HOUSTON, Jan 31 (Reuters) - Hess Midstream LP on Wednesday reported stronger year-over-year net income for the fourth quarter, driven by higher throughput on its oil and gas systems.

The Houston, Texas-based company, which owns processing, gathering systems and terminals primarily in North Dakota, reported fourth quarter net income of $152.8 million, up from $149.8 million the previous year.

Hess said in a statement that it anticipates throughput volumes on its systems to increase by 10% this year.

Volumes at its oil terminals rose by 19% in the fourth quarter compared with the same period of 2022, due mostly to a rise in drilling activity. Volumes on its oil gathering systems were up 16% year-over-year due to higher production, it said.

West Texas Intermediate (WTI) prices on average fell in the last quarter of 2023 compared with the same period of 2022. WTI (CLc1) prices averaged $71.65 per barrel in the fourth quarter of 2023, down from $80.26 per barrel in 2022.

Hess on Wednesday said it had $1.25 billion of financial flexibility for incremental shareholder returns through 2026, lifting previous guidance of $1 billion available for returns through 2025. (Reporting by Georgina McCartney in Houston; Editing by Alexander Smith)