Bakken Insights: Contradictions in Rig Counts, Processing Volumes, and Buyback Strategies

Operational Performance and Growth:
- Hess Midstream LP reported a 11% increase in adjusted EBITDA growth for 2025, with 7% growth expected in the second half of the year.
- This growth was driven by increased throughput volumes across all oil and gas systems and strong upstream production performance.

Capital Expenditures and Financial Flexibility:
- Hess Midstream plans to invest approximately $300 million in capital expenditures for 2025.
- The company anticipates generating adjusted free cash flow of $725 million to $775 million, providing financial flexibility for ongoing shareholder returns.

Sustainability and Infrastructure Development:
- The company's fourth annual sustainability report highlights its commitment to safe and reliable execution, supported by record operating performance in Q2 2025.
- Hess Midstream is focused on completing two new compressor stations and the Capa gas plant, which are part of a multi-year investment strategy to meet basin demand.

Chevron Merger and Strategic Partnership:
- The merger with Chevron was completed, with Chevron's new Chair, Andy Walz, joining the board of directors.
- The partnership between Chevron and Hess Midstream is expected to drive value through operational excellence and shareholder returns.