$HESM
Hess Midstream LP

2022 Q4 Form 10-Q Financial Statement

#000095017022021887 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $314.6M $334.8M
YoY Change -0.54% 10.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $71.80M $85.30M
YoY Change -1.51% -17.34%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.40M $45.50M
YoY Change 6.67% 9.64%
% of Gross Profit
Operating Expenses $118.2M $130.8M
YoY Change 1.55% -9.61%
Operating Profit $204.0M
YoY Change 28.14%
Interest Expense -$39.60M -$37.10M
YoY Change 34.69% 32.5%
% of Operating Profit -18.19%
Other Income/Expense, Net
YoY Change
Pretax Income $156.8M $166.9M
YoY Change -8.04% 24.37%
Income Tax $7.000M $7.500M
% Of Pretax Income 4.46% 4.49%
Net Earnings $21.80M $23.20M
YoY Change 28.99% 134.34%
Net Earnings / Revenue 6.93% 6.93%
Basic Earnings Per Share
Diluted Earnings Per Share $494.3K $526.1K
COMMON SHARES
Basic Shares Outstanding 44.00M 44.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $2.600M
YoY Change 40.91% 0.0%
Cash & Equivalents $3.100M $2.600M
Short-Term Investments
Other Short-Term Assets $6.200M $13.50M
YoY Change -41.51% 0.75%
Inventory
Prepaid Expenses
Receivables $123.0M $130.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $132.3M $146.8M
YoY Change -0.6% -3.1%
LONG-TERM ASSETS
Property, Plant & Equipment $3.173B $3.160B
YoY Change 1.53% 1.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.90M $98.30M
YoY Change -7.58% -4.0%
Other Assets $11.30M $12.00M
YoY Change 44.87% 42.86%
Total Long-Term Assets $3.456B $3.455B
YoY Change 3.08% 4.55%
TOTAL ASSETS
Total Short-Term Assets $132.3M $146.8M
Total Long-Term Assets $3.456B $3.455B
Total Assets $3.588B $3.602B
YoY Change 2.94% 4.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.70M $64.20M
YoY Change -2.79% -22.28%
Accrued Expenses $82.90M $83.80M
YoY Change 8.79% 39.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $0.00
YoY Change -87.5% -100.0%
Total Short-Term Liabilities $159.5M $157.5M
YoY Change -6.67% -6.64%
LONG-TERM LIABILITIES
Long-Term Debt $2.883B $2.909B
YoY Change 13.35% 12.1%
Other Long-Term Liabilities $16.10M $20.70M
YoY Change -9.04% -9.61%
Total Long-Term Liabilities $2.899B $2.930B
YoY Change 13.2% 11.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.5M $157.5M
Total Long-Term Liabilities $2.899B $2.930B
Total Liabilities $3.059B $3.088B
YoY Change 11.96% 10.8%
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 $245.1M $247.8M
YoY Change
Total Liabilities & Shareholders Equity $3.588B $3.602B
YoY Change 2.94% 4.22%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $21.80M $23.20M
YoY Change 28.99% 134.34%
Depreciation, Depletion And Amortization $46.40M $45.50M
YoY Change 6.67% 9.64%
Cash From Operating Activities $222.6M $234.7M
YoY Change -0.4% 28.96%
INVESTING ACTIVITIES
Capital Expenditures $61.60M -$65.90M
YoY Change -242.59% -2.08%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$61.60M -$65.90M
YoY Change 42.59% -2.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.5M -168.6M
YoY Change -11.18% 45.47%
NET CHANGE
Cash From Operating Activities 222.6M 234.7M
Cash From Investing Activities -61.60M -65.90M
Cash From Financing Activities -160.5M -168.6M
Net Change In Cash 500.0K 200.0K
YoY Change -225.0% -116.67%
FREE CASH FLOW
Cash From Operating Activities $222.6M $234.7M
Capital Expenditures $61.60M -$65.90M
Free Cash Flow $161.0M $300.6M
YoY Change -39.63% 20.58%

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hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
-8600000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
86400000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
41200000
hesm Period Of Distribution Of Cash To Shareholders
PeriodOfDistributionOfCashToShareholders
P45D
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23200000
CY2022Q3 us-gaap Depreciation
Depreciation
45500000
CY2022Q3 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2800000
CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-39900000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7500000
CY2022Q3 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
253600000
CY2022Q3 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
60600000
CY2021Q3 us-gaap Revenues
Revenues
303900000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
131100000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9900000
CY2021Q3 us-gaap Depreciation
Depreciation
41500000
CY2021Q3 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3000000.0
CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3100000
us-gaap Increase Decrease In Due To Affiliates Current
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us-gaap Increase Decrease In Due To Affiliates Current
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us-gaap Increase Decrease In Accrued Liabilities
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8000000.0
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2200000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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638500000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
572000000.0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
176600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
120000000.0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-176600000
CY2022Q2 hesm Transaction Costs
TransactionCosts
-1100000
CY2022Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
487500000
us-gaap Depreciation
Depreciation
122100000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4200000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8600000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7500000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
14600000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
6600000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
5300000
us-gaap Share Based Compensation
ShareBasedCompensation
1300000
us-gaap Share Based Compensation
ShareBasedCompensation
1100000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
19600000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9200000
us-gaap Increase Decrease In Due From Affiliates Current
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10300000
us-gaap Increase Decrease In Due From Affiliates Current
IncreaseDecreaseInDueFromAffiliatesCurrent
42300000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3900000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
7900000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
7700000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
18600000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
hesm Costs Incurred To Repurchase Shares Were Charged To Equity
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1500000
hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
2200000
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
334200000
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
303900000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
959300000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2022Q3 us-gaap Other Income
OtherIncome
600000
us-gaap Other Income
OtherIncome
1300000
CY2022Q3 us-gaap Revenues
Revenues
334800000
CY2021Q3 us-gaap Revenues
Revenues
303900000
us-gaap Revenues
Revenues
960600000
us-gaap Revenues
Revenues
887500000
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
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4510900000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4341400000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1351300000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1216400000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3159600000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3125000000.0
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
29100000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
30900000
CY2022Q3 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
25600000
CY2021Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
26500000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29100000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18800000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
83800000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
76200000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
159400000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
131100000
us-gaap Profit Loss
ProfitLoss
470800000
us-gaap Profit Loss
ProfitLoss
452700000
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
136200000
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
121200000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
408700000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
423200000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23200000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9900000
us-gaap Net Income Loss
NetIncomeLoss
62100000
us-gaap Net Income Loss
NetIncomeLoss
29500000
hesm No Of Produced Water Released
NoOfProducedWaterReleased
34000
CY2022Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1900000
CY2022Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
7200000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
800000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3100000
CY2022Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q3 us-gaap Revenues
Revenues
334800000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
159400000
CY2021Q3 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
205000000.0
CY2021Q3 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
59100000
us-gaap Revenues
Revenues
960600000
us-gaap Profit Loss
ProfitLoss
470800000
us-gaap Net Income Loss
NetIncomeLoss
62100000
us-gaap Depreciation
Depreciation
134900000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
3900000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4200000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-108600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19600000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
737800000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
169400000
us-gaap Revenues
Revenues
887500000
us-gaap Profit Loss
ProfitLoss
452700000
us-gaap Net Income Loss
NetIncomeLoss
29500000
us-gaap Depreciation
Depreciation
122100000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
3900000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8600000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-74000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9200000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
661900000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
128600000
CY2022Q3 us-gaap Assets
Assets
3601500000
CY2021Q4 us-gaap Assets
Assets
3485600000
CY2022Q4 us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2022-10-24
CY2022Q4 us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2022-11-14
CY2022Q4 us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2022-11-03

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