""In 2026, we expect to spend approximately $150 million, a 40% reduction in capital spending relative to 2025. We expect our capital spend to decrease even further in 2027 and 2028 to less than $75 million per year.""
""We expect significant adjusted free cash flow generation in 2026 of $850 to $900 million, reflecting 12% growth over 2025 at the midpoint, followed by annualized growth of approximately 10% through 2028.""
""As Chevron talked about having an increasing percentage of longer laterals... longer laterals not only make the wells more economic... but also, in general, produce the same volume but with less wells reducing our well connect capital.""
Hess Midstream has completed its infrastructure buildout, leading to a significant reduction in capital expenditures. In 2026, capital spending is expected to be around $150 million, decreasing further in subsequent years. The focus is now on generating substantial free cash flow, projected at $850 to $900 million in 2026. This cash flow will support a targeted 5% annual distribution growth per Class A share and share repurchases. The integration with Chevron enhances operational efficiency, allowing for effective planning and reduced costs.
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