Second Quarter 2024 Highlights:
- Throughput volumes increased 17% for gas processing, 17% for
oil terminaling and 43% for water gathering compared with the
prior-year quarter, primarily due to higher production, higher gas
capture and higher system utilization.
- Net income was $160.3 million. Net cash provided by
operating activities was $271.6 million.
- Net income attributable to Hess Midstream LP was $49.5
million, or $0.59 basic earnings per Class A share, after deduction
for noncontrolling interests.
- Adjusted EBITDA1 was $276.5 million and Adjusted Free Cash
Flow1 was $156.4 million.
- Completed accretive $100 million repurchase of Class B units
of Hess Midstream Operations LP in June 2024.
- Increased quarterly cash distribution to $0.6677 per Class A
share for the second quarter of 2024, an increase of $0.0161 per
Class A share for the second quarter of 2024 compared with the
first 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
$100 million unit repurchase.
Guidance:
- Following strong year-to-date operational performance, Hess
Midstream LP is increasing its full year 2024 guidance for gas
gathering and gas processing throughput volumes.
- Hess Midstream LP is updating its full year 2024 net income
guidance to $650 – $700 million and reiterating its full year
Adjusted EBITDA guidance of $1,125 – $1,175 million.
- 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 organic throughput
volume growth across all systems for 2025 and 2026 relative to 2024
volume guidance.
Hess Midstream LP (NYSE: HESM) (“Hess Midstream” or the
"company") today reported second quarter 2024 net income of $160.3
million compared with net income of $147.9 million for the second
quarter of 2023. After deduction for noncontrolling interests, net
income attributable to Hess Midstream was $49.5 million, or $0.59
basic earnings per Class A share, compared with $0.50 basic
earnings per Class A share in the second quarter of 2023. Hess
Midstream generated Adjusted EBITDA of $276.5 million. Net cash
provided by operating activities was $271.6 million and Adjusted
Free Cash Flow was $156.4 million.
“We delivered strong operational and financial results in the
second quarter, driven by Hess Corporation’s Bakken performance,
our continued focus on gas capture and solid project execution,”
said John Gatling, President and Chief Operating Officer of Hess
Midstream. “We are increasing our 2024 gas throughput guidance and
reiterating our expectation for substantial volume growth across
our oil and gas systems through 2026, which is expected to result
in sustained excess free cash flow generation and continued return
of capital to our shareholders.”
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.
(1) Adjusted EBITDA and Adjusted Free Cash Flow are non‑GAAP
measures. Adjusted EBITDA as reported in this release reflects Hess
Midstream's new definition of Adjusted EBITDA, which is net income
(loss) before net interest expense, income tax expense, and
depreciation and amortization, as further adjusted to eliminate the
impact of certain items that we do not consider indicative of our
ongoing operating performance, such as transaction costs, other
income and other non‑cash and non‑recurring items, if applicable,
which is calculated in a manner consistent with similar measures
used by other publicly traded companies. Prior period calculations
of Adjusted EBITDA have been recast to conform to the new
presentation, as applicable. 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 second quarter of 2024 were
$365.5 million compared with $324.0 million in the prior‑year
quarter. Second quarter 2024 affiliate revenues included $23.1
million of pass-through electricity, produced water trucking and
disposal costs and certain other fees compared with $18.6 million
in the prior-year quarter. Second quarter 2024 revenues and other
income were up $41.5 million compared with the prior-year quarter,
primarily due to higher physical volumes. The second quarter 2024
results also included a one-time $8.0 million reduction in revenues
related to setting the 2024 tariff rates for certain subsystems.
Total operating costs and expenses in the second quarter of 2024
were $143.2 million, up from $125.9 million in the prior-year
quarter. The increase was primarily attributable to higher
maintenance expenses, pass-through expenses, and higher
depreciation expense for additional assets placed in service.
Interest expense, net of interest income, in the second quarter of
2024 was $49.7 million, up from $43.8 million in the prior-year
quarter, primarily attributable to the new $600.0 million 6.500%
fixed-rate senior unsecured notes issued in May 2024, as described
below, higher interest rates on the company's credit facilities and
higher borrowings on the company's revolving credit facility.
Net income for the second quarter of 2024 was $160.3 million, or
$0.59 basic earnings per Class A share, after deduction for
noncontrolling interests, compared with $0.50 basic earnings per
Class A share in the prior-year quarter. Substantially all of
income tax expense was attributed to earnings of Class A shares
reflective of Hess Midstream's organizational structure. Net cash
provided by operating activities for the second quarter of 2024 was
$271.6 million.
Adjusted EBITDA for the second quarter of 2024 was $276.5
million. Adjusted Free Cash Flow for the second quarter of 2024 was
$156.4 million.
During the second quarter of 2024, Hess Midstream Operations LP
issued $600.0 million aggregate principal amount of 6.500%
fixed-rate senior unsecured notes due 2029. The proceeds from the
issuance of the notes were used to reduce indebtedness outstanding
under the company's revolving credit facility, with the remaining
proceeds for general corporate purposes. At June 30, 2024, Hess
Midstream had no drawn balance on its revolving credit
facility.
Operational Highlights
Throughput volumes increased 19% for gas gathering and 17% for
gas processing in the second quarter of 2024 compared with the
second quarter of 2023, primarily due to higher production and
higher gas capture. Throughput volumes increased 23% for crude oil
gathering and 17% for terminaling in the second quarter of 2024
compared with the second quarter of 2023, primarily due to higher
production. Water gathering volumes increased 43%, reflecting
higher crude oil production and increased utilization of Hess
Midstream's water gathering infrastructure.
Capital Expenditures
Capital expenditures for the second quarter of 2024 totaled
$72.7 million and were primarily attributable to continued
expansion of Hess Midstream's gas compression and related
infrastructure. Capital expenditures in the prior-year quarter were
$52.1 million and were also primarily attributable to expansion of
the company's gas compression and related infrastructure.
Quarterly Cash Distributions
On July 29, 2024, the Board of Directors of Hess Midstream's
General Partner declared a quarterly cash distribution of $0.6677
per Class A share for the second quarter of 2024, an increase of
$0.0161 per Class A share as compared with the first quarter of
2024. This quarterly increase includes incremental distribution per
Class A share growth utilizing excess Adjusted Free Cash Flow
available for distributions following Hess Midstream's accretive
$100 million unit repurchase in June 2024 and, on an annualized
basis, is significantly above the company's targeted 5% growth in
annual distributions per Class A share through 2026. The
distribution is expected to be paid on August 14, 2024, to
shareholders of record as of the close of business on August 8,
2024.
Updated Guidance
Hess Midstream continues to target at least 5% annual
distribution growth per Class A share through 2026 from this new
higher level and continues to prioritize financial strength with a
long-term leverage target of 3x Adjusted EBITDA.
Hess Midstream is increasing its gas gathering and gas
processing throughput guidance for full year 2024. For 2025 and
2026, Hess Midstream continues to expect organic throughput volume
growth across all systems relative to 2024 volume guidance.
Hess Midstream is updating its full year 2024 net income and
Adjusted Free Cash Flow guidance to include the impact of an
incremental $15 million in expected interest expense on new notes
issued in 2024, partially offset by lower interest on the revolving
credit facility. The updated net income guidance also includes the
impact of an incremental $10 million in expected income tax expense
resulting from ownership changes following the previously completed
Class B unit repurchase and secondary equity offering
transactions.
Hess Midstream is reaffirming its full year 2024 Adjusted EBITDA
guidance. Further, Hess Midstream reiterates its guidance of at
least 10% per year expected growth in net income, Adjusted EBITDA
and Adjusted Free Cash Flow in each of 2025 and 2026. In addition,
Hess Midstream reiterates its guidance of annualized growth in gas
throughput volumes of approximately 10% from 2024 through 2026, and
continued growth in oil throughput volumes of approximately 10% in
2025 and approximately 5% in 2026 as implied in its
already-established minimum volume commitments for 2026.
Year Ending
December 31, 2024
(Unaudited)
Financials (in millions)
Net income
$
650 - 700
Adjusted EBITDA
$
1,125 - 1,175
Capital expenditures
$
250 - 275
Adjusted free cash flow
$
675 - 725
Year Ending
December 31, 2024
(Unaudited)
Throughput volumes
Gas gathering - MMcf of natural gas per
day
425 - 435
Crude oil gathering - MBbl of crude oil
per day
105 - 115
Gas processing - MMcf of natural gas per
day
405 - 415
Crude terminals - MBbl of crude oil per
day
120 - 130
Water gathering - MBbl of water per
day
115 - 125
Investor Webcast
Hess Midstream will review second 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 Williston Basin area of North Dakota. More
information is available at www.hessmidstream.com.
Reconciliation of U.S. GAAP to Non‑GAAP Measures
In addition to our financial information presented in accordance
with U.S. generally accepted accounting principles (“GAAP”),
management utilizes certain additional non‑GAAP measures to
facilitate comparisons of past performance and future periods. We
previously reported the non-GAAP measure of “Adjusted EBITDA”,
which we defined as reported net income (loss) before net interest
expense, income tax expense, depreciation and amortization and our
proportional share of depreciation of our equity affiliates, as
further adjusted to eliminate the impact of certain items that we
do not consider indicative of our ongoing operating performance,
such as transaction costs, other income and other non-cash and
non-recurring items, if applicable. As this definition varied from
other definitions of Adjusted EBITDA, we determined it was
appropriate to discontinue reporting Adjusted EBITDA as previously
defined. Beginning with the second quarter of 2024, and as
presented in this release, “Adjusted EBITDA” is defined as reported
net income (loss) before net interest expense, income tax expense,
and depreciation and amortization, as further adjusted to eliminate
the impact of certain items that we do not consider indicative of
our ongoing operating performance, such as transaction costs, other
income and other non‑cash and non‑recurring items, if applicable.
We define “Adjusted Free Cash Flow” as Adjusted EBITDA less net
interest, excluding amortization of deferred financing costs, cash
paid for federal and state income taxes, capital expenditures and
ongoing contributions to equity investments. We define "Gross
Adjusted EBITDA Margin" as the ratio of Adjusted EBITDA to total
revenues, less pass-through revenues. We believe that investors’
understanding of our performance is enhanced by disclosing these
measures as they may assist in assessing our operating performance
as compared to other publicly traded companies in the midstream
energy industry, without regard to historical cost basis or, in the
case of Adjusted EBITDA, financing methods, and assessing the
ability of our assets to generate sufficient cash flow to make
distributions to our shareholders. These measures are not, and
should not be viewed as, a substitute for GAAP net income or cash
flow from operating activities and should not be considered in
isolation. Reconciliations of Adjusted EBITDA, Adjusted Free Cash
Flow and Gross Adjusted EBITDA Margin to reported net income
(GAAP), net cash provided by operating activities (GAAP) and gross
margin (GAAP), are provided below. Hess Midstream is unable to
project net cash provided by operating activities with a reasonable
degree of accuracy because this metric includes the impact of
changes in operating assets and liabilities related to the timing
of cash receipts and disbursements that may not relate to the
period in which the operating activities occur. Therefore, Hess
Midstream is unable to provide projected net cash provided by
operating activities, or the related reconciliation of projected
Adjusted Free Cash Flow to projected net cash provided by operating
activities without unreasonable effort.
Second Quarter
(unaudited)
2024
2023
(in millions)
Reconciliation of Adjusted EBITDA to
net income:
Net income
$
160.3
$
147.9
Plus:
Depreciation expense
50.5
47.0
Interest expense, net
49.7
43.8
Income tax expense
16.0
8.1
Adjusted EBITDA
$
276.5
$
246.8
Reconciliation of Adjusted EBITDA and
Adjusted Free Cash Flow to net cash provided by operating
activities:
Net cash provided by operating
activities
$
271.6
$
204.6
Changes in assets and liabilities
(42.3
)
1.0
Amortization of deferred financing
costs
(2.3
)
(2.1
)
Interest expense, net
49.7
43.8
Income from equity investments
3.7
1.7
Distribution from equity investments
(3.9
)
(1.8
)
Other
-
(0.4
)
Adjusted EBITDA
$
276.5
$
246.8
Less:
Interest, net(1)
47.4
41.7
Capital expenditures
72.7
52.1
Adjusted free cash flow
$
156.4
$
153.0
(1) Excludes amortization of deferred financing costs.
Second Quarter
(Unaudited)
2024
2023
(in millions, except ratios)
Reconciliation of gross Adjusted EBITDA
margin to gross margin:
Income from operations
$
222.3
$
198.1
Total revenues
$
365.5
$
324.0
Gross margin
61
%
61
%
Income from operations
$
222.3
$
198.1
Plus:
Depreciation expense
50.5
47.0
Income from equity investments
3.7
1.7
Adjusted EBITDA
$
276.5
$
246.8
Total revenues
$
365.5
$
324.0
Less: pass-through revenues
23.1
18.6
Revenues excluding pass-through
$
342.4
$
305.4
Gross Adjusted EBITDA margin
81
%
81
%
Guidance
Year Ending
December 31, 2024
(Unaudited)
(in millions)
Reconciliation of Adjusted EBITDA and
Adjusted Free Cash Flow to net income:
Net income
$
650 - 700
Plus:
Depreciation expense
205
Interest expense, net
200
Income tax expense
70
Adjusted EBITDA
$
1,125 - 1,175
Less:
Interest, net
190
Capital expenditures*
260
Adjusted free cash flow
$
675 - 725
*Approximate midpoint of $250 million to
$275 million guidance range.
Cautionary Note Regarding Forward-looking
Information
This press release contains “forward-looking statements” within
the meaning of U.S. federal securities laws. Words such as
“anticipate,” “estimate,” “expect,” “forecast,” “guidance,”
“could,” “may,” “should,” “would,” “believe,” “intend,” “project,”
“plan,” “predict,” “will,” “target” and similar expressions
identify forward-looking statements, which are not historical in
nature. Our forward-looking statements may include, without
limitation: our future financial and operational results; our
business strategy; our industry; our expected revenues; our future
profitability; our maintenance or expansion projects; our projected
budget and capital expenditures and the impact of such expenditures
on our performance; future economic and market conditions in the
oil and gas industry; expected timing and completion of Hess’
proposed merger with Chevron Corporation (“Chevron”); and our
ability to execute future accretive opportunities, including
incremental return of capital to shareholders.
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
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN
MILLIONS)
Second
Second
First
Quarter
Quarter
Quarter
2024
2023
2024
Statement of
operations
Revenues
Affiliate services
$
358.5
$
321.9
$
349.4
Third-party services
6.1
1.6
5.3
Other income
0.9
0.5
0.9
Total revenues
365.5
324.0
355.6
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
87.5
73.1
78.1
Depreciation expense
50.5
47.0
49.8
General and administrative expenses
5.2
5.8
5.7
Total operating costs and expenses
143.2
125.9
133.6
Income from operations
222.3
198.1
222.0
Income from equity investments
3.7
1.7
2.7
Interest expense, net
49.7
43.8
48.5
Income before income tax expense
176.3
156.0
176.2
Income tax expense
16.0
8.1
14.3
Net income
$
160.3
$
147.9
$
161.9
Less: Net income attributable to
noncontrolling interest
110.8
122.8
117.3
Net income attributable to Hess Midstream
LP
$
49.5
$
25.1
$
44.6
Net income attributable to Hess Midstream
LP per Class A share:
Basic
$
0.59
$
0.50
$
0.60
Diluted
$
0.59
$
0.50
$
0.59
Weighted average Class A shares
outstanding
Basic
83.8
50.1
75.1
Diluted
83.8
50.2
75.2
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN
MILLIONS)
Six Months Ended June
30,
2024
2023
Statement of
operations
Revenues
Affiliate services
$
707.9
$
625.3
Third-party services
11.4
2.5
Other income
1.8
1.2
Total revenues
721.1
629.0
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
165.6
135.6
Depreciation expense
100.3
94.4
General and administrative expenses
10.9
12.2
Total operating costs and expenses
276.8
242.2
Income from operations
444.3
386.8
Income from equity investments
6.4
3.3
Interest expense, net
98.2
85.4
Income before income tax expense
(benefit)
352.5
304.7
Income tax expense (benefit)
30.3
14.6
Net income
$
322.2
$
290.1
Less: Net income attributable to
noncontrolling interest
228.1
244.3
Net income attributable to Hess Midstream
LP
$
94.1
$
45.8
Net income attributable to Hess Midstream
LP per Class A share:
Basic:
$
1.19
$
0.97
Diluted:
$
1.19
$
0.97
Weighted average Class A shares
outstanding
Basic
79.5
47.1
Diluted
79.5
47.1
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN
MILLIONS)
Second Quarter 2024
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
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
Second Quarter 2023
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of
operations
Revenues
Affiliate services
$
174.1
$
121.6
$
26.2
$
-
$
321.9
Third-party services
0.4
1.2
-
-
1.6
Other income
-
-
0.5
-
0.5
Total revenues
174.5
122.8
26.7
-
324.0
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
43.8
23.8
5.5
-
73.1
Depreciation expense
28.2
14.5
4.3
-
47.0
General and administrative expenses
2.5
1.1
0.2
2.0
5.8
Total operating costs and expenses
74.5
39.4
10.0
2.0
125.9
Income (loss) from operations
100.0
83.4
16.7
(2.0
)
198.1
Income from equity investments
-
1.7
-
-
1.7
Interest expense, net
-
-
-
43.8
43.8
Income before income tax expense
100.0
85.1
16.7
(45.8
)
156.0
Income tax expense
-
-
-
8.1
8.1
Net income (loss)
100.0
85.1
16.7
(53.9
)
147.9
Less: Net income (loss) attributable to
noncontrolling interest
78.7
66.8
13.3
(36.0
)
122.8
Net income (loss) attributable to Hess
Midstream LP
$
21.3
$
18.3
$
3.4
$
(17.9
)
$
25.1
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN
MILLIONS)
First Quarter 2024
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of
operations
Revenues
Affiliate services
$
186.6
$
135.4
$
27.4
$
-
$
349.4
Third-party services
1.5
3.7
0.1
-
5.3
Other income
-
-
0.9
-
0.9
Total revenues
188.1
139.1
28.4
-
355.6
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
46.3
25.2
6.6
-
78.1
Depreciation expense
30.8
14.7
4.3
-
49.8
General and administrative expenses
2.1
1.2
0.2
2.2
5.7
Total operating costs and expenses
79.2
41.1
11.1
2.2
133.6
Income (loss) from operations
108.9
98.0
17.3
(2.2
)
222.0
Income from equity investments
-
2.7
-
-
2.7
Interest expense, net
-
-
-
48.5
48.5
Income before income tax expense
108.9
100.7
17.3
(50.7
)
176.2
Income tax expense
-
-
-
14.3
14.3
Net income (loss)
108.9
100.7
17.3
(65.0
)
161.9
Less: Net income (loss) attributable to
noncontrolling interest
72.5
67.3
11.4
(33.9
)
117.3
Net income (loss) attributable to Hess
Midstream LP
$
36.4
$
33.4
$
5.9
$
(31.1
)
$
44.6
HESS MIDSTREAM LP
SUPPLEMENTAL OPERATING DATA (UNAUDITED) (IN
THOUSANDS)
Second
Second
First
Quarter
Quarter
Quarter
2024
2023
2024
Throughput
volumes
Gas gathering - Mcf of natural gas per
day
440
369
404
Crude oil gathering - bopd
116
94
106
Gas processing - Mcf of natural gas per
day
419
358
393
Crude terminals - bopd
126
108
117
NGL loading - blpd
15
12
14
Water gathering - blpd
124
87
116
Six Months Ended June
30,
2024
2023
Throughput
volumes
Gas gathering - Mcf of natural gas per
day
422
358
Crude oil gathering - bopd
110
94
Gas processing - Mcf of natural gas per
day
406
348
Crude terminals - bopd
121
106
NGL loading - blpd
15
11
Water gathering - blpd
120
83
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731508010/en/
For Hess Midstream LP Investor Contact: Jennifer
Gordon (212) 536-8244 Media Contact: Lorrie Hecker (212)
536-8250
Hess Midstream (NYSE:HESM)
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Hess Midstream (NYSE:HESM)
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