and state courts in North Dakota related to post-production deductions from royalty and working interest payments for various oil and gas processing and transportation related costs and expenses.Risk factors (Item 1A)

Places

Tioga Gas Plant

operates in · 400 MMcf/d

The Tioga Gas Plant (“TGP”), which is located in Tioga, North Dakota, has a total processing capacity of 400 MMcf/d making it one of the largest natural gas processing and fractionation plants in North Dakota.Business (Item 1)

Mentor, Minnesota

operates in · approximately 330 MBbls

Our Mentor Storage Terminal consists of a propane storage cavern and a rail and truck loading and unloading facility located on approximately 40 acres in Mentor, Minnesota.Business (Item 1)

Bakken (Williston Basin, North Dakota)

concentrated innamed as a risk

Substantially all of our assets are located in the Bakken, and we continue to focus our future capital expenditures largely on developing our business in that area.Risk factors (Item 1A)

Also named by CVX, MDU, WTTR

Hazards

Severe winter weather in North Dakota

operates innamed as a risk

Crude oil and natural gas operations in North Dakota are adversely affected by seasonal weather conditions.Risk factors (Item 1A)

Commodities and inputs

Crude oil and natural gas prices

exposed to its pricenamed as a risk

Declines in crude oil and natural gas prices could have a negative impact on exploration, development and production activity, and if sustained, could lead to a material decrease in such activity and reduced utilization of our assets.Risk factors (Item 1A)

Also named by SLB

Propane

Chevron utilizes our propane storage services to mitigate the impact on its operations from seasonal variations in the demand for propane.Business (Item 1)

Also named by EMN, FLO, RRC, TRGP, UGI, WOR

Regulators

Federal Energy Regulatory Commission (FERC)

subject to · $1,584,648 per violation per daynamed as a risk

If it is subsequently determined that an individual facility is not exempt from FERC regulation under the NGA, NGPA, or ICA, or subject to additional regulation under those statutes with the elimination of the existing waivers, such a determination could decrease revenue, increase operating costs, and, depending upon the facility in question, adversely affect our results of operations and cash flows.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · $272,926 per violationnamed as a risk

For 2025, the maximum penalty for each pipeline safety violation was $272,926 per violation, with a maximum of $2,729,245 for a series of related violations, with the amounts adjusted annually to account for inflation.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Federal Railroad Administration (FRA)

subject tonamed as a risk

For example, the Federal Railroad Administration (“FRA”) of the DOT and PHMSA issued several Safety Advisories and Emergency Orders directing offerors and rail carriers to take additional precautionary measures to enhance the safe shipment of bulk quantities of crude oil.Risk factors (Item 1A)

Also named by CP, CSX, FCNCA, NSC, UNP, WAB

Laws and programs

Inflation Reduction Act corporate alternative minimum tax

subject to · 15%named as a risk

We expect to be a payer of the corporate alternative minimum tax in future years, and available cash will be reduced by any tax liabilities attributable to the corporate alternative minimum tax.Risk factors (Item 1A)

Also named by EXE, JXN, KLAC, NRG, Q, RRC, SO, TRGP and 2 more

DOT-117 rail car safety standard

subject to · 550 crude oil rail carsnamed as a risk

We work to ensure all of our rail cars in crude oil service meet the current United States Department of Transportation (the “DOT”) DOT‑117 safety standard applicable to “high hazard flammable trains”.Business (Item 1)

North Dakota Industrial Commission Order No. 25417

subject to · 13.7 psinamed as a risk

In December 2014, the North Dakota Industrial Commission (“NDIC”) issued Order No. 25417, which requires producers in the Bakken, among other fields, effective April 1, 2015, to heat their produced fluids to a specified minimum temperature or demonstrate that crude oil has a vapor pressure no greater than 13.7 psi prior to separation.Risk factors (Item 1A)

Chevron minimum volume commitments

earns from · 80% of Chevron’s nominations

Minimum volume commitments (“MVCs”) are equal to 80% of Chevron’s nominations in each development plan and apply on a three-year rolling basis such that MVCs are set for the three years following the most recent nomination.Business (Item 1)

Hydraulic fracturing regulation

subject tonamed as a risk

If new or more stringent federal, state or local legal and regulatory restrictions relating to the hydraulic fracturing process are adopted in areas where Chevron and our other customers operate, Chevron and our other customers could incur potentially significant added costs to comply with such requirements and experience delays or curtailment in the pursuit of production or development activities, which could reduce demand for our midstream services.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more

Clean Air Act

subject tonamed as a risk

Future expenditures may be required to comply with the Clean Air Act and other federal, state and local requirements for our various sites, including our pipeline, processing, transportation, and storage facilities.Business (Item 1)

Also named by AEE, CTAS, CWST, EMN, FIX, KGS, NOC, NRP and 6 more

Nationwide Permit 12

subject tonamed as a risk

If new oil and gas pipeline projects are unable to utilize NWP 12 or identify an alternate means of CWA compliance, such projects could be significantly delayed or impacted, which could have an adverse impact on our operations or our financial condition.Risk factors (Item 1A)

Also named by DTM, EQT, MPLX, PAA, PAGP, PR, TRGP

PHMSA Mega Rule

subject tonamed as a risk

In November 2021, PHMSA issued the second part of the Mega Rule that expands certain federal pipeline safety requirements to all onshore gas gathering pipelines, regardless of size or location.Risk factors (Item 1A)

Also named by EQT, WMB

PIPES Act of 2020

subject tonamed as a risk

Among other things, the act requires PHMSA to issue regulations addressing idled pipelines, the safety of gas gathering pipelines, minimum performance standards for methane leak detection and repair and gas distribution pipelines’ emergency response plans, responses to over pressurization events, and maintenance of maps and records of critical pressure control infrastructure.Risk factors (Item 1A)