HESM (Hess Midstream LP) Total Operating Expense: $395 Mil (TTM As of Mar. 2026)


HESM Hess Midstream LP HESM
66 GF Score
Price $37.79
GF Value $24.42
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Hess Midstream LP Total Operating Expense?

Hess Midstream LP HESM +0.51% 66 Total Operating Expense is $395 Mil as of Mar. 2026. GuruFocus rates HESM with a GF Score™ of 66/100 and a GF Value™ of $24.42 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Hess Midstream LP's Total Operating Expense for the three months ended in Mar. 2026 was $92 Mil. Hess Midstream LP's Total Operating Expense for the trailing twelve months (TTM) ended in Mar. 2026 was $395 Mil.

Hess Midstream LP Total Operating Expense Related Terms

Hess Midstream LP Total Operating Expense Historical Data

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The historical data trend for Hess Midstream LP's Total Operating Expense can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Hess Midstream LP Total Operating Expense Chart

Hess Midstream LP Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Total Operating Expense
Get a 7-Day Free Trial Premium Member Only Premium Member Only 311.00 300.70 336.70 369.80 395.00

Hess Midstream LP Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Total Operating Expense Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 92.10 101.50 104.10 97.30 92.10
HESM
66GF Score
Hess Midstream LP HESM
Total Operating Expense is just one metric. See GF Score™, valuation, warning signs, and more.
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Hess Midstream LP Total Operating Expense Calculation

Total Operating Expense is the primary recurring expense associated with central operations that are incurred in order to generate sales.


Total Operating Expense for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $395 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Total Operating Expense of $395 Mil mean?
Hess Midstream LP (HESM) has a Total Operating Expense of $395 Mil as of Mar. 2026. Total operating expense is the primary recurring expense associated with central operations. View historical data on Hess Midstream LP and its competitors.
Is Hess Midstream LP's Total Operating Expense too high?
Hess Midstream LP's current Total Operating Expense is $395 Mil. Overall, Hess Midstream LP has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hess Midstream LP's Total Operating Expense compare to PAGP and GLNG?
Hess Midstream LP's Total Operating Expense of $395 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Total Operating Expense for an Oil & Gas company?
A good Total Operating Expense depends on the Oil & Gas industry context. However, Total Operating Expense should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Total Operating Expense mean?
A high Total Operating Expense can signal that a stock is expensive relative to its fundamentals. Total operating expense is the primary recurring expense associated with central operations. View historical data on Hess Midstream LP and its competitors. Hess Midstream LP's current Total Operating Expense is $395 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hess Midstream LP stock overvalued right now?
Based on GuruFocus' analysis, Hess Midstream LP (HESM) is currently considered Significantly Overvalued. The stock's GF Value™ is $24.42, compared to a current price of $37.79 — trading 54.8% above its estimated fair value. The current Total Operating Expense is $395 Mil. Hess Midstream LP's overall GF Score™ is 66/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Total Operating Expense calculated?
Total Operating Expense is calculated from a company's financial statements. For Hess Midstream LP (HESM), the current Total Operating Expense is $395 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Hess Midstream LP (HESM) Overvalued in 2026?

Based on GuruFocus' analysis, Hess Midstream LP stock appears to be overvalued. The current stock price of $37.79 is trading 54.8% above its estimated GF Value™ of $24.42. GuruFocus considers Hess Midstream LP to be Significantly Overvalued.

Key valuation signals for HESM:

  • Total Operating Expense: $395 Mil
  • GF Value™: $24.42 vs. price of $37.79 (54.8% above fair value)
  • GF Score™: 66/100 with 8 warning signs

No single metric tells the full story. See the HESM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hess Midstream LP Business Description

Industry EnergyOil & Gas
Address 1400 Smith Street, Houston, TX, USA, 77002
Hess Midstream LP is a fee-based, growth-oriented limited partnership that owns, operates, develops, and acquires a portfolio of midstream assets. The company provides fee-based services to Chevron Corporation and generates all of its revenue by charging fees for gathering, compressing, and processing natural gas, fractionating NGLs, gathering, terminaling, loading, and transporting crude oil and NGLs, storing and terminaling propane, and gathering and disposing of produced water. It operates through gathering, processing, and storage, and terminaling and export segments, with the gathering segment contributing the maximum share of revenue and comprising natural gas gathering and compression, as well as crude oil gathering and produced water gathering and disposal assets.
66GF Score

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Total Operating Expense is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$37.79
Price
$24.42
GF Value