Dependency on Hess Corporation and Bakken Production: HESM's primary revenue streams are tied to the production and development activities of Hess Corporation and its joint venture partner in the Bakken region. A material decline in Hess's drilling activity, financial health, or production volumes in this specific basin could significantly reduce the throughput volumes for HESM's gathering, processing, and transmission services, thereby negatively impacting its revenues.

Commodity Price Volatility Impact on Upstream Customers: Although HESM's contracts are largely fee-based, sustained periods of low crude oil, natural gas, or NGL prices can adversely affect the financial viability and investment decisions of upstream producers, including Hess. This could lead to reduced drilling and completion activity, resulting in lower volumes available for HESM's midstream assets in the future.

Regulatory and Environmental Compliance Costs: Changes in environmental regulations (e.g., emissions standards, flaring rules), pipeline safety standards, or tax laws specifically affecting master limited partnerships (MLPs) could increase HESM's operating expenses, require significant capital investments for compliance, or restrict its operational flexibility. This includes potential local, state, and federal actions related to energy infrastructure.