Financial Performance - Hess Midstream LP reported fourth-quarter 2025 earnings per share of $0.72, meeting analyst expectations, while revenue was $404.2 million, falling short of the forecast of $417.05 million [1] - The net income for the quarter totaled $168.0 million, with $93.3 million attributable to Hess Midstream LP [2] - Adjusted EBITDA reached $309.1 million, and adjusted free cash flow totaled $207.8 million, indicating resilient financial performance despite lower throughput volumes [2] Operational Metrics - Throughput volumes declined year over year across all segments: oil terminaling volumes decreased by 4%, gas processing by 1%, and water gathering by 5% [3] - The declines in throughput were primarily attributed to reduced production caused by severe winter weather [3] - Capital expenditures for the quarter totaled $47.6 million, down 44% from the prior-year period, reflecting the completion of gas compression expansion projects [3]