Second Quarter 2023 Highlights:
- Completed accretive $100 million repurchase of Class B units
of Hess Midstream Operations LP in June 2023, which is the second
repurchase transaction during 2023.
- Increased quarterly cash distribution to $0.6011 per Class A
share for the second quarter of 2023, an approximate 2.7% increase
compared with the first quarter of 2023, consisting of a 1.5%
increase in the distribution level per Class A share in addition to
the quarterly 1.2% increase per Class A share consistent with the
target of at least 5% growth in annual distributions per Class A
share through 2025.
- Net income was $147.9 million. Net cash provided by
operating activities was $204.6 million.
- Net income attributable to Hess Midstream LP was $25.1
million, or $0.50 basic earnings per Class A share, after deduction
for noncontrolling interests.
- Adjusted EBITDA1 was $248.1 million, Distributable Cash
Flow1 was $202.6 million and Adjusted Free Cash Flow1 was $154.3
million.
Guidance:
- Following strong year-to-date operational performance, Hess
Midstream LP is increasing its full year 2023 guidance for gas
gathering and gas processing throughput volumes.
- Hess Midstream LP is updating its full year 2023 net income
guidance to $595 – $625 million and increasing its Adjusted EBITDA
guidance to $1,000 – $1,030 million.
- Hess Midstream LP continues to target at least 5% annual
distribution growth per Class A share through 2025 with expected
annual distribution coverage of at least 1.4x 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 2024 and 2025 relative to 2023
volume guidance.
Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported
second quarter 2023 net income of $147.9 million compared with net
income of $151.8 million for the second quarter of 2022. After
deduction for noncontrolling interests, net income attributable to
Hess Midstream was $25.1 million, or $0.50 basic earnings per Class
A share compared with $0.51 basic earnings per Class A share in the
second quarter of 2022. Hess Midstream generated Adjusted EBITDA of
$248.1 million. Distributable Cash Flow (“DCF”) for the second
quarter of 2023 was $202.6 million and Adjusted Free Cash Flow was
$154.3 million.
“Hess Midstream delivered another quarter of strong operational
and financial results driven by our continued focus on gas capture
and Hess Corporation's Bakken performance, supporting continued
return of capital to our shareholders,” said John Gatling,
President and Chief Operating Officer of Hess Midstream. “We are
increasing our 2023 gas throughput guidance and reiterating our
expectation for substantial volume growth across all of our systems
through 2025, which is expected to result in sustained excess free
cash flow generation and allow us to continue our demonstrated
track record of differentiated shareholder returns.”
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, Distributable Cash Flow 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
Financial Results
Revenues and other income in the second quarter of 2023 were
$324.0 million compared with $313.4 million in the prior-year
quarter. Second quarter 2023 revenues included $18.6 million of
pass-through electricity, produced water trucking and disposal
costs and certain other fees and $2.2 million of shortfall fees
related to minimum volume commitments (“MVC”) compared with $19.9
million and $57.7 million, respectively, in the prior-year quarter.
Second quarter 2023 revenues and other income were up $10.6 million
compared to the prior-year quarter primarily due to higher tariff
rates partly offset by lower shortfall fees due to the transition
from higher MVC levels in 2022 to actual physical volumes in 2023
that are at or above MVCs. Total operating costs and expenses in
the second quarter of 2023 were $125.9 million, up from $118.1
million in the prior-year quarter. The increase was primarily
attributable to higher operating expenses and higher depreciation
expense for additional assets placed in service. Interest expense
in the second quarter of 2023 was $43.8 million, up from $37.4
million in the prior-year quarter primarily attributable to higher
interest rates on the Term Loan A and revolving credit
facilities.
Net income for the second quarter of 2023 was $147.9 million, or
$0.50 basic earnings per Class A share, after deduction for
noncontrolling interests, compared with $0.51 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 our organizational structure. Net cash provided by
operating activities for the second quarter of 2023 was $204.6
million.
Adjusted EBITDA for the second quarter of 2023 was $248.1
million. Relative to distributions, DCF for the second quarter of
2023 of $202.6 million resulted in an approximate 1.4x distribution
coverage ratio. Adjusted Free Cash Flow for the second quarter of
2023 was $154.3 million. At June 30, 2023, Hess Midstream had a
drawn balance of $198.0 million on its revolving credit
facility.
Operational Highlights
Throughput volumes increased 23% for gas processing and 19% for
gas gathering in the second quarter of 2023 compared with the
second quarter of 2022 primarily due to higher production,
including third-party volumes, higher gas capture, and recovery
from severe weather in the second quarter of 2022. Water gathering
volumes increased 34% reflecting continued steady organic growth of
our water handling business. Throughput volumes in the second
quarter of 2023 compared with the second quarter of 2022 increased
16% for terminaling and 7% for crude oil gathering primarily due to
higher production and higher third-party volumes.
Capital Expenditures
Capital expenditures for the second quarter of 2023 totaled
$52.1 million, including $48.3 million of expansion capital
expenditures and $3.8 million of maintenance capital expenditures,
and were primarily attributable to continued expansion of our gas
compression capacity. Capital expenditures in the prior-year
quarter were $71.7 million, including $70.5 million of expansion
capital expenditures and $1.2 million of maintenance capital
expenditures, and were also primarily attributable to expansion of
our gas compression capacity.
Quarterly Cash Distributions
On July 24, 2023, our general partner’s board of directors
declared a quarterly cash distribution of $0.6011 per Class A share
for the second quarter of 2023. The distribution represents an
approximate 2.7% increase in the quarterly distribution per Class A
share for the second quarter of 2023 as compared with the first
quarter of 2023. The increase consists of an approximate 1.5%
increase in Hess Midstream's distribution level per Class A share
in addition to the quarterly 1.2% increase per Class A share
consistent with its target of at least 5% growth in annual
distributions per Class A share through 2025. The distribution is
expected to be paid on August 14, 2023, to shareholders of record
as of the close of business on August 3, 2023.
Updated Guidance
Hess Midstream continues to target at least 5% annual
distribution growth per Class A share through 2025 from this new
higher distribution level with expected annual distribution
coverage of at least 1.4x and continues to prioritize financial
strength with a long-term leverage target of 3x Adjusted EBITDA.
For 2024 and 2025, Hess Midstream continues to expect organic
throughput volume growth across all systems relative to 2023 volume
guidance.
Hess Midstream is increasing its gas gathering and gas
processing throughput guidance for full year 2023 and updating its
full year 2023 net income, Adjusted EBITDA, DCF and Adjusted Free
Cash Flow guidance based on strong year-to-date operational
performance. Additionally, Hess Midstream is further updating its
net income, DCF and Adjusted Free Cash Flow guidance to include the
impact of an incremental $10 million in expected interest expense
on borrowings under its credit facility used to fund the Class B
unit repurchase transactions. The updated net income guidance also
includes the impact of an incremental $5 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 reiterates its guidance of at least 10% per year
expected growth in net income and Adjusted EBITDA in each of 2024
and 2025, and approximately 10% annualized growth in throughput
volumes across gas, oil and water systems from 2023 levels as
implied in our already-established MVCs for 2025.
Year Ending
December 31, 2023
(Unaudited)
Financials (in millions)
Net income
$
595 – 625
Adjusted EBITDA
$
1,000 – 1,030
Distributable cash flow
$
820 – 850
Expansion capital expenditures
$
210
Maintenance capital expenditures
$
15
Adjusted free cash flow
$
610 – 640
Year Ending
December 31, 2023
(Unaudited)
Throughput volumes
Gas gathering - MMcf of natural gas per
day
370 – 380
Crude oil gathering - MBbl of crude oil
per day
95 – 105
Gas processing - MMcf of natural gas per
day
355 – 365
Crude terminals - MBbl of crude oil per
day
105 – 115
Water gathering - MBbl of water per
day
85 – 95
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 the
Investor Relations sections of our website at
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.
“Adjusted EBITDA” presented in this release is 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. “Distributable Cash Flow” or
“DCF” is defined as Adjusted EBITDA less net interest, excluding
amortization of deferred financing costs, cash paid for federal and
state income taxes and maintenance capital expenditures. DCF does
not reflect changes in working capital balances. We define
“Adjusted Free Cash Flow” as DCF less expansion 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, DCF, Adjusted Free Cash Flow and Gross Adjusted EBITDA
Margin to reported net income (GAAP) and net cash provided by
operating activities (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)
2023
2022
(in millions, except ratio and per-share
data)
Reconciliation of Adjusted EBITDA and
Distributable Cash Flow to net income:
Net income
$
147.9
$
151.8
Plus:
Depreciation expense
47.0
45.0
Proportional share of equity affiliates'
depreciation
1.3
1.3
Interest expense, net
43.8
37.4
Income tax expense (benefit)
8.1
7.1
Adjusted EBITDA
248.1
242.6
Less:
Interest, net(1)
41.7
35.2
Maintenance capital expenditures
3.8
1.2
Distributable cash flow
$
202.6
$
206.2
Reconciliation of Adjusted EBITDA,
Distributable Cash Flow and Adjusted Free Cash Flow to net cash
provided by operating activities:
Net cash provided by operating
activities
$
204.6
$
213.2
Changes in assets and liabilities
1.0
(6.3
)
Amortization of deferred financing
costs
(2.1
)
(2.2
)
Proportional share of equity affiliates'
depreciation
1.3
1.3
Interest expense, net
43.8
37.4
Earnings from equity investments
1.7
1.0
Distribution from equity investments
(1.8
)
(1.4
)
Other
(0.4
)
(0.4
)
Adjusted EBITDA
$
248.1
$
242.6
Less:
Interest, net(1)
41.7
35.2
Maintenance capital expenditures
3.8
1.2
Distributable cash flow
$
202.6
$
206.2
Less:
Expansion capital expenditures
48.3
70.5
Adjusted free cash flow
$
154.3
$
135.7
Distributed cash flow
140.0
133.3
Distribution coverage ratio
1.4
x
1.5
x
Distribution per Class A share
$
0.6011
$
0.5559
(1) Excludes amortization of deferred
financing costs.
Second Quarter
(Unaudited)
2023
2022
(in millions)
Reconciliation of gross Adjusted EBITDA
margin to net income:
Net income
$
147.9
$
151.8
Plus:
Depreciation expense
47.0
45.0
Proportional share of equity affiliates'
depreciation
1.3
1.3
Interest expense, net
43.8
37.4
Income tax expense (benefit)
8.1
7.1
Adjusted EBITDA
$
248.1
$
242.6
Total revenues
$
324.0
$
313.4
Less: pass-through revenues
18.6
19.9
Revenues excluding pass-through
$
305.4
$
293.5
Gross Adjusted EBITDA margin
81
%
83
%
Guidance
Year Ending
December 31, 2023
(Unaudited)
(in millions)
Reconciliation of Adjusted EBITDA,
Distributable Cash Flow and Adjusted Free Cash Flow to net
income:
Net income
$
595 – 625
Plus:
Depreciation expense*
195
Interest expense, net
175
Income tax expense
35
Adjusted EBITDA
$
1,000 – 1,030
Less:
Interest, net, and maintenance capital
expenditures
180
Distributable cash flow
$
820 – 850
Less:
Expansion capital expenditures
210
Adjusted free cash flow
$
610 – 640
*Includes proportional share of equity
affiliates' depreciation
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; and future economic and market conditions in
the oil and gas industry.
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; the direct and indirect effects of an epidemic or outbreak
of an infectious disease, such as COVID-19 and its variants, on our
business and those of our business partners, suppliers and
customers, including Hess; 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; 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
2023
2022
2023
Statement of operations
Revenues
Affiliate services
$
321.9
$
313.0
$
303.4
Other income
2.1
0.4
1.6
Total revenues
324.0
313.4
305.0
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
73.1
67.8
62.5
Depreciation expense
47.0
45.0
47.4
General and administrative expenses
5.8
5.3
6.4
Total operating costs and expenses
125.9
118.1
116.3
Income from operations
198.1
195.3
188.7
Income from equity investments
1.7
1.0
1.6
Interest expense, net
43.8
37.4
41.6
Income before income tax expense
(benefit)
156.0
158.9
148.7
Income tax expense (benefit)
8.1
7.1
6.5
Net income
$
147.9
$
151.8
$
142.2
Less: Net income attributable to
noncontrolling interest
122.8
129.8
121.5
Net income attributable to Hess Midstream
LP
$
25.1
$
22.0
$
20.7
Net income attributable to Hess Midstream
LP per Class A share:
Basic
$
0.50
$
0.51
$
0.47
Diluted
$
0.50
$
0.50
$
0.47
Weighted average Class A shares
outstanding
Basic
50.1
43.7
44.0
Diluted
50.2
43.7
44.1
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
Six Months Ended June
30,
2023
2022
Statement of operations
Revenues
Affiliate services
$
625.3
$
625.1
Other income
3.7
0.7
Total revenues
629.0
625.8
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
135.6
134.3
Depreciation expense
94.4
89.4
General and administrative expenses
12.2
11.3
Total operating costs and expenses
242.2
235.0
Income from operations
386.8
390.8
Income from equity investments
3.3
1.4
Interest expense, net
85.4
68.7
Income before income tax expense
(benefit)
304.7
323.5
Income tax expense (benefit)
14.6
12.1
Net income
$
290.1
$
311.4
Less: Net income attributable to
noncontrolling interest
244.3
272.5
Net income attributable to Hess Midstream
LP
$
45.8
$
38.9
Net income attributable to Hess Midstream
LP per Class A share:
Basic:
$
0.97
$
1.01
Diluted:
$
0.97
$
0.99
Weighted average Class A shares
outstanding
Basic
47.1
38.7
Diluted
47.1
38.8
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
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
Other income
0.4
1.2
0.5
-
2.1
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
(benefit)
100.0
85.1
16.7
(45.8
)
156.0
Income tax expense (benefit)
-
-
-
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
Second Quarter 2022
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of operations
Revenues
Affiliate services
$
166.2
$
116.5
$
30.3
$
-
$
313.0
Other income
-
-
0.4
-
0.4
Total revenues
166.2
116.5
30.7
-
313.4
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
41.8
20.8
5.2
-
67.8
Depreciation expense
26.6
14.4
4.0
-
45.0
General and administrative expenses
2.6
1.0
0.2
1.5
5.3
Total operating costs and expenses
71.0
36.2
9.4
1.5
118.1
Income (loss) from operations
95.2
80.3
21.3
(1.5)
195.3
Income from equity investments
-
1.0
-
-
1.0
Interest expense, net
-
-
-
37.4
37.4
Income before income tax expense
(benefit)
95.2
81.3
21.3
(38.9)
158.9
Income tax expense (benefit)
-
-
-
7.1
7.1
Net income (loss)
95.2
81.3
21.3
(46.0)
151.8
Less: Net income (loss) attributable to
noncontrolling interest
77.6
66.3
17.5
(31.6)
129.8
Net income (loss) attributable to Hess
Midstream LP
$
17.6
$
15.0
$
3.8
$
(14.4)
$
22.0
HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
First Quarter 2023
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of operations
Revenues
Affiliate services
$
164.4
$
113.8
$
25.2
$
-
$
303.4
Other income
0.3
0.6
0.7
-
1.6
Total revenues
164.7
114.4
25.9
-
305.0
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
38.4
20.2
3.9
-
62.5
Depreciation expense
28.8
14.5
4.1
-
47.4
General and administrative expenses
2.4
1.2
0.3
2.5
6.4
Total operating costs and expenses
69.6
35.9
8.3
2.5
116.3
Income (loss) from operations
95.1
78.5
17.6
(2.5
)
188.7
Income from equity investments
-
1.6
-
-
1.6
Interest expense, net
-
-
-
41.6
41.6
Income before income tax expense
(benefit)
95.1
80.1
17.6
(44.1
)
148.7
Income tax expense (benefit)
-
-
-
6.5
6.5
Net income (loss)
95.1
80.1
17.6
(50.6
)
142.2
Less: Net income (loss) attributable to
noncontrolling interest
77.7
65.6
14.3
(36.1
)
121.5
Net income (loss) attributable to Hess
Midstream LP
$
17.4
$
14.5
$
3.3
$
(14.5
)
$
20.7
HESS MIDSTREAM LP
SUPPLEMENTAL OPERATING DATA
(UNAUDITED)
(IN THOUSANDS)
Second
Second
First
Quarter
Quarter
Quarter
2023
2022
2023
Throughput volumes
Gas gathering - Mcf of natural gas per
day
369
309
347
Crude oil gathering - bopd
94
88
93
Gas processing - Mcf of natural gas per
day
358
292
338
Crude terminals - bopd
108
93
104
NGL loading - blpd
12
9
9
Water gathering - blpd
87
65
79
Six Months Ended
June 30,
2023
2022
Throughput volumes
Gas gathering - Mcf of natural gas per
day
358
318
Crude oil gathering - bopd
94
95
Gas processing - Mcf of natural gas per
day
348
304
Crude terminals - bopd
106
100
NGL loading - blpd
11
12
Water gathering - blp
83
68
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726509521/en/
For Hess Midstream LP Investors: Jennifer Gordon
(212) 536-8244 Media: Robert Young (713) 496-6076
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