Hess Midstream LP (HESM) Stock Analysis & Winston Score

Hess Midstream LP is a pipeline and processing company that moves, cleans, and stores oil, natural gas, and water for energy producers. Its main customer is Hess Corporation, the large oil company that created it, and most of its operations are located in the Bakken shale region of North Dakota. It does not drill for oil itself — it simply handles the transportation and processing of what others produce. The company earns money through long-term fee-based contracts, meaning it gets paid a set amount for each unit of oil or gas it handles, regardless of where commodity prices go. This structure gives it steady, predictable cash flow and is a key part of its competitive position. However, because Hess Corporation is its dominant customer, Hess Midstream's financial health is closely tied to how much Hess chooses to drill in the Bakken — making customer concentration the central risk investors watch.