Hess Midstream LP Reports Estimated Results for the Second Quarter of 2024
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
wasHess Midstream LP $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 ofHess Midstream Operations LP inJune 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.
“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
Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in
(1) Adjusted EBITDA and Adjusted Free Cash Flow are non‑GAAP measures. Adjusted EBITDA as reported in this release reflects
Financial Results
Revenues and other income in the second quarter of 2024 were
Net income for the second quarter of 2024 was
Adjusted EBITDA for the second quarter of 2024 was
During the second quarter of 2024,
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
Capital Expenditures
Capital expenditures for the second quarter of 2024 totaled
Quarterly Cash Distributions
On
Updated Guidance
|
Year Ending |
|
|
|
|
|
(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 |
|
|
|
|
|
(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
About
Reconciliation of
In addition to our financial information presented in accordance with
|
|
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
|
|
|
|
|
|
|
||
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 |
|
|
|
|
|
|
|
(Unaudited) |
|
|
(in millions) |
|
|
|
Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow
|
|
|
|
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 |
|
|
|
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.
|
||||||||||||
|
|
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
|
|
|
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
|
|
|
110.8 |
|
|
|
122.8 |
|
|
|
117.3 |
|
Net income attributable to |
|
$ |
49.5 |
|
|
$ |
25.1 |
|
|
$ |
44.6 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to |
|
|
|
|
|
|
|
|
|
|||
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 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended |
|
|||||
|
|
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
|
|
|
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 |
|
$ |
94.1 |
|
|
$ |
45.8 |
|
|
|
|
|
|
|
|
||
Net income attributable to |
|
|
|
|
|
|
||
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 |
|
|
||||||||||||||||||||
|
|
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
|
|
|
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
|
|
|
69.6 |
|
|
|
62.8 |
|
|
|
10.4 |
|
|
|
(32.0 |
) |
|
|
110.8 |
|
Net income (loss) attributable to
|
|
$ |
41.3 |
|
|
$ |
37.5 |
|
|
$ |
6.1 |
|
|
$ |
(35.4 |
) |
|
$ |
49.5 |
|
|
|
Second Quarter 2023 |
|||||||||||||||||
|
|
Gathering |
|
|
Processing and
|
|
|
Terminaling
|
|
|
Interest
|
|
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
|
|
|
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
|
|
|
78.7 |
|
|
|
66.8 |
|
|
|
13.3 |
|
|
|
(36.0 |
) |
|
|
122.8 |
Net income (loss) attributable to
|
|
$ |
21.3 |
|
|
$ |
18.3 |
|
|
$ |
3.4 |
|
|
$ |
(17.9 |
) |
|
$ |
25.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
First Quarter 2024 |
|||||||||||||||||
|
|
Gathering |
|
|
Processing and
|
|
|
Terminaling
|
|
|
Interest
|
|
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
|
|
|
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
|
|
|
72.5 |
|
|
|
67.3 |
|
|
|
11.4 |
|
|
|
(33.9 |
) |
|
|
117.3 |
Net income (loss) attributable to
|
|
$ |
36.4 |
|
|
$ |
33.4 |
|
|
$ |
5.9 |
|
|
$ |
(31.1 |
) |
|
$ |
44.6 |
|
||||||||
|
|
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 |
|||
|
|
|
|
|
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 |
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