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California Resources vs Hess Midstream LP: CRC and HESM compared
California Resources is the larger company: $421M of revenue in its latest quarter (Q3 2026) against $410M for Hess Midstream LP (Q3 2026). Hess Midstream LP is growing faster (-3% against -51% a year earlier). Hess Midstream LP is more profitable, with an operating margin of 64.0% against -96.7%.
Where the money goes: CRC and HESM
California Resources (CRC) · Q3 2026
California Resources, Q3 2026: revenue $421M (-51% year over year), operating margin -96.7%, net loss $315M, operating cash flow $305M. The chart follows the revenue to costs, profit and cash.
Hess Midstream LP (HESM) · Q3 2026
Hess Midstream LP, Q3 2026: revenue $410M (-3% year over year), operating margin 64.0%, net earnings $99.4M, operating cash flow $268M. The chart follows the revenue to costs, profit and cash.
| California Resources (CRC) | Hess Midstream LP (HESM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $421M | $410M |
| Revenue growth, Y/Y | -51% | -3% |
| Operating margin | -96.7% | 64.0% |
| Net earnings | −$315M | $99.4M |
| Net margin | -74.8% | 24.2% |
| Operating cash flow | $305M | $268M |
| Free cash flow | $147M | $242M |
| Market value | $4.2B | $3.8B |
| P/E | — | 5.7× |
| Analysts’ mean target | $74.92 | $33.43 |
Where the revenue comes from
Hess Midstream LP
- Affiliate Services: $392M (96%)
- Third Party Services: $16.6M (4%)
Questions
Which is bigger, California Resources or Hess Midstream LP?
California Resources is the larger company: $421M of revenue in its latest quarter (Q3 2026) against $410M for Hess Midstream LP (Q3 2026).
Is California Resources or Hess Midstream LP growing faster?
Hess Midstream LP is growing faster (-3% against -51% a year earlier).
Which is more profitable, California Resources or Hess Midstream LP?
Hess Midstream LP is more profitable, with an operating margin of 64.0% against -96.7%.
More: California Resources earnings · how California Resources makes money · Hess Midstream LP earnings · how Hess Midstream LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.