$HESM
Hess Midstream LP

2022 Q3 Form 10-Q Financial Statement

#000095017022014779 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $334.8M $313.4M $316.3M
YoY Change 10.17% 6.31% 18.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $85.30M $73.10M $72.90M
YoY Change -17.34% 6.25% 1.53%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.50M $45.00M $43.50M
YoY Change 9.64% 11.39% 8.75%
% of Gross Profit
Operating Expenses $130.8M $118.1M $116.4M
YoY Change -9.61% 8.15% 4.11%
Operating Profit $204.0M $195.3M
YoY Change 28.14% 5.23%
Interest Expense -$37.10M -$37.40M -$29.40M
YoY Change 32.5% 63.32% 44.83%
% of Operating Profit -18.19% -19.15%
Other Income/Expense, Net
YoY Change
Pretax Income $166.9M $158.9M $170.5M
YoY Change 24.37% -4.05% 26.86%
Income Tax $7.500M $7.100M $5.400M
% Of Pretax Income 4.49% 4.47% 3.17%
Net Earnings $23.20M $22.00M $16.90M
YoY Change 134.34% 100.0% 156.06%
Net Earnings / Revenue 6.93% 7.02% 5.34%
Basic Earnings Per Share
Diluted Earnings Per Share $526.1K $503.4K $509.0K
COMMON SHARES
Basic Shares Outstanding 44.00M 44.00M 33.66M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $2.400M $2.200M
YoY Change 0.0% -36.84% -15.38%
Cash & Equivalents $2.600M $2.400M $2.200M
Short-Term Investments
Other Short-Term Assets $13.50M $2.400M $10.60M
YoY Change 0.75% 71.43% 89.29%
Inventory
Prepaid Expenses
Receivables $130.7M $153.6M $120.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $146.8M $158.4M $133.1M
YoY Change -3.1% 43.48% 31.26%
LONG-TERM ASSETS
Property, Plant & Equipment $3.160B $3.145B $3.125B
YoY Change 1.33% 1.42% 0.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $98.30M $96.90M $101.6M
YoY Change -4.0% -5.46% -6.27%
Other Assets $12.00M $6.500M $7.800M
YoY Change 42.86% -90.96% -22.0%
Total Long-Term Assets $3.455B $3.440B $3.353B
YoY Change 4.55% 5.02% 2.43%
TOTAL ASSETS
Total Short-Term Assets $146.8M $158.4M $133.1M
Total Long-Term Assets $3.455B $3.440B $3.353B
Total Assets $3.602B $3.599B $3.486B
YoY Change 4.22% 6.27% 3.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.20M $60.50M $64.50M
YoY Change -22.28% 38.13% 26.47%
Accrued Expenses $83.80M $85.10M $76.20M
YoY Change 39.67% 35.73% 40.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $20.00M
YoY Change -100.0% -100.0% 100.0%
Total Short-Term Liabilities $157.5M $152.5M $170.9M
YoY Change -6.64% 20.08% 36.72%
LONG-TERM LIABILITIES
Long-Term Debt $2.909B $2.937B $2.544B
YoY Change 12.1% 61.64% 33.86%
Other Long-Term Liabilities $20.70M $20.90M $17.70M
YoY Change -9.61% -11.06% -24.36%
Total Long-Term Liabilities $2.930B $2.958B $2.561B
YoY Change 11.91% 60.71% 33.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.5M $152.5M $170.9M
Total Long-Term Liabilities $2.930B $2.958B $2.561B
Total Liabilities $3.088B $3.111B $2.733B
YoY Change 10.8% -2.85% 33.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $247.8M $248.7M $204.1M
YoY Change
Total Liabilities & Shareholders Equity $3.602B $3.599B $3.486B
YoY Change 4.22% 6.27% 3.29%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $23.20M $22.00M $16.90M
YoY Change 134.34% 100.0% 156.06%
Depreciation, Depletion And Amortization $45.50M $45.00M $43.50M
YoY Change 9.64% 11.39% 8.75%
Cash From Operating Activities $234.7M $213.2M $223.5M
YoY Change 28.96% -5.08% 28.08%
INVESTING ACTIVITIES
Capital Expenditures -$65.90M -$55.90M -$43.20M
YoY Change -2.08% 115.0% -21.6%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$65.90M -$55.90M -$43.20M
YoY Change -2.08% 115.0% -21.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -168.6M -157.9M -180.7M
YoY Change 45.47% -19.56% 50.83%
NET CHANGE
Cash From Operating Activities 234.7M 213.2M 223.5M
Cash From Investing Activities -65.90M -55.90M -43.20M
Cash From Financing Activities -168.6M -157.9M -180.7M
Net Change In Cash 200.0K -600.0K -400.0K
YoY Change -116.67% -126.09% 0.0%
FREE CASH FLOW
Cash From Operating Activities $234.7M $213.2M $223.5M
Capital Expenditures -$65.90M -$55.90M -$43.20M
Free Cash Flow $300.6M $269.1M $266.7M
YoY Change 20.58% 7.38% 16.16%

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10000000.0
us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
5000000.0
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
400000000.0
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5900000
hesm Payment Of Transaction Costs
PaymentOfTransactionCosts
1200000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
400000000.0
hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
41700000
hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
19500000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
221100000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
236600000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-292900000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-336100000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
200000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1200000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2200000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2600000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2400000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3800000
hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
1900000
hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
-16800000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
86400000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
26400000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
1500000
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
313000000.0
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
294800000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
625100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
583600000
CY2022Q2 us-gaap Other Income
OtherIncome
400000
us-gaap Other Income
OtherIncome
700000
CY2022Q2 us-gaap Revenues
Revenues
313400000
CY2021Q2 us-gaap Revenues
Revenues
294800000
us-gaap Revenues
Revenues
625800000
us-gaap Revenues
Revenues
583600000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4341400000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1305600000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4450200000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1216400000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3144600000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3125000000.0
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
35100000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
30900000
CY2022Q2 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
28000000.0
CY2021Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
26500000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22000000.0
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18800000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
85100000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
76200000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3100000
CY2022Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to the Partnership obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter.
hesm Ratio Of Debt To Ebitda
RatioOfDebtToEBITDA
5.00
hesm Leverage Ratio
LeverageRatio
5.50
hesm Secured Leverage Ratio
SecuredLeverageRatio
4.00
hesm Period Of Distribution Of Cash To Shareholders
PeriodOfDistributionOfCashToShareholders
P45D
CY2022Q2 us-gaap Profit Loss
ProfitLoss
151800000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
162000000.0
us-gaap Profit Loss
ProfitLoss
311400000
us-gaap Profit Loss
ProfitLoss
321600000
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
129800000
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
151000000.0
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
272500000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
302000000.0
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
22000000.0
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
11000000.0
us-gaap Net Income Loss
NetIncomeLoss
38900000
us-gaap Net Income Loss
NetIncomeLoss
19600000
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2022Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
600000
CY2022Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
4500000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
800000
CY2022Q2 us-gaap Revenues
Revenues
313400000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
151800000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
22000000.0
CY2022Q2 us-gaap Depreciation
Depreciation
45000000.0
CY2022Q2 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000.0
CY2022Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-37400000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7100000
CY2022Q2 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
242600000
CY2022Q2 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
71700000
CY2021Q2 us-gaap Revenues
Revenues
294800000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
162000000.0
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
11000000.0
CY2021Q2 us-gaap Depreciation
Depreciation
40400000
CY2021Q2 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2900000
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-22900000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000
CY2021Q2 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
230200000
CY2021Q2 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
46400000
us-gaap Revenues
Revenues
625800000
us-gaap Profit Loss
ProfitLoss
311400000
us-gaap Net Income Loss
NetIncomeLoss
38900000
us-gaap Depreciation
Depreciation
89400000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
2600000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1400000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-68700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12100000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
484200000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
69500000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
108800000
us-gaap Revenues
Revenues
583600000
us-gaap Profit Loss
ProfitLoss
321600000
us-gaap Net Income Loss
NetIncomeLoss
19600000
us-gaap Depreciation
Depreciation
80600000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
2600000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5600000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-46000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6100000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
456900000
CY2022Q2 us-gaap Assets
Assets
3598700000
CY2021Q4 us-gaap Assets
Assets
3485600000

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