UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): July 31, 2019
Hess Midstream Partners LP
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE |
No. 001-38050 |
No. 36-4777695 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number.) |
1501 McKinney Street
Houston, Texas 77010
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (713) 496-4200
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre‑commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) |
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☐ |
Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Units |
HESM |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02. Results of Operations and Financial Condition.
On July 31, 2019, Hess Midstream Partners LP issued a news release reporting estimated results for the second quarter of 2019. A copy of this news release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibit
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 31, 2019
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HESS MIDSTREAM PARTNERS LP (Registrant) |
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By: HESS MIDSTREAM PARTNERS GP LP, its General Partner |
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By: HESS MIDSTREAM PARTNERS GP LLC, its General Partner |
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By |
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/s/ Jonathan C. Stein |
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Jonathan C. Stein |
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Chief Financial Officer |
Exhibit 99.1
I
HESS MIDSTREAM PARTNERS LP
HESS MIDSTREAM PARTNERS LP REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2019
Highlights:
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Net income was $90.9 million. Net cash provided by operating activities was $148.3 million. |
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Adjusted EBITDA1 was $125.5 million, of which $24.2 million was attributable to Hess Midstream Partners LP. DCF1 of Hess Midstream Partners LP was $23.3 million. |
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Increased quarterly cash distribution to $0.3970 per unit, an increase of 15% compared to the prior-year quarter. |
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Compared with the prior‑year quarter, throughput volumes increased 33% for crude oil gathering, 31% for crude oil terminaling and 2% for gas gathering driven by Hess Corporation’s growing production and capturing additional third-party customer volumes. Gas processing volumes remained flat over the periods due to processing capacity constraints. |
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Little Missouri 4 start-up process initiated with introduction of first gas into the plant. |
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Hess Midstream reaffirms its previously announced guidance for full year 2019. |
HOUSTON, July 31, 2019—Hess Midstream Partners LP (NYSE: HESM) (“Hess Midstream”) today reported second quarter 2019 net income of $90.9 million compared with net income of $94.6 million for the second quarter of 2018. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $16.8 million, or $0.29 per common unit. Hess Midstream generated Adjusted EBITDA of $24.2 million and DCF of $23.3 million for the second quarter of 2019.
Commenting on the second quarter 2019 results, John Gatling, Chief Operating Officer of Hess Midstream said, “The second quarter marks an important inflection point for Hess Midstream. With the start-up of LM4 we are significantly increasing our processing capacity in the Bakken, in line with the second half growth we forecast from our sponsor and third parties. In addition, we completed and brought online several significant expansion projects, ahead of schedule and below budget, that position us well for growth in the second half of the year and beyond.”
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1 |
Adjusted EBITDA and DCF are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release. |
Hess Midstream’s results included in this release are consolidated to include the noncontrolling interests in Hess Midstream’s assets retained by Hess Infrastructure Partners LP (“Hess Infrastructure Partners”). We refer to certain results as “attributable to Hess Midstream Partners LP,” which excludes the noncontrolling interests in Hess Midstream’s assets retained by Hess Infrastructure Partners.
Revenues and other income in the second quarter of 2019 were $172.8 million, including $0.7 million of shortfall fees payments related to minimum volume commitments (“MVC”). Revenues were up from $164.7 million in the prior‑year quarter, primarily attributable to higher throughput volumes and tariff rates, partially offset by lower MVC in the gathering segment where physical volumes were below MVC levels in both periods. Total costs and expenses in the second quarter of 2019 were $81.3 million up from $69.7 million in the prior-year quarter, primarily attributable to higher maintenance and depreciation driven by new gathering assets placed in service. Net income for the second quarter of 2019 was $90.9 million and net cash provided by operating activities was $148.3 million.
Adjusted EBITDA was $125.5 million, of which $24.2 million is attributable to Hess Midstream. DCF of $23.3 million resulted in a 1.02x DCF coverage ratio relative to distributions and Hess Midstream ended the second quarter of 2019 with an undrawn $300.0 million revolving credit facility.
Operational Highlights
Throughput volumes were up in the gathering and terminaling segments in the second quarter of 2019 compared to the second quarter of 2018. In the gathering segment, throughput volumes increased 33% for crude oil gathering and 2% for gas gathering compared to the prior-year quarter, driven by growing Hess production and higher third-party volumes, partially offset by unseasonal weather impacts in the second quarter of 2019. In the crude oil terminaling segment, throughput volumes increased 31% compared to the prior-year quarter, driven by growing Hess production and higher third-party volumes. In the gas processing segment, throughput volumes were impacted by processing capacity constraints and extended maintenance on a third-party export pipeline and remained flat compared to the prior-year quarter. The Little Missouri 4 (“LM4”) gas processing plant’s start-up process has been initiated and volumes are expected to ramp up in the second half of 2019.
2
Gross capital expenditures for the second quarter of 2019 totaled $80.6 million, including $63.7 million of expansion capital expenditures, $16.0 million of equity investments associated with the LM4 gas processing plant, and $0.9 million of maintenance capital expenditures. Capital expenditures in the prior-year quarter were $98.3 million, including $79.3 million of expansion capital expenditures, $17.0 million of equity investments associated with the LM4 gas processing plant, and $2.0 million of maintenance capital expenditures. The decrease in expansion capital expenditures, excluding equity investments, was primarily attributable to completion of certain compression projects that began in the prior year. Net capital expenditures attributable to Hess Midstream Partners LP in the second quarter of 2019 totaled $16.6 million, including $12.8 million of expansion capital expenditures, $3.2 million of equity investments associated with the LM4 gas processing plant, and $0.6 million of maintenance capital expenditures.
Quarterly Cash Distributions
On July 25, 2019, our general partner’s board of directors declared a cash distribution of $0.3970 per unit for the second quarter of 2019, an increase of 3.6% over the distribution for the prior quarter and 15% compared to the second quarter of 2018. The distribution is expected to be paid on August 13, 2019 to unitholders of record as of the close of business on August 5, 2019.
3
Hess Midstream is targeting long‑term 15% annual distribution growth per unit with at least a 1.1x distribution coverage ratio. Hess Midstream expects an increasing distribution coverage ratio through the second half of 2019 relative to the second quarter of 2019, in line with the expected volume ramp-up of the LM4 gas processing plant.
Hess Midstream is reaffirming its guidance for full year 2019 as follows:
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Year Ending |
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December 31, 2019 |
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(Unaudited) |
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Financials (in millions) |
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Consolidated Adjusted EBITDA |
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$ |
550 - 575 |
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Adjusted EBITDA attributable to Hess Midstream Partners LP |
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$ |
108 - 113 |
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DCF of Hess Midstream Partners LP |
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$ |
103 - 108 |
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Expansion capital attributable to Hess Midstream Partners LP |
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$ |
53 - 57 |
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Maintenance capital attributable to Hess Midstream Partners LP |
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$ |
2 - 3 |
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Year Ending |
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December 31, 2019 |
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(Unaudited) |
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Throughput volumes (in thousands) |
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Gas gathering - Mcf of natural gas per day |
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280 - 290 |
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Crude oil gathering - bopd |
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105 - 115 |
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Gas processing - Mcf of natural gas per day |
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265 - 275 |
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Crude terminals - bopd |
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120 - 130 |
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4
Hess Midstream will review second quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time. The live audio webcast is accessible on the Investor page of our website www.hessmidstream.com. Conference call numbers for participation are 866-395-9624, or 213-660-0871 for international callers. The passcode number is 1868222. A replay of the conference call will be available at the same location following the event.
About Hess Midstream
Hess Midstream Partners LP is a fee‑based, growth oriented traditional master limited partnership that was formed to own, operate, develop and acquire a diverse set of midstream assets to provide services to Hess Corporation and third‑party customers. Hess Midstream’s assets 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 additional non‑GAAP measures to facilitate comparisons of past performance and future periods. We use two non‑GAAP financial measures in this earnings release. “Adjusted EBITDA” presented in this release 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 other income and other non‑cash, non‑recurring items, if applicable. We define Adjusted EBITDA attributable to Hess Midstream Partners LP as Adjusted EBITDA less Adjusted EBITDA attributable to Hess Infrastructure Partners’ retained interests in our joint interest assets. “Distributable Cash Flow” (“DCF”) is defined as Adjusted EBITDA attributable to Hess Midstream Partners LP less cash paid for interest and maintenance capital expenditures. Distributable cash flow does not reflect changes in working capital balances. 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 partnerships 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 unitholders. 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 both reported net income attributable to Hess Midstream Partners LP (GAAP) to Adjusted EBITDA and net cash provided by operating activities (GAAP) to Distributable Cash Flow, are provided below.
5
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Second Quarter |
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(unaudited) |
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2019 |
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2018 |
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(in millions, except ratio and per-unit data) |
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Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP and Distributable Cash Flow attributable to Hess Midstream Partners LP to net income: |
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Net income |
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$ |
90.9 |
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$ |
94.6 |
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Plus: |
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Depreciation expense |
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34.0 |
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30.2 |
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Interest expense, net |
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0.6 |
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0.4 |
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Adjusted EBITDA |
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125.5 |
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125.2 |
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Less: |
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Adjusted EBITDA attributable to noncontrolling interest(a) |
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101.3 |
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101.0 |
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Adjusted EBITDA attributable to Hess Midstream Partners LP |
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$ |
24.2 |
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$ |
24.2 |
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Less: |
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Cash interest paid, net |
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0.3 |
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0.1 |
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Maintenance capital expenditures |
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0.6 |
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0.2 |
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Distributable cash flow attributable to Hess Midstream Partners LP |
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$ |
23.3 |
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$ |
23.9 |
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Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP and Distributable Cash Flow attributable to Hess Midstream Partners LP to net cash provided by operating activities: |
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Net cash provided by operating activities |
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$ |
148.3 |
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$ |
141.5 |
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Changes in assets and liabilities |
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(22.8 |
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(16.2 |
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Amortization of deferred financing costs |
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(0.3 |
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(0.2 |
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Unit-based compensation |
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(0.3 |
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(0.3 |
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Interest expense, net |
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0.6 |
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0.4 |
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Adjusted EBITDA |
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$ |
125.5 |
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$ |
125.2 |
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Less: |
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Adjusted EBITDA attributable to noncontrolling interest(a) |
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101.3 |
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101.0 |
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Adjusted EBITDA attributable to Hess Midstream Partners LP |
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$ |
24.2 |
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$ |
24.2 |
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Less: |
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Cash interest paid, net |
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0.3 |
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0.1 |
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Maintenance capital expenditures |
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0.6 |
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0.2 |
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Distributable cash flow attributable to Hess Midstream Partners LP |
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$ |
23.3 |
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$ |
23.9 |
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Distributed cash flow |
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22.8 |
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19.2 |
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Distribution coverage ratio |
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1.02 |
x |
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1.24 |
x |
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Distribution per unit |
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$ |
0.3970 |
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$ |
0.3452 |
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(a) |
Reflects Hess Infrastructure Partners’ 80% noncontrolling economic interest in Hess North Dakota Pipelines Operations LP, Hess TGP Operations LP and Hess North Dakota Export Logistics LP. |
6
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Guidance |
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Year Ending |
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December 31, 2019 |
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(Unaudited) |
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(in millions) |
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Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP and Distributable Cash Flow attributable to Hess Midstream Partners LP to net income: |
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Net income |
$ |
415 - 440 |
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Plus: |
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Depreciation expense |
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132 |
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Interest expense, net |
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3 |
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Adjusted EBITDA |
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550 - 575 |
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Less: |
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Adjusted EBITDA attributable to noncontrolling interest(a) |
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442 - 462 |
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Adjusted EBITDA attributable to Hess Midstream Partners LP |
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108 - 113 |
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Less: |
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Cash interest paid, net and maintenance capital expenditures |
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5 |
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Distributable cash flow attributable to Hess Midstream Partners LP |
$ |
103 - 108 |
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(a) |
Reflects Hess Infrastructure Partners’ 80% noncontrolling economic interest in Hess North Dakota Pipelines Operations LP, Hess TGP Operations LP and Hess North Dakota Export Logistics LP. |
Forward‑looking Statements
This press release may include forward‑looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward‑looking statements, which generally are not historical in nature. Forward‑looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward‑looking statements, you should keep in mind the risk factors and other cautionary statements in the Hess Midstream’s annual report on Form 10-K for the year ended December 31, 2018, and in other reports we file with the Securities and Exchange Commission. Hess Midstream undertakes no obligation and does not intend to update these forward‑looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward‑looking statements, which speak only as of the date of this press release.
For Hess Midstream Partners LP
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(713) 496-6076
7
HESS MIDSTREAM PARTNERS LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS, EXCEPT PER-UNIT DATA)
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Second |
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Second |
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First |
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Quarter |
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Quarter |
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Quarter |
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2019 |
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2018 |
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2019 |
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Statement of operations |
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Revenues |
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Affiliate services |
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$ |
172.7 |
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$ |
164.5 |
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$ |
174.0 |
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Other income |
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0.1 |
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0.2 |
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0.2 |
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Total revenues |
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172.8 |
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164.7 |
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174.2 |
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Costs and expenses |
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Operating and maintenance expenses (exclusive of depreciation shown separately below) |
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43.6 |
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37.1 |
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41.9 |
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Depreciation expense |
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34.0 |
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30.2 |
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32.6 |
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General and administrative expenses |
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3.7 |
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2.4 |
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4.0 |
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Total costs and expenses |
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81.3 |
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69.7 |
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78.5 |
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Income from operations |
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91.5 |
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95.0 |
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95.7 |
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Interest expense, net |
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0.6 |
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0.4 |
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0.4 |
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Net income |
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$ |
90.9 |
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$ |
94.6 |
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$ |
95.3 |
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Less: Net income attributable to noncontrolling interest |
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74.1 |
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76.8 |
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77.2 |
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Net income attributable to Hess Midstream Partners LP |
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16.8 |
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17.8 |
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18.1 |
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Less: General partner interest in net income attributable to Hess Midstream Partners LP |
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1.0 |
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0.4 |
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0.8 |
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Limited partners' interest in net income attributable to Hess Midstream Partners LP |
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$ |
15.8 |
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$ |
17.4 |
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$ |
17.3 |
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Net income per limited partner unit (basic and diluted): |
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Common |
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$ |
0.29 |
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$ |
0.32 |
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$ |
0.32 |
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Subordinated |
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$ |
0.29 |
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$ |
0.32 |
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$ |
0.32 |
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Weighted average limited partner units outstanding: |
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Basic: |
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Common |
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27.3 |
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27.3 |
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27.3 |
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Subordinated |
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27.3 |
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27.3 |
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27.3 |
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Diluted: |
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Common |
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27.5 |
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27.4 |
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27.4 |
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Subordinated |
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27.3 |
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27.3 |
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27.3 |
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8
HESS MIDSTREAM PARTNERS LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS, EXCEPT PER-UNIT DATA)
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Six Months Ended June 30, |
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2019 |
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2018 |
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Statement of operations |
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Revenues |
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Affiliate services |
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$ |
346.7 |
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$ |
321.3 |
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Other income |
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0.3 |
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0.4 |
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Total revenues |
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347.0 |
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321.7 |
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Costs and expenses |
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|
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|
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Operating and maintenance expenses (exclusive of depreciation shown separately below) |
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|
85.5 |
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|
71.7 |
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Depreciation expense |
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|
66.6 |
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|
|
60.2 |
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General and administrative expenses |
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7.7 |
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|
5.5 |
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Total costs and expenses |
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|
159.8 |
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|
137.4 |
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Income from operations |
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|
187.2 |
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|
184.3 |
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Interest expense, net |
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|
1.0 |
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|
|
0.7 |
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Net income |
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$ |
186.2 |
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$ |
183.6 |
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Less: Net income attributable to noncontrolling interest |
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|
151.3 |
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|
|
148.8 |
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Net income attributable to Hess Midstream Partners LP |
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|
34.9 |
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|
34.8 |
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Less: General partner interest in net income attributable to Hess Midstream Partners LP |
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|
1.8 |
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|
0.7 |
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Limited partners' interest in net income attributable to Hess Midstream Partners LP |
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$ |
33.1 |
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$ |
34.1 |
|
|
Net income per limited partner unit (basic and diluted): |
|
|
|
|
|
|
|
|
|
Common |
|
$ |
0.61 |
|
|
$ |
0.63 |
|
|
Subordinated |
|
$ |
0.61 |
|
|
$ |
0.63 |
|
|
Weighted average limited partner units outstanding: |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Common |
|
|
27.3 |
|
|
|
27.3 |
|
|
Subordinated |
|
|
27.3 |
|
|
|
27.3 |
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
Common |
|
|
27.5 |
|
|
|
27.4 |
|
|
Subordinated |
|
|
27.3 |
|
|
|
27.3 |
|
9
HESS MIDSTREAM PARTNERS LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
|
|
|
Second Quarter 2019 |
|
|||||||||||||||||
|
|
|
Gathering |
|
|
Processing and Storage |
|
|
Terminaling and Export |
|
|
Interest and Other |
|
|
Total |
|
|||||
|
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate services |
|
$ |
80.2 |
|
|
$ |
67.5 |
|
|
$ |
25.0 |
|
|
$ |
- |
|
|
$ |
172.7 |
|
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
Total revenues |
|
|
80.2 |
|
|
|
67.5 |
|
|
|
25.1 |
|
|
|
- |
|
|
|
172.8 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
19.3 |
|
|
|
15.1 |
|
|
|
9.2 |
|
|
|
- |
|
|
|
43.6 |
|
|
Depreciation expense |
|
|
18.9 |
|
|
|
11.1 |
|
|
|
4.0 |
|
|
|
- |
|
|
|
34.0 |
|
|
General and administrative expenses |
|
|
1.3 |
|
|
|
1.0 |
|
|
|
0.2 |
|
|
|
1.2 |
|
|
|
3.7 |
|
|
Total costs and expenses |
|
|
39.5 |
|
|
|
27.2 |
|
|
|
13.4 |
|
|
|
1.2 |
|
|
|
81.3 |
|
|
Income (loss) from operations |
|
|
40.7 |
|
|
|
40.3 |
|
|
|
11.7 |
|
|
|
(1.2 |
) |
|
|
91.5 |
|
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
Net income (loss) |
|
|
40.7 |
|
|
|
40.3 |
|
|
|
11.7 |
|
|
|
(1.8 |
) |
|
|
90.9 |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
32.6 |
|
|
|
32.3 |
|
|
|
9.2 |
|
|
|
- |
|
|
|
74.1 |
|
|
Net income (loss) attributable to Hess Midstream Partners LP |
|
$ |
8.1 |
|
|
$ |
8.0 |
|
|
$ |
2.5 |
|
|
$ |
(1.8 |
) |
|
$ |
16.8 |
|
|
|
|
Second Quarter 2018 |
|
|||||||||||||||||
|
|
|
Gathering |
|
|
Processing and Storage |
|
|
Terminaling and Export |
|
|
Interest and Other |
|
|
Total |
|
|||||
|
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
$ |
81.9 |
|
|
$ |
62.9 |
|
|
$ |
19.7 |
|
|
$ |
- |
|
|
$ |
164.5 |
|
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
|
Total revenues |
|
|
81.9 |
|
|
|
62.9 |
|
|
|
19.9 |
|
|
|
- |
|
|
|
164.7 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
16.1 |
|
|
|
13.4 |
|
|
|
7.6 |
|
|
|
- |
|
|
|
37.1 |
|
|
Depreciation expense |
|
|
15.4 |
|
|
|
10.9 |
|
|
|
3.9 |
|
|
|
- |
|
|
|
30.2 |
|
|
General and administrative expenses |
|
|
0.9 |
|
|
|
0.4 |
|
|
|
- |
|
|
|
1.1 |
|
|
|
2.4 |
|
|
Total costs and expenses |
|
|
32.4 |
|
|
|
24.7 |
|
|
|
11.5 |
|
|
|
1.1 |
|
|
|
69.7 |
|
|
Income (loss) from operations |
|
|
49.5 |
|
|
|
38.2 |
|
|
|
8.4 |
|
|
|
(1.1 |
) |
|
|
95.0 |
|
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
Net income (loss) |
|
|
49.5 |
|
|
|
38.2 |
|
|
|
8.4 |
|
|
|
(1.5 |
) |
|
|
94.6 |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
39.8 |
|
|
|
30.5 |
|
|
|
6.5 |
|
|
|
- |
|
|
|
76.8 |
|
|
Net income (loss) attributable to Hess Midstream Partners LP |
|
$ |
9.7 |
|
|
$ |
7.7 |
|
|
$ |
1.9 |
|
|
$ |
(1.5 |
) |
|
$ |
17.8 |
|
10
HESS MIDSTREAM PARTNERS LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
|
|
|
First Quarter 2019 |
|
|||||||||||||||||
|
|
|
Gathering |
|
|
Processing and Storage |
|
|
Terminaling and Export |
|
|
Interest and Other |
|
|
Total |
|
|||||
|
Statement of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate services |
|
$ |
79.0 |
|
|
$ |
66.3 |
|
|
$ |
28.7 |
|
|
$ |
- |
|
|
$ |
174.0 |
|
|
Other income |
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
Total revenues |
|
|
79.0 |
|
|
|
66.5 |
|
|
|
28.7 |
|
|
|
- |
|
|
|
174.2 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses (exclusive of depreciation shown separately below) |
|
|
17.1 |
|
|
|
13.1 |
|
|
|
11.7 |
|
|
|
- |
|
|
|
41.9 |
|
|
Depreciation expense |
|
|
17.4 |
|
|
|
11.2 |
|
|
|
4.0 |
|
|
|
- |
|
|
|
32.6 |
|
|
General and administrative expenses |
|
|
1.5 |
|
|
|
1.1 |
|
|
|
0.2 |
|
|
|
1.2 |
|
|
|
4.0 |
|
|
Total costs and expenses |
|
|
36.0 |
|
|
|
25.4 |
|
|
|
15.9 |
|
|
|
1.2 |
|
|
|
78.5 |
|
|
Income (loss) from operations |
|
|
43.0 |
|
|
|
41.1 |
|
|
|
12.8 |
|
|
|
(1.2 |
) |
|
|
95.7 |
|
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
Net income (loss) |
|
|
43.0 |
|
|
|
41.1 |
|
|
|
12.8 |
|
|
|
(1.6 |
) |
|
|
95.3 |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
34.4 |
|
|
|
32.5 |
|
|
|
10.3 |
|
|
|
- |
|
|
|
77.2 |
|
|
Net income (loss) attributable to Hess Midstream Partners LP |
|
$ |
8.6 |
|
|
$ |
8.6 |
|
|
$ |
2.5 |
|
|
$ |
(1.6 |
) |
|
$ |
18.1 |
|
11
HESS MIDSTREAM PARTNERS LP
SUPPLEMENTAL OPERATING DATA (UNAUDITED)
(IN THOUSANDS)
|
|
|
Second |
|
|
Second |
|
|
First |
|
|||
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Throughput volumes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas gathering - Mcf of natural gas per day |
|
|
258 |
|
|
|
253 |
|
|
|
249 |
|
|
Crude oil gathering - bopd |
|
|
109 |
|
|
|
82 |
|
|
|
112 |
|
|
Gas processing - Mcf of natural gas per day |
|
|
238 |
|
|
|
237 |
|
|
|
237 |
|
|
Crude terminals - bopd |
|
|
123 |
|
|
|
94 |
|
|
|
122 |
|
|
NGL loading - blpd |
|
|
15 |
|
|
|
15 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|||||
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
||
|
Throughput volumes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas gathering - Mcf of natural gas per day |
|
|
|
|
|
|
253 |
|
|
|
243 |
|
|
Crude oil gathering - bopd |
|
|
|
|
|
|
110 |
|
|
|
81 |
|
|
Gas processing - Mcf of natural gas per day |
|
|
|
|
|
|
237 |
|
|
|
226 |
|
|
Crude terminals - bopd |
|
|
|
|
|
|
123 |
|
|
|
93 |
|
|
NGL loading - blpd |
|
|
|
|
|
|
14 |
|
|
|
13 |
|
12