Hess Midstream, which owns oil and gas assets primarily located in the Bakken and Three Forks Shale plays in North Dakota, reported income of $164.8 million for the July-September period, up from $159.4 million in the third quarter of 2022.
Hess Midstream expects Chevron to acquire Hess Corp's 37.8% ownership in it, the company said in an earnings release.
In the latest of a series of blockbuster U.S. oil combinations, Chevron agreed to buy Hess for $53 billion in stock to gain a bigger U.S. oil footprint and a stake in rival Exxon Mobil's (XOM.N) massive Guyana discoveries.
Hess Midstream's contract structure remains in place, the company added.
As part of its annual nomination process for long-term commercial contracts, Hess Midstream plans to set its minimum volume commitment contracts and rates, which are expected to be based on Hess's current four-rig play in the Bakken.
The company will release both in January 2024, consistent with prior practice, it said.
John Gatling, President of Hess Midstream, said in the release that the company had raised its operational and financial guidance for the second time this year. Hess Midstream continues to target at least 5% annual distribution growth through 2025, the company said.
