Hess Midstream sees 2027 adjusted EBITDA at $850 million-$950 million after Chevron DJ Basin deal closes
HESM•Hess Midstream expects 2027 adjusted EBITDA of $850 million-$950 million, assuming the Chevron DJ Basin deal closes at year-end 2026. It forecasts 2027 adjusted free cash flow of $525 million-$625 million and plans to hold per-share distributions at the fourth-quarter 2026 level.
1. 2026 guidance
Hess Midstream updated its 2026 guidance to net income of $650 million-$675 million, adjusted EBITDA of $1.225 billion-$1.25 billion and adjusted free cash flow of $910 million-$935 million. It forecasts gas gathering throughput of 435-445 MMcf/d, crude gathering of 110-120 MBbl/d and water gathering of 120-130 MBbl/d.
2. 2027 outlook
The preliminary 2027 outlook assumes the Chevron DJ Basin deal closes at year-end 2026. Hess Midstream forecasts adjusted EBITDA of $850 million-$950 million, capital expenditures of $125 million and adjusted free cash flow of $525 million-$625 million, with gross adjusted EBITDA margin expected near 75%.
3. Distribution plan
Hess Midstream plans 5% annualized per-share distribution growth in the third and fourth quarters of 2026. It expects to hold 2027 per-share distributions at the fourth-quarter 2026 level, funded by free cash flow.
