Hess Midstream LP is a US-listed midstream energy partnership that owns, operates
and develops infrastructure supporting crude oil, natural gas and produced water
handling, processing and transportation. Its business model is primarily fee-based,
with cash flow driven by contracted throughput volumes, tariff/fee escalators,
operating reliability and customer activity levels in the underlying production area.
Dividend sustainability is closely linked to distributable cash flow coverage,
leverage discipline, capital spending requirements and the stability of long-term
commercial agreements, making HESM a widely monitored income-oriented name within
the US midstream universe.