Hess Midstream (HESM) Falls Following Guidance Update

The share price of Hess Midstream LP (NYSE:HESM) fell by 11.7% between September 18 and September 25, 2025, putting it among the Energy Stocks that Lost the Most This Week.

Hess Midstream LP (NYSE:HESM) is a fee-based, growth-oriented midstream company that owns, operates, develops, and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries, and third-party customers.

Hess Midstream LP (NYSE:HESM) fell after the company’s recently updated guidance reflected an expected reduction in Bakken rig activity by Chevron from four to three drilling rigs beginning in Q4 2025. The midstream operator announced that it expects long-term growth in gas throughput volumes in the Bakken through at least 2027, while oil throughput volumes are now anticipated to plateau in 2026 as a result of lower planned rig activity.

Hess Midstream LP (NYSE:HESM) also took a hit when Wells Fargo recently downgraded the stock from ‘Overweight’ to ‘Equal Weight’ with a price target of $39, down from $48. According to the analyst, Chevron’s decision to move to three rigs in the Bakken significantly reduces Hess Midstream’s EBITDA growth and capital return.

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Disclosure: None.