Hess Midstream LP Reports Estimated Results for the Third Quarter of 2024
Hess Midstream (NYSE: HESM) reported strong Q3 2024 results with net income of $164.7 million and Adjusted EBITDA of $286.9 million. The company achieved a 9% increase in gas gathering and processing volumes compared to the previous year. Net cash from operations reached $224.9 million, with Adjusted Free Cash Flow of $141.4 million. The company completed a $100 million Class B unit repurchase and increased its quarterly distribution to $0.6846 per Class A share. Looking ahead, HESM expects Q4 2024 net income of $170-185 million and Adjusted EBITDA of $295-310 million, representing approximately 5% growth. The company maintains its target of 5% annual distribution growth through 2026.
Hess Midstream (NYSE: HESM) ha riportato risultati solidi per il terzo trimestre del 2024, con un reddito netto di 164,7 milioni di dollari e un EBITDA rettificato di 286,9 milioni di dollari. L'azienda ha registrato un aumento del 9% nei volumi di raccolta e lavorazione del gas rispetto all'anno precedente. Il flusso di cassa netto dalle operazioni ha raggiunto 224,9 milioni di dollari, con un flusso di cassa libero rettificato di 141,4 milioni di dollari. L'azienda ha completato un riacquisto di unità di Classe B da 100 milioni di dollari e ha aumentato la distribuzione trimestrale a 0,6846 dollari per azione di Classe A. Guardando al futuro, HESM si aspetta un reddito netto per il quarto trimestre del 2024 compreso tra 170 e 185 milioni di dollari e un EBITDA rettificato tra 295 e 310 milioni di dollari, con una crescita di circa il 5%. L'azienda mantiene il suo obiettivo di una crescita annuale della distribuzione del 5% fino al 2026.
Hess Midstream (NYSE: HESM) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 164.7 millones de dólares y un EBITDA ajustado de 286.9 millones de dólares. La empresa logró un aumento del 9% en los volúmenes de recolección y procesamiento de gas en comparación con el año anterior. El flujo de efectivo neto de las operaciones alcanzó 224.9 millones de dólares, con un flujo de caja libre ajustado de 141.4 millones de dólares. La compañía completó una recompra de unidades de Clase B por 100 millones de dólares y aumentó su distribución trimestral a 0.6846 dólares por acción de Clase A. Mirando hacia adelante, HESM espera un ingreso neto para el cuarto trimestre de 2024 de entre 170 y 185 millones de dólares y un EBITDA ajustado de entre 295 y 310 millones de dólares, representando aproximadamente un crecimiento del 5%. La empresa mantiene su objetivo de un crecimiento anual de la distribución del 5% hasta 2026.
Hess Midstream (NYSE: HESM)는 2024년 3분기 실적을 발표하며 순이익 1억 6,470만 달러와 조정 EBITDA 2억 8,690만 달러를 기록했습니다. 회사는 전년 대비 가스 수집 및 처리량에서 9% 증가를 달성했습니다. 운영에서의 순현금은 2억 2,490만 달러에 도달했으며, 조정 자유현금 흐름은 1억 4,140만 달러입니다. 회사는 1억 달러 규모의 B 클래스 유닛 재매입을 완료하고 A 클래스 주식당 분배금을 0.6846달러로 인상했습니다. 앞으로 HESM은 2024년 4분기 순이익 1억 7,000만 ~ 1억 8,500만 달러와 조정 EBITDA 2억 9,500만 ~ 3억 1,000만 달러를 예상하며, 이는 약 5%의 성장률을 나타냅니다. 회사는 2026년까지 연간 5% 분배 성장 목표를 유지합니다.
Hess Midstream (NYSE: HESM) a rapporté des résultats solides pour le troisième trimestre 2024, avec un revenu net de 164,7 millions de dollars et un EBITDA ajusté de 286,9 millions de dollars. L’entreprise a atteint une augmentation de 9% des volumes de collecte et de traitement du gaz par rapport à l’année précédente. Le flux de trésorerie net provenant des opérations a atteint 224,9 millions de dollars, avec un flux de trésorerie libre ajusté de 141,4 millions de dollars. L’entreprise a complété un rachat d’unités de Classe B de 100 millions de dollars et a augmenté sa distribution trimestrielle à 0,6846 dollars par action de Classe A. En regardant vers l’avenir, HESM s’attend à un revenu net pour le quatrième trimestre 2024 compris entre 170 et 185 millions de dollars et un EBITDA ajusté de 295 à 310 millions de dollars, représentant environ 5% de croissance. L’entreprise maintient son objectif d’une croissance annuelle de la distribution de 5% jusqu’en 2026.
Hess Midstream (NYSE: HESM) berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Nettoeinkommen von 164,7 Millionen Dollar und einem bereinigten EBITDA von 286,9 Millionen Dollar. Das Unternehmen erzielte im Vergleich zum Vorjahr einen 9%igen Anstieg der Gasförder- und -verarbeitungsvolumen. Der Netto-Cashflow aus der Betriebstätigkeit erreichte 224,9 Millionen Dollar, mit einem bereinigten freien Cashflow von 141,4 Millionen Dollar. Das Unternehmen schloss eine Rückkaufaktion für B-Klasse-Einheiten im Wert von 100 Millionen Dollar ab und erhöhte die vierteljährliche Ausschüttung auf 0,6846 Dollar pro A-Klasse-Aktie. Für das vierte Quartal 2024 erwartet HESM ein Nettoeinkommen von 170 bis 185 Millionen Dollar sowie ein bereinigtes EBITDA von 295 bis 310 Millionen Dollar, was etwa 5% Wachstum entspricht. Das Unternehmen hält an seinem Ziel einer jährlichen Ausschüttungssteigerung von 5% bis 2026 fest.
- Net income of $164.7 million in Q3 2024
- 9% increase in gas gathering and processing volumes year-over-year
- Adjusted EBITDA grew to $286.9 million
- Completed accretive $100 million unit repurchase
- Increased quarterly distribution by $0.0169 per Class A share
- 29% increase in water gathering volumes
- 5% decrease in terminaling throughput volumes due to lower third-party volumes
- Higher interest expense due to new $600 million senior notes
- Increased operating costs and expenses compared to prior year
Insights
Strong Q3 2024 results showcase HESM's robust operational performance with
The accelerated execution of infrastructure expansion, particularly the two compressor stations project, positions HESM well for future growth. The
Third Quarter 2024 Highlights:
-
Net income was
. Net cash provided by operating activities was$164.7 million .$224.9 million -
Net income attributable to Hess Midstream LP was
, or$58.6 million basic earnings per Class A share, after deduction for noncontrolling interests.$0.63 -
Adjusted EBITDA1 was
and Adjusted Free Cash Flow1 was$286.9 million .$141.4 million -
Completed accretive
repurchase of Class B units of Hess Midstream Operations LP in September 2024.$100 million -
Increased quarterly cash distribution to
per Class A share for the third quarter of 2024, an increase of$0.68 46 per Class A share for the third quarter of 2024 compared with the second quarter of 2024; this quarterly increase included incremental distribution per Class A share growth utilizing excess Adjusted Free Cash Flow available for distributions following the accretive$0.01 69 unit repurchase.$100 million -
Throughput volumes increased
9% for gas gathering and gas processing compared with the prior-year quarter, primarily due to higher production and higher gas capture.
Guidance:
-
Hess Midstream LP expects
-$170 of net income and$185 million -$295 of Adjusted EBITDA in the fourth quarter of 2024, representing an approximate$310 million 5% increase in Adjusted EBITDA, at the midpoint, compared with the third quarter of 2024 supported by growing throughput volumes. - Hess Midstream LP is reaffirming its full year 2024 throughput guidance.
-
Hess Midstream LP continues to expect annualized growth in gas throughput volumes of approximately
10% from 2024 through 2026 and continued growth in oil throughput volumes of approximately10% in 2025 and approximately5% in 2026 as implied in its already-established minimum volume commitments for 2026. -
Hess Midstream LP continues to target at least
5% annual distribution growth per Class A share through 2026 and continues to prioritize financial strength with a long-term leverage target of 3x Adjusted EBITDA. -
Hess Midstream LP continues to expect to generate greater than
of financial flexibility through 2026 for incremental shareholder returns, including potential unit repurchases.$1.25 billion
(1) Adjusted EBITDA 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. |
“We delivered another strong quarter, thanks to strong operations and project execution,” said John Gatling, President and Chief Operating Officer of Hess Midstream. “Our multi-year gas gathering expansion projects are progressing well, and once completed, they will further boost gas capture. We anticipate volume growth through the balance of this year and remain confident in throughput volume growth across all systems in 2025 and 2026.”
Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP owned by affiliates of Hess Corporation (“Hess”) and Global Infrastructure Partners (“GIP” and together with Hess, the “Sponsors”). We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in Hess Midstream Operations LP owned by the Sponsors.
Financial Results
Revenues and other income in the third quarter of 2024 were
Net income for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Operational Highlights
Throughput volumes increased
Capital Expenditures
Capital expenditures for the third quarter of 2024 totaled
Quarterly Cash Distributions
On October 28, 2024, the Board of Directors of Hess Midstream's General Partner declared a quarterly cash distribution of
Guidance
For the fourth quarter of 2024, Hess Midstream expects net income of
Hess Midstream is reaffirming its full year 2024 throughput guidance. Hess Midstream is also updating its full year 2024 capital expenditure guidance to approximately
Hess Midstream continues to target at least
Hess Midstream reiterates its guidance of at least
Investor Webcast
Hess Midstream will review third quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time. For details about the event, refer to www.hessmidstream.com.
About Hess Midstream
Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the
Reconciliation of
In addition to our financial information presented in accordance with
|
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Third Quarter |
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(unaudited) |
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2024 |
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2023 |
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|
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(in millions) |
|
|
|
|
|
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Reconciliation of Adjusted EBITDA to net income: |
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|
|
|
|
|
||
Net income |
|
$ |
164.7 |
|
|
$ |
164.8 |
|
Plus: |
|
|
|
|
|
|
||
Depreciation expense |
|
|
51.5 |
|
|
|
47.7 |
|
Interest expense, net |
|
|
51.8 |
|
|
|
45.8 |
|
Income tax expense |
|
|
18.9 |
|
|
|
11.4 |
|
Adjusted EBITDA |
|
$ |
286.9 |
|
|
$ |
269.7 |
|
|
|
|
|
|
|
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||
Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to net cash provided by operating activities: |
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Net cash provided by operating activities |
|
$ |
224.9 |
|
|
$ |
215.5 |
|
Changes in assets and liabilities |
|
|
14.0 |
|
|
|
12.2 |
|
Amortization of deferred financing costs |
|
|
(2.6 |
) |
|
|
(2.1 |
) |
Interest expense, net |
|
|
51.8 |
|
|
|
45.8 |
|
Income from equity investments |
|
|
3.7 |
|
|
|
2.0 |
|
Distribution from equity investments |
|
|
(4.4 |
) |
|
|
(3.4 |
) |
Other |
|
|
(0.5 |
) |
|
|
(0.3 |
) |
Adjusted EBITDA |
|
$ |
286.9 |
|
|
$ |
269.7 |
|
Less: |
|
|
|
|
|
|
||
Interest, net(1) |
|
|
49.2 |
|
|
|
43.8 |
|
Capital expenditures |
|
|
96.3 |
|
|
|
64.5 |
|
Adjusted free cash flow |
|
$ |
141.4 |
|
|
$ |
161.4 |
|
(1) Excludes amortization of deferred financing costs. |
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Third Quarter |
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(Unaudited) |
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|
2024 |
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2023 |
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(in millions, except ratios) |
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|
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|
|
Reconciliation of gross Adjusted EBITDA margin to gross margin: |
|
|
|
|
|
|
|
Income from operations |
$ |
231.7 |
|
|
$ |
220.0 |
|
Total revenues |
$ |
378.5 |
|
|
$ |
363.1 |
|
Gross margin |
|
61 |
% |
|
|
61 |
% |
|
|
|
|
|
|
|
|
Income from operations |
$ |
231.7 |
|
|
$ |
220.0 |
|
Plus: |
|
|
|
|
|
|
|
Depreciation expense |
|
51.5 |
|
|
|
47.7 |
|
Income from equity investments |
|
3.7 |
|
|
|
2.0 |
|
Adjusted EBITDA |
$ |
286.9 |
|
|
$ |
269.7 |
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
378.5 |
|
|
$ |
363.1 |
|
Less: pass-through revenues |
|
24.8 |
|
|
|
25.1 |
|
Revenues excluding pass-through |
$ |
353.7 |
|
|
$ |
338.0 |
|
Gross Adjusted EBITDA margin |
|
81 |
% |
|
|
80 |
% |
|
Guidance |
|
|||||
|
Fourth Quarter Ending |
|
|
Year Ending |
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||
|
December 31, 2024 |
|
|
December 31, 2024 |
|
||
|
(Unaudited) |
|
|
(Unaudited) |
|
||
(in millions) |
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to net income: |
|
|
|
|
|
|
|
Net income |
$ |
170 - 185 |
|
|
$ |
655 - 670 |
|
Plus: |
|
|
|
|
|
|
|
Depreciation expense |
|
50 |
|
|
|
205 |
|
Interest expense, net |
|
50 |
|
|
|
200 |
|
Income tax expense |
|
25 |
|
|
|
75 |
|
Adjusted EBITDA |
$ |
295 - 310 |
|
|
$ |
1,135 - 1,150 |
|
Less: |
|
|
|
|
|
|
|
Interest, net* |
|
45 |
|
|
|
190 |
|
Capital expenditures |
|
70 |
|
|
|
275 |
|
Adjusted free cash flow |
$ |
180 - 195 |
|
|
$ |
670 - 685 |
|
*Excludes amortization of deferred financing costs. |
|
|
|
|
|
|
|
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 Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Hess in excess of our MVCs and relative to Hess’ nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the business of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; risks and uncertainties associated with Hess’ proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.
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.
HESS MIDSTREAM LP |
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SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
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(IN MILLIONS) |
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|
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Third |
|
|
Third |
|
|
Second |
|
|||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|||
Statement of operations |
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|
|
|
|
|
|
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
Affiliate services |
|
$ |
371.4 |
|
|
$ |
361.3 |
|
|
$ |
358.5 |
|
Third-party services |
|
|
6.2 |
|
|
|
1.2 |
|
|
|
6.1 |
|
Other income |
|
|
0.9 |
|
|
|
0.6 |
|
|
|
0.9 |
|
Total revenues |
|
|
378.5 |
|
|
|
363.1 |
|
|
|
365.5 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|||
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
89.0 |
|
|
|
89.4 |
|
|
|
87.5 |
|
Depreciation expense |
|
|
51.5 |
|
|
|
47.7 |
|
|
|
50.5 |
|
General and administrative expenses |
|
|
6.3 |
|
|
|
6.0 |
|
|
|
5.2 |
|
Total operating costs and expenses |
|
|
146.8 |
|
|
|
143.1 |
|
|
|
143.2 |
|
Income from operations |
|
|
231.7 |
|
|
|
220.0 |
|
|
|
222.3 |
|
Income from equity investments |
|
|
3.7 |
|
|
|
2.0 |
|
|
|
3.7 |
|
Interest expense, net |
|
|
51.8 |
|
|
|
45.8 |
|
|
|
49.7 |
|
Income before income tax expense |
|
|
183.6 |
|
|
|
176.2 |
|
|
|
176.3 |
|
Income tax expense |
|
|
18.9 |
|
|
|
11.4 |
|
|
|
16.0 |
|
Net income |
|
$ |
164.7 |
|
|
$ |
164.8 |
|
|
$ |
160.3 |
|
Less: Net income attributable to noncontrolling interest |
|
|
106.1 |
|
|
|
129.5 |
|
|
|
110.8 |
|
Net income attributable to Hess Midstream LP |
|
$ |
58.6 |
|
|
$ |
35.3 |
|
|
$ |
49.5 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Hess Midstream LP per Class A share: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.63 |
|
|
$ |
0.57 |
|
|
$ |
0.59 |
|
Diluted |
|
$ |
0.63 |
|
|
$ |
0.57 |
|
|
$ |
0.59 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
93.0 |
|
|
|
62.5 |
|
|
|
83.8 |
|
Diluted |
|
|
93.0 |
|
|
|
62.5 |
|
|
|
83.8 |
|
HESS MIDSTREAM LP |
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SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||
(IN MILLIONS) |
||||||||
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Statement of operations |
|
|
|
|
|
|
||
Revenues |
|
|
|
|
|
|
||
Affiliate services |
|
$ |
1,079.3 |
|
|
$ |
986.6 |
|
Third-party services |
|
|
17.6 |
|
|
|
3.7 |
|
Other income |
|
|
2.7 |
|
|
|
1.8 |
|
Total revenues |
|
|
1,099.6 |
|
|
|
992.1 |
|
Costs and expenses |
|
|
|
|
|
|
||
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
254.6 |
|
|
|
225.0 |
|
Depreciation expense |
|
|
151.8 |
|
|
|
142.1 |
|
General and administrative expenses |
|
|
17.2 |
|
|
|
18.2 |
|
Total operating costs and expenses |
|
|
423.6 |
|
|
|
385.3 |
|
Income from operations |
|
|
676.0 |
|
|
|
606.8 |
|
Income from equity investments |
|
|
10.1 |
|
|
|
5.3 |
|
Interest expense, net |
|
|
150.0 |
|
|
|
131.2 |
|
Income before income tax expense (benefit) |
|
|
536.1 |
|
|
|
480.9 |
|
Income tax expense (benefit) |
|
|
49.2 |
|
|
|
26.0 |
|
Net income |
|
$ |
486.9 |
|
|
$ |
454.9 |
|
Less: Net income attributable to noncontrolling interest |
|
|
334.2 |
|
|
|
373.8 |
|
Net income attributable to Hess Midstream LP |
|
$ |
152.7 |
|
|
$ |
81.1 |
|
|
|
|
|
|
|
|
||
Net income attributable to Hess Midstream LP per Class A share: |
|
|
|
|
|
|
||
Basic: |
|
$ |
1.82 |
|
|
$ |
1.56 |
|
Diluted: |
|
$ |
1.82 |
|
|
$ |
1.54 |
|
Weighted average Class A shares outstanding |
|
|
|
|
|
|
||
Basic |
|
|
84.0 |
|
|
|
52.2 |
|
Diluted |
|
|
84.0 |
|
|
|
52.2 |
|
HESS MIDSTREAM LP |
||||||||||||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||||||||||||||
(IN MILLIONS) |
||||||||||||||||||||
|
|
Third Quarter 2024 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
Total |
|
||||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Affiliate services |
|
$ |
201.7 |
|
|
$ |
140.8 |
|
|
$ |
28.9 |
|
|
$ |
- |
|
|
$ |
371.4 |
|
Third-party services |
|
|
1.8 |
|
|
|
4.3 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
6.2 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.9 |
|
|
|
- |
|
|
|
0.9 |
|
Total revenues |
|
|
203.5 |
|
|
|
145.1 |
|
|
|
29.9 |
|
|
|
- |
|
|
|
378.5 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
51.3 |
|
|
|
30.3 |
|
|
|
7.4 |
|
|
|
- |
|
|
|
89.0 |
|
Depreciation expense |
|
|
32.2 |
|
|
|
15.0 |
|
|
|
4.3 |
|
|
|
- |
|
|
|
51.5 |
|
General and administrative expenses |
|
|
2.4 |
|
|
|
1.2 |
|
|
|
0.3 |
|
|
|
2.4 |
|
|
|
6.3 |
|
Total operating costs and expenses |
|
|
85.9 |
|
|
|
46.5 |
|
|
|
12.0 |
|
|
|
2.4 |
|
|
|
146.8 |
|
Income (loss) from operations |
|
|
117.6 |
|
|
|
98.6 |
|
|
|
17.9 |
|
|
|
(2.4 |
) |
|
|
231.7 |
|
Income from equity investments |
|
|
- |
|
|
|
3.7 |
|
|
|
- |
|
|
|
- |
|
|
|
3.7 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
51.8 |
|
|
|
51.8 |
|
Income before income tax expense |
|
|
117.6 |
|
|
|
102.3 |
|
|
|
17.9 |
|
|
|
(54.2 |
) |
|
|
183.6 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18.9 |
|
|
|
18.9 |
|
Net income (loss) |
|
|
117.6 |
|
|
|
102.3 |
|
|
|
17.9 |
|
|
|
(73.1 |
) |
|
|
164.7 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
68.0 |
|
|
|
59.0 |
|
|
|
10.5 |
|
|
|
(31.4 |
) |
|
|
106.1 |
|
Net income (loss) attributable to Hess Midstream LP |
|
$ |
49.6 |
|
|
$ |
43.3 |
|
|
$ |
7.4 |
|
|
$ |
(41.7 |
) |
|
$ |
58.6 |
|
|
|
Third Quarter 2023 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
Total |
|
||||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Affiliate services |
|
$ |
197.3 |
|
|
$ |
132.2 |
|
|
$ |
31.8 |
|
|
$ |
- |
|
|
$ |
361.3 |
|
Third-party services |
|
|
0.2 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
- |
|
|
|
1.2 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
- |
|
|
|
0.6 |
|
Total revenues |
|
|
197.5 |
|
|
|
133.2 |
|
|
|
32.4 |
|
|
|
- |
|
|
|
363.1 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
52.5 |
|
|
|
26.7 |
|
|
|
10.2 |
|
|
|
- |
|
|
|
89.4 |
|
Depreciation expense |
|
|
28.9 |
|
|
|
14.5 |
|
|
|
4.3 |
|
|
|
- |
|
|
|
47.7 |
|
General and administrative expenses |
|
|
2.5 |
|
|
|
1.2 |
|
|
|
0.3 |
|
|
|
2.0 |
|
|
|
6.0 |
|
Total operating costs and expenses |
|
|
83.9 |
|
|
|
42.4 |
|
|
|
14.8 |
|
|
|
2.0 |
|
|
|
143.1 |
|
Income (loss) from operations |
|
|
113.6 |
|
|
|
90.8 |
|
|
|
17.6 |
|
|
|
(2.0 |
) |
|
|
220.0 |
|
Income from equity investments |
|
|
- |
|
|
|
2.0 |
|
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
45.8 |
|
|
|
45.8 |
|
Income before income tax expense |
|
|
113.6 |
|
|
|
92.8 |
|
|
|
17.6 |
|
|
|
(47.8 |
) |
|
|
176.2 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11.4 |
|
|
|
11.4 |
|
Net income (loss) |
|
|
113.6 |
|
|
|
92.8 |
|
|
|
17.6 |
|
|
|
(59.2 |
) |
|
|
164.8 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
83.6 |
|
|
|
68.3 |
|
|
|
12.8 |
|
|
|
(35.2 |
) |
|
|
129.5 |
|
Net income (loss) attributable to Hess Midstream LP |
|
$ |
30.0 |
|
|
$ |
24.5 |
|
|
$ |
4.8 |
|
|
$ |
(24.0 |
) |
|
$ |
35.3 |
|
HESS MIDSTREAM LP |
||||||||||||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||||||||||||||
(IN MILLIONS) |
||||||||||||||||||||
|
|
Second Quarter 2024 |
|
|||||||||||||||||
|
|
Gathering |
|
|
Processing
|
|
|
Terminaling
|
|
|
Interest
|
|
Total |
|
||||||
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Affiliate services |
|
$ |
193.7 |
|
|
$ |
135.2 |
|
|
$ |
29.6 |
|
|
$ |
- |
|
|
$ |
358.5 |
|
Third-party services |
|
|
1.8 |
|
|
|
4.3 |
|
|
|
- |
|
|
|
- |
|
|
|
6.1 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.9 |
|
|
|
- |
|
|
|
0.9 |
|
Total revenues |
|
|
195.5 |
|
|
|
139.5 |
|
|
|
30.5 |
|
|
|
- |
|
|
|
365.5 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
50.8 |
|
|
|
27.3 |
|
|
|
9.4 |
|
|
|
- |
|
|
|
87.5 |
|
Depreciation expense |
|
|
31.5 |
|
|
|
14.6 |
|
|
|
4.4 |
|
|
|
- |
|
|
|
50.5 |
|
General and administrative expenses |
|
|
2.3 |
|
|
|
1.0 |
|
|
|
0.2 |
|
|
|
1.7 |
|
|
|
5.2 |
|
Total operating costs and expenses |
|
|
84.6 |
|
|
|
42.9 |
|
|
|
14.0 |
|
|
|
1.7 |
|
|
|
143.2 |
|
Income (loss) from operations |
|
|
110.9 |
|
|
|
96.6 |
|
|
|
16.5 |
|
|
|
(1.7 |
) |
|
|
222.3 |
|
Income from equity investments |
|
|
- |
|
|
|
3.7 |
|
|
|
- |
|
|
|
- |
|
|
|
3.7 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49.7 |
|
|
|
49.7 |
|
Income before income tax expense |
|
|
110.9 |
|
|
|
100.3 |
|
|
|
16.5 |
|
|
|
(51.4 |
) |
|
|
176.3 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16.0 |
|
|
|
16.0 |
|
Net income (loss) |
|
|
110.9 |
|
|
|
100.3 |
|
|
|
16.5 |
|
|
|
(67.4 |
) |
|
|
160.3 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
69.6 |
|
|
|
62.8 |
|
|
|
10.4 |
|
|
|
(32.0 |
) |
|
|
110.8 |
|
Net income (loss) attributable to Hess Midstream LP |
|
$ |
41.3 |
|
|
$ |
37.5 |
|
|
$ |
6.1 |
|
|
$ |
(35.4 |
) |
|
$ |
49.5 |
|
HESS MIDSTREAM LP |
||||||||||||
SUPPLEMENTAL OPERATING DATA (UNAUDITED) |
||||||||||||
(IN THOUSANDS) |
||||||||||||
|
|
Third |
|
|
Third |
|
|
Second |
|
|||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Throughput volumes |
|
|
|
|
|
|
|
|
|
|||
Gas gathering - Mcf of natural gas per day |
|
|
442 |
|
|
|
404 |
|
|
|
440 |
|
Crude oil gathering - bopd |
|
|
116 |
|
|
|
106 |
|
|
|
116 |
|
Gas processing - Mcf of natural gas per day |
|
|
419 |
|
|
|
386 |
|
|
|
419 |
|
Crude terminals - bopd |
|
|
122 |
|
|
|
129 |
|
|
|
126 |
|
NGL loading - blpd |
|
|
15 |
|
|
|
13 |
|
|
|
15 |
|
Water gathering - blpd |
|
|
128 |
|
|
|
99 |
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||
|
|
|
|
|
2024 |
|
|
2023 |
|
|||
Throughput volumes |
|
|
|
|
|
|
|
|
|
|||
Gas gathering - Mcf of natural gas per day |
|
|
|
|
|
429 |
|
|
|
373 |
|
|
Crude oil gathering - bopd |
|
|
|
|
|
112 |
|
|
|
98 |
|
|
Gas processing - Mcf of natural gas per day |
|
|
|
|
|
410 |
|
|
|
361 |
|
|
Crude terminals - bopd |
|
|
|
|
|
122 |
|
|
|
114 |
|
|
NGL loading - blpd |
|
|
|
|
|
15 |
|
|
|
11 |
|
|
Water gathering - blpd |
|
|
|
|
|
123 |
|
|
|
89 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030740091/en/
For Hess Midstream LP
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Lorrie Hecker
(212) 536-8250
Source: Hess Midstream LP
FAQ
What was Hess Midstream's (HESM) net income for Q3 2024?
How much did HESM increase its quarterly distribution in Q3 2024?
What is HESM's Adjusted EBITDA guidance for Q4 2024?