Welcome to our dedicated page for Hess Midstream LP news (Ticker: HESM), a resource for investors and traders seeking the latest updates and insights on Hess Midstream LP stock.
Hess Midstream LP Class A Share (symbol: HESM) represents a limited partner interest in a company that focuses on processing natural gas and fractionating natural gas liquids (NGLs) in the United States. Founded in 2014 and headquartered in Houston, Texas, Hess Midstream Partners LP operates under its general partner, Hess Midstream Partners GP LLC.
The company operates through three primary segments:
- Gathering: This segment includes natural gas gathering and compression, crude oil gathering, and produced water gathering and disposal. It forms the backbone of the company's operations, contributing the majority of its revenue.
- Processing and Storage: Hess Midstream processes natural gas and stores NGLs, ensuring efficient and safe handling of these valuable resources.
- Terminaling and Exporting: This segment focuses on terminaling and loading crude oil and NGLs, transporting crude oil through rail cars, and storing and terminaling propane.
Hess Midstream LP’s core business is to own, operate, develop, and acquire a diverse set of midstream assets, providing fee-based services to Hess Corporation and third-party customers. The company has made significant strides in its recent projects, including the development of new infrastructure to enhance its capacity and efficiency. Financially, Hess Midstream has shown a solid performance with consistent revenue generation from its gathering segment.
Partnerships play a crucial role in Hess Midstream's operations. The company's strategic alliances enable it to expand its service offerings and optimize operational efficiencies. By leveraging these partnerships, Hess Midstream continues to provide high-quality, reliable services to its clients.
Hess Midstream reported a solid first quarter for 2023 with a net income of $142.2 million, down from $159.6 million in Q1 2022. Net income attributable to Hess Midstream was $20.7 million, equating to $0.47 per Class A share, a slight decrease from $0.50 in the previous year. The company achieved an Adjusted EBITDA of $239.0 million and Distributable Cash Flow of $196.6 million. Cash distributions increased about 2.7% to $0.5851 per Class A share, aligning with the target for 5% annual growth. Capital expenditures amounted to $57.3 million, primarily for expanding gas compression capacity. Hess Midstream continues to target annual distribution growth and has reaffirmed its full-year guidance for 2023.
Hess Midstream LP (NYSE: HESM) declared a quarterly cash distribution of $0.5851 per Class A share for the quarter ended March 31, 2023, marking a 2.7% increase from the previous quarter. This increase includes a 1.5% rise in distribution level and a consistent quarterly increase of 1.2%, supporting the company's goal of at least 5% annual growth through 2025. CFO Jonathan Stein cited financial flexibility and excess adjusted free cash flow as key factors in increasing returns to shareholders. The distribution will be payable on May 12, 2023, to shareholders of record by May 4, 2023. Hess Midstream operates primarily in the Bakken and Three Forks Shale areas, handling oil, gas, and produced water services.
Hess Midstream LP (NYSE: HESM) announced a conference call scheduled for April 26, 2023, at 12:00 p.m. Eastern Time to discuss its first quarter 2023 earnings. Participants can register in advance via a provided link to obtain a unique PIN and dial-in number. The call will also be accessible through a webcast on Hess Midstream's website. The company focuses on providing fee-based midstream services primarily in the Bakken and Three Forks Shale regions. Hess Midstream operates, develops, and acquires various midstream assets, emphasizing growth-oriented strategies to support Hess and other clients.
For further details, visit www.hessmidstream.com.
Hess Midstream LP (NYSE: HESM) has announced a definitive agreement to repurchase approximately