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Hess Midstream LP vs Phoenix Energy One, LLC: HESM and PHXE-P compared
Hess Midstream LP is the larger company: $410M of revenue in its latest quarter (Q3 2026) against $406M for Phoenix Energy One, LLC (Q2 2026). Phoenix Energy One, LLC is growing faster (+148% against -3% a year earlier). Hess Midstream LP is more profitable, with an operating margin of 64.0% against 40.3%.
Where the money goes: HESM and PHXE-P
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.
Phoenix Energy One, LLC (PHXE-P) · Q2 2026
Phoenix Energy One, LLC, Q2 2026: revenue $406M (+148% year over year), operating margin 40.3%, net earnings $106M, operating cash flow $173M. The chart follows the revenue to costs, profit and cash.
| Hess Midstream LP (HESM) | Phoenix Energy One, LLC (PHXE-P) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $410M | $406M |
| Revenue growth, Y/Y | -3% | +148% |
| Operating margin | 64.0% | 40.3% |
| Net earnings | $99.4M | $106M |
| Net margin | 24.2% | 26.1% |
| Operating cash flow | $268M | $173M |
| Free cash flow | $242M | — |
| Market value | $3.8B | $2.5B |
| P/E | 5.7× | — |
| Analysts’ mean target | $33.43 | — |
Where the revenue comes from
Hess Midstream LP
- Affiliate Services: $392M (96%)
- Third Party Services: $16.6M (4%)
Phoenix Energy One, LLC
- Product: $242M (60%)
- Crude Oil: $108M (27%)
- Mineral and Royalty: $49.1M (12%)
- Water Services: $6.1M (2%)
Questions
Which is bigger, Hess Midstream LP or Phoenix Energy One, LLC?
Hess Midstream LP is the larger company: $410M of revenue in its latest quarter (Q3 2026) against $406M for Phoenix Energy One, LLC (Q2 2026).
Is Hess Midstream LP or Phoenix Energy One, LLC growing faster?
Phoenix Energy One, LLC is growing faster (+148% against -3% a year earlier).
Which is more profitable, Hess Midstream LP or Phoenix Energy One, LLC?
Hess Midstream LP is more profitable, with an operating margin of 64.0% against 40.3%.
More: Hess Midstream LP earnings · how Hess Midstream LP makes money · Phoenix Energy One, LLC earnings · how Phoenix Energy One, LLC makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.