Hess Midstream is a fee-based midstream partnership that gathers, processes, and transports crude oil, natural gas, NGLs, and produced water in the Bakken shale play in North Dakota. The company operates essentially as a toll road for Bakken production, charging per-unit fees for gathering, compression, processing, fractionation, storage, terminaling, and water disposal — with no direct commodity price exposure. Chevron (Hess Midstream's sponsor following its acquisition of Hess in 2025) accounts for roughly 97% of revenues, with third-party volumes making up the remainder. Hess Midstream operates through three segments: Gathering (approximately 1,430 miles of gas pipelines, 615 miles of crude pipelines, and 360 miles of water pipelines), Processing and Storage (two gas plants with combined capacity of 600 MMcf/d, plus a propane storage terminal in Minnesota), and Terminaling and Export (rail loading facilities and pipeline connections to move Bakken crude to market). The commercial structure with Chevron features long-term contracts running through 2033, minimum volume commitments covering roughly 95% of revenues, and inflation-indexed rates that escalate annually by up to 3%. This produces a near-utility cash flow profile, with adjusted EBITDA margins around 80%. With major infrastructure buildout largely complete, capex is declining sharply, which should drive free cash flow growth. Hess Midstream targets 5% annual distribution growth per Class A share through at least 2028, with excess free cash flow directed toward share repurchases and debt reduction.