Hess Midstream LP Reports Estimated Results for the Fourth Quarter Of 2022
Hess Midstream reported a net income of $149.8 million for Q4 2022, down from $165.1 million year-over-year. After accounting for noncontrolling interests, net income attributable to Hess Midstream was $21.8 million, or $0.49 per Class A share, compared to $0.51 in the previous quarter. Key metrics include Adjusted EBITDA of $245.1 million and Distributable Cash Flow of $202.6 million. The company faced a 12% decrease in crude oil gathering throughput and 11% for terminaling, attributed partly to severe weather. A quarterly cash distribution of $0.5696 per Class A share was declared, reflecting a 1.2% increase over the prior quarter.
- Quarterly cash distribution increased by 1.2%, supporting a targeted 5% annual growth.
- Adjusted Free Cash Flow for Q4 2022 was $144.1 million, providing a strong cash position.
- Net income decreased from $165.1 million in Q4 2021 to $149.8 million in Q4 2022.
- Crude oil gathering and terminaling throughput volumes fell by 12% and 11%, respectively.
Fourth Quarter 2022 Highlights:
-
Net income was
. Net cash provided by operating activities was$149.8 million .$222.6 million -
Net income attributable to
Hess Midstream LP was , or$21.8 million basic earnings per Class A share, after deduction for noncontrolling interests.$0.49 -
Adjusted EBITDA1 was
, Distributable Cash Flow1 was$245.1 million and Adjusted Free Cash Flow1 was$202.6 million .$144.1 million
“Despite severe weather conditions in 2022, we delivered volume growth and made targeted compression additions that increased our gas capture capability and position us well for expected volume growth in 2023 and beyond,” said
Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in
(1) Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.
Financial Results
Revenues and other income in the fourth quarter of 2022 were
Net income for the fourth quarter of 2022 was
Adjusted EBITDA for the fourth quarter of 2022 was
Full year 2022 net income was approximately
Operational Highlights
Throughput volumes in the fourth quarter of 2022 compared with the fourth quarter of 2021 decreased
Capital Expenditures
Capital expenditures for the fourth quarter of 2022 totaled
Quarterly Cash Distributions
On
Investor Webcast
About
Reconciliation of
In addition to our financial information presented in accordance with
|
|
Fourth Quarter |
|
|||||
|
|
(unaudited) |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
|
|
|
|
|
||
(in millions, except ratio and per-share data) |
|
|
|
|
|
|
||
Reconciliation of Adjusted EBITDA and Distributable Cash Flow to net income: |
|
|
|
|
|
|
||
Net income |
|
$ |
149.8 |
|
|
$ |
165.1 |
|
Plus: |
|
|
|
|
|
|
||
Depreciation expense |
|
|
46.4 |
|
|
|
43.5 |
|
Proportional share of equity affiliates' depreciation |
|
|
1.2 |
|
|
|
1.2 |
|
Interest expense, net |
|
|
40.7 |
|
|
|
31.4 |
|
Income tax expense (benefit) |
|
|
7.0 |
|
|
|
5.4 |
|
Adjusted EBITDA |
|
|
245.1 |
|
|
|
246.6 |
|
Less: |
|
|
|
|
|
|
||
Interest, net(1) |
|
|
38.6 |
|
|
|
29.4 |
|
Maintenance capital expenditures |
|
|
3.9 |
|
|
|
2.2 |
|
Distributable cash flow |
|
$ |
202.6 |
|
|
$ |
215.0 |
|
|
|
|
|
|
|
|
||
Reconciliation of Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow to net cash provided by operating activities: |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
$ |
222.6 |
|
|
$ |
223.5 |
|
Changes in assets and liabilities |
|
|
(12.5 |
) |
|
|
(6.4 |
) |
Amortization of deferred financing costs |
|
|
(2.2 |
) |
|
|
(2.0 |
) |
Proportional share of equity affiliates' depreciation |
|
|
1.2 |
|
|
|
1.2 |
|
Interest expense, net |
|
|
40.7 |
|
|
|
31.4 |
|
Earnings from equity investments |
|
|
1.1 |
|
|
|
2.0 |
|
Distribution from equity investments |
|
|
(5.5 |
) |
|
|
(2.8 |
) |
Other |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Adjusted EBITDA |
|
$ |
245.1 |
|
|
$ |
246.6 |
|
Less: |
|
|
|
|
|
|
||
Interest, net(1) |
|
|
38.6 |
|
|
|
29.4 |
|
Maintenance capital expenditures |
|
|
3.9 |
|
|
|
2.2 |
|
Distributable cash flow |
|
$ |
202.6 |
|
|
$ |
215.0 |
|
Less: |
|
|
|
|
|
|
||
Expansion capital expenditures |
|
|
58.5 |
|
|
|
52.2 |
|
Adjusted free cash flow |
|
$ |
144.1 |
|
|
$ |
162.8 |
|
Distributed cash flow |
|
|
136.6 |
|
|
|
130.9 |
|
Distribution coverage ratio |
|
|
1.5 |
x |
|
|
1.6 |
x |
Distribution per Class A share |
|
$ |
0.5696 |
|
|
$ |
0.5167 |
|
(1) Excludes amortization of deferred financing costs.
|
Fourth Quarter
|
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|||||||
|
2022 |
|
|
2021 |
|
||||
(in millions) |
|
|
|
|
|
|
|
||
Reconciliation of gross Adjusted EBITDA margin to net income: |
|
|
|
|
|
|
|
||
Net income |
$ |
|
149.8 |
|
|
$ |
|
165.1 |
|
Plus: |
|
|
|
|
|
|
|
||
Depreciation expense |
|
|
46.4 |
|
|
|
|
43.5 |
|
Proportional share of equity affiliates' depreciation |
|
|
1.2 |
|
|
|
|
1.2 |
|
Interest expense, net |
|
|
40.7 |
|
|
|
|
31.4 |
|
Income tax expense (benefit) |
|
|
7.0 |
|
|
|
|
5.4 |
|
Adjusted EBITDA |
$ |
|
245.1 |
|
|
$ |
|
246.6 |
|
|
|
|
|
|
|
|
|
||
Total revenues |
$ |
|
314.6 |
|
|
$ |
|
316.3 |
|
Less: pass-through revenues |
|
|
16.7 |
|
|
|
|
21.3 |
|
Revenues excluding pass-through |
$ |
|
297.9 |
|
|
$ |
|
295.0 |
|
Gross Adjusted EBITDA margin |
|
|
82 |
% |
|
|
|
84 |
% |
|
|
Year Ended |
|
|||||
(in millions, except ratio and per-share data) |
|
2022 |
|
|
2021 |
|
||
|
|
(Unaudited) |
|
|
|
|
||
Reconciliation of Adjusted EBITDA and Distributable Cash Flow to net income: |
|
|
|
|
|
|
||
Net income |
|
$ |
620.6 |
|
|
$ |
617.8 |
|
Plus: |
|
|
|
|
|
|
||
Depreciation expense |
|
|
181.3 |
|
|
|
165.6 |
|
Proportional share of equity affiliates' depreciation |
|
|
5.1 |
|
|
|
5.1 |
|
Interest expense, net |
|
|
149.3 |
|
|
|
105.4 |
|
Income tax expense (benefit) |
|
|
26.6 |
|
|
|
14.6 |
|
Adjusted EBITDA |
|
$ |
982.9 |
|
|
$ |
908.5 |
|
Less: |
|
|
|
|
|
|
||
Interest, net(1) |
|
|
140.5 |
|
|
|
98.1 |
|
Maintenance capital expenditures |
|
|
7.2 |
|
|
|
11.8 |
|
Distributable cash flow |
|
$ |
835.2 |
|
|
$ |
798.6 |
|
|
|
|
|
|
|
|
||
Reconciliation of Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow to net cash provided by operating activities: |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
$ |
861.1 |
|
|
$ |
795.5 |
|
Changes in assets and liabilities |
|
|
(14.5 |
) |
|
|
18.0 |
|
Amortization of deferred financing costs |
|
|
(8.8 |
) |
|
|
(7.3 |
) |
Proportional share of equity affiliates' depreciation |
|
|
5.1 |
|
|
|
5.1 |
|
Interest expense, net |
|
|
149.3 |
|
|
|
105.4 |
|
Earnings from equity investments |
|
|
5.3 |
|
|
|
(17.4 |
) |
Distribution from equity investments |
|
|
(13.0 |
) |
|
|
10.6 |
|
Other |
|
|
(1.6 |
) |
|
|
(1.4 |
) |
Adjusted EBITDA |
|
$ |
982.9 |
|
|
$ |
908.5 |
|
Less: |
|
|
|
|
|
|
||
Interest, net(1) |
|
|
140.5 |
|
|
|
98.1 |
|
Maintenance capital expenditures |
|
|
7.2 |
|
|
|
11.8 |
|
Distributable cash flow |
|
$ |
835.2 |
|
|
$ |
798.6 |
|
Less: |
|
|
|
|
|
|
||
Expansion capital expenditures |
|
|
224.6 |
|
|
|
171.2 |
|
Adjusted free cash flow |
|
$ |
610.6 |
|
|
$ |
627.4 |
|
Distributed cash flow |
|
|
536.6 |
|
|
|
532.5 |
|
Distribution coverage ratio |
|
|
1.6 |
x |
|
|
1.5 |
x |
Distribution per Class A share |
|
$ |
2.2374 |
|
|
$ |
1.9839 |
|
(1) Excludes amortization of deferred financing costs.
|
Year Ended |
|
|||||||
|
2022 |
|
|
2021 |
|
||||
|
(Unaudited) |
|
|
|
|
|
|||
(in millions) |
|
|
|
|
|
|
|
||
Reconciliation of gross Adjusted EBITDA margin to net income: |
|
|
|
|
|
|
|
||
Net income |
$ |
|
620.6 |
|
|
$ |
|
617.8 |
|
Plus: |
|
|
|
|
|
|
|
||
Depreciation expense |
|
|
181.3 |
|
|
|
|
165.6 |
|
Proportional share of equity affiliates' depreciation |
|
|
5.1 |
|
|
|
|
5.1 |
|
Interest expense, net |
|
|
149.3 |
|
|
|
|
105.4 |
|
Income tax expense (benefit) |
|
|
26.6 |
|
|
|
|
14.6 |
|
Adjusted EBITDA |
$ |
|
982.9 |
|
|
$ |
|
908.5 |
|
|
|
|
|
|
|
|
|
||
Total revenues |
$ |
|
1,275.2 |
|
|
$ |
|
1,203.8 |
|
Less: pass-through revenues |
|
|
81.4 |
|
|
|
|
87.4 |
|
Revenues excluding pass-through |
$ |
|
1,193.8 |
|
|
$ |
|
1,116.4 |
|
Gross Adjusted EBITDA margin |
|
|
82 |
% |
|
|
|
81 |
% |
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking statements” within the meaning of
Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of
As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
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Fourth |
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|
Fourth |
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Third |
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|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|||
Statement of operations |
|
|
|
|
|
|
|
|
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
Affiliate services |
|
$ |
313.9 |
|
|
$ |
316.3 |
|
|
$ |
334.2 |
|
Other income |
|
|
0.7 |
|
|
|
- |
|
|
|
0.6 |
|
Total revenues |
|
|
314.6 |
|
|
|
316.3 |
|
|
|
334.8 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|||
Operating and maintenance expenses
|
|
|
65.7 |
|
|
|
66.8 |
|
|
|
79.6 |
|
Depreciation expense |
|
|
46.4 |
|
|
|
43.5 |
|
|
|
45.5 |
|
General and administrative expenses |
|
|
6.1 |
|
|
|
6.1 |
|
|
|
5.7 |
|
Total operating costs and expenses |
|
|
118.2 |
|
|
|
116.4 |
|
|
|
130.8 |
|
Income from operations |
|
|
196.4 |
|
|
|
199.9 |
|
|
|
204.0 |
|
Income from equity investments |
|
|
1.1 |
|
|
|
2.0 |
|
|
|
2.8 |
|
Interest expense, net |
|
|
40.7 |
|
|
|
31.4 |
|
|
|
39.9 |
|
Income before income tax expense (benefit) |
|
|
156.8 |
|
|
|
170.5 |
|
|
|
166.9 |
|
Income tax expense (benefit) |
|
|
7.0 |
|
|
|
5.4 |
|
|
|
7.5 |
|
Net income |
|
$ |
149.8 |
|
|
$ |
165.1 |
|
|
$ |
159.4 |
|
Less: Net income attributable to noncontrolling
|
|
|
128.0 |
|
|
|
148.2 |
|
|
|
136.2 |
|
Net income attributable to |
|
$ |
21.8 |
|
|
$ |
16.9 |
|
|
$ |
23.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
0.53 |
|
Diluted |
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
0.53 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
44.0 |
|
|
|
33.0 |
|
|
|
44.0 |
|
Diluted |
|
|
44.1 |
|
|
|
33.1 |
|
|
|
44.1 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Year Ended |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Statement of operations |
|
|
|
|
|
|
||
Revenues |
|
|
|
|
|
|
||
Affiliate services |
|
$ |
1,273.2 |
|
|
$ |
1,203.8 |
|
Other income |
|
|
2.0 |
|
|
|
- |
|
Total revenues |
|
|
1,275.2 |
|
|
|
1,203.8 |
|
Costs and expenses |
|
|
|
|
|
|
||
Operating and maintenance expenses
|
|
|
279.6 |
|
|
|
288.3 |
|
Depreciation expense |
|
|
181.3 |
|
|
|
165.6 |
|
General and administrative expenses |
|
|
23.1 |
|
|
|
22.7 |
|
Total operating costs and expenses |
|
|
484.0 |
|
|
|
476.6 |
|
Income from operations |
|
|
791.2 |
|
|
|
727.2 |
|
Income from equity investments |
|
|
5.3 |
|
|
|
10.6 |
|
Interest expense, net |
|
|
149.3 |
|
|
|
105.4 |
|
Income before income tax expense (benefit) |
|
|
647.2 |
|
|
|
632.4 |
|
Income tax expense (benefit) |
|
|
26.6 |
|
|
|
14.6 |
|
Net income |
|
$ |
620.6 |
|
|
$ |
617.8 |
|
Less: Net income attributable to noncontrolling interest |
|
|
536.7 |
|
|
|
571.4 |
|
Net income attributable to |
|
$ |
83.9 |
|
|
$ |
46.4 |
|
|
|
|
|
|
|
|
||
Net income attributable to |
|
|
|
|
|
|
||
Basic: |
|
$ |
2.03 |
|
|
$ |
1.81 |
|
Diluted: |
|
$ |
2.01 |
|
|
$ |
1.76 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
||
Basic |
|
|
41.3 |
|
|
|
25.6 |
|
Diluted |
|
|
41.4 |
|
|
|
25.7 |
|
|
||||||||||||||||||||
|
|
Fourth Quarter 2022 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
166.1 |
|
|
$ |
118.8 |
|
|
$ |
29.0 |
|
|
$ |
- |
|
|
$ |
313.9 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.7 |
|
|
|
- |
|
|
|
0.7 |
|
Total revenues |
|
|
166.1 |
|
|
|
118.8 |
|
|
|
29.7 |
|
|
|
- |
|
|
|
314.6 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of
|
|
|
42.5 |
|
|
|
18.4 |
|
|
|
4.8 |
|
|
|
- |
|
|
|
65.7 |
|
Depreciation expense |
|
|
28.0 |
|
|
|
14.4 |
|
|
|
4.0 |
|
|
|
- |
|
|
|
46.4 |
|
General and administrative expenses |
|
|
2.8 |
|
|
|
1.3 |
|
|
|
0.3 |
|
|
|
1.7 |
|
|
|
6.1 |
|
Total operating costs and expenses |
|
|
73.3 |
|
|
|
34.1 |
|
|
|
9.1 |
|
|
|
1.7 |
|
|
|
118.2 |
|
Income (loss) from operations |
|
|
92.8 |
|
|
|
84.7 |
|
|
|
20.6 |
|
|
|
(1.7 |
) |
|
|
196.4 |
|
Income from equity investments |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
- |
|
|
|
1.1 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40.7 |
|
|
|
40.7 |
|
Income before income tax expense (benefit) |
|
|
92.8 |
|
|
|
85.8 |
|
|
|
20.6 |
|
|
|
(42.4 |
) |
|
|
156.8 |
|
Income tax expense (benefit) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7.0 |
|
|
|
7.0 |
|
Net income (loss) |
|
|
92.8 |
|
|
|
85.8 |
|
|
|
20.6 |
|
|
|
(49.4 |
) |
|
|
149.8 |
|
Less: Net income (loss) attributable to
|
|
|
75.9 |
|
|
|
69.8 |
|
|
|
16.9 |
|
|
|
(34.6 |
) |
|
|
128.0 |
|
Net income (loss) attributable to
|
|
$ |
16.9 |
|
|
$ |
16.0 |
|
|
$ |
3.7 |
|
|
$ |
(14.8 |
) |
|
$ |
21.8 |
|
|
|
Fourth Quarter 2021 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
166.0 |
|
|
$ |
115.8 |
|
|
$ |
34.5 |
|
|
$ |
- |
|
|
$ |
316.3 |
|
Total revenues |
|
|
166.0 |
|
|
|
115.8 |
|
|
|
34.5 |
|
|
|
- |
|
|
|
316.3 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of
|
|
|
37.2 |
|
|
|
26.0 |
|
|
|
3.6 |
|
|
|
- |
|
|
|
66.8 |
|
Depreciation expense |
|
|
25.5 |
|
|
|
14.0 |
|
|
|
4.0 |
|
|
|
- |
|
|
|
43.5 |
|
General and administrative expenses |
|
|
2.2 |
|
|
|
1.5 |
|
|
|
0.2 |
|
|
|
2.2 |
|
|
|
6.1 |
|
Total operating costs and expenses |
|
|
64.9 |
|
|
|
41.5 |
|
|
|
7.8 |
|
|
|
2.2 |
|
|
|
116.4 |
|
Income (loss) from operations |
|
|
101.1 |
|
|
|
74.3 |
|
|
|
26.7 |
|
|
|
(2.2 |
) |
|
|
199.9 |
|
Income from equity investments |
|
|
- |
|
|
|
2.0 |
|
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31.4 |
|
|
|
31.4 |
|
Income before income tax expense (benefit) |
|
|
101.1 |
|
|
|
76.3 |
|
|
|
26.7 |
|
|
|
(33.6 |
) |
|
|
170.5 |
|
Income tax expense (benefit) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5.4 |
|
|
|
5.4 |
|
Net income (loss) |
|
|
101.1 |
|
|
|
76.3 |
|
|
|
26.7 |
|
|
|
(39.0 |
) |
|
|
165.1 |
|
Less: Net income (loss) attributable to
|
|
|
88.0 |
|
|
|
66.4 |
|
|
|
23.1 |
|
|
|
(29.3 |
) |
|
|
148.2 |
|
Net income (loss) attributable to
|
|
$ |
13.1 |
|
|
$ |
9.9 |
|
|
$ |
3.6 |
|
|
$ |
(9.7 |
) |
|
$ |
16.9 |
|
|
||||||||||||||||||||
|
|
Third Quarter 2022 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
|
Total |
|
|||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affiliate services |
|
$ |
182.0 |
|
|
$ |
121.7 |
|
|
$ |
30.5 |
|
|
$ |
- |
|
|
$ |
334.2 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
|
|
|
0.6 |
|
|
Total revenues |
|
|
182.0 |
|
|
|
121.7 |
|
|
|
31.1 |
|
|
|
- |
|
|
|
334.8 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses (exclusive of
|
|
|
48.9 |
|
|
|
25.1 |
|
|
|
5.6 |
|
|
|
- |
|
|
|
79.6 |
|
Depreciation expense |
|
|
26.9 |
|
|
|
14.5 |
|
|
|
4.1 |
|
|
|
- |
|
|
|
45.5 |
|
General and administrative expenses |
|
|
2.8 |
|
|
|
1.0 |
|
|
|
0.2 |
|
|
|
1.7 |
|
|
|
5.7 |
|
Total operating costs and expenses |
|
|
78.6 |
|
|
|
40.6 |
|
|
|
9.9 |
|
|
|
1.7 |
|
|
|
130.8 |
|
Income (loss) from operations |
|
|
103.4 |
|
|
|
81.1 |
|
|
|
21.2 |
|
|
|
(1.7 |
) |
|
|
204.0 |
|
Income from equity investments |
|
|
- |
|
|
|
2.8 |
|
|
|
- |
|
|
|
- |
|
|
|
2.8 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39.9 |
|
|
|
39.9 |
|
Income before income tax expense (benefit) |
|
|
103.4 |
|
|
|
83.9 |
|
|
|
21.2 |
|
|
|
(41.6 |
) |
|
|
166.9 |
|
Income tax expense (benefit) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7.5 |
|
|
|
7.5 |
|
Net income (loss) |
|
|
103.4 |
|
|
|
83.9 |
|
|
|
21.2 |
|
|
|
(49.1 |
) |
|
|
159.4 |
|
Less: Net income (loss) attributable to
|
|
|
84.5 |
|
|
|
68.7 |
|
|
|
17.2 |
|
|
|
(34.2 |
) |
|
|
136.2 |
|
Net income (loss) attributable to
|
|
$ |
18.9 |
|
|
$ |
15.2 |
|
|
$ |
4.0 |
|
|
$ |
(14.9 |
) |
|
$ |
23.2 |
|
|
|||||||||
|
|
Fourth |
|
|
Fourth |
|
|
Third |
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Throughput volumes |
|
|
|
|
|
|
|
|
|
Gas gathering - Mcf of natural gas per day |
|
328 |
|
|
345 |
|
|
370 |
|
Crude oil gathering - bopd |
|
93 |
|
|
106 |
|
|
102 |
|
Gas processing - Mcf of natural gas per day |
|
312 |
|
|
330 |
|
|
354 |
|
Crude terminals - bopd |
|
101 |
|
|
113 |
|
|
110 |
|
NGL loading - blpd |
|
9 |
|
|
14 |
|
|
11 |
|
Water gathering - blpd |
|
77 |
|
|
72 |
|
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|||
|
|
|
|
|
2022 |
|
|
2021 |
|
Throughput volumes |
|
|
|
|
|
|
|
|
|
Gas gathering - Mcf of natural gas per day |
|
|
|
|
333 |
|
|
324 |
|
Crude oil gathering - bopd |
|
|
|
|
96 |
|
|
110 |
|
Gas processing - Mcf of natural gas per day |
|
|
|
|
319 |
|
|
305 |
|
Crude terminals - bopd |
|
|
|
|
103 |
|
|
116 |
|
NGL loading - blpd |
|
|
|
|
11 |
|
|
13 |
|
Water gathering - blpd |
|
|
|
|
74 |
|
|
73 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005143/en/
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Source:
FAQ
What were Hess Midstream's Q4 2022 earnings?
What is the Class A share earnings for Q4 2022?
How much was the cash distribution per Class A share?
What impact did severe weather have on Hess Midstream's throughput?