$HESM
Hess Midstream LP

2023 Q1 Form 10-K Financial Statement

#000095017023004459 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $305.0M $314.6M $1.275B
YoY Change -2.37% -0.54% 5.93%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $68.90M $71.80M $302.7M
YoY Change -4.97% -1.51% -2.67%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.40M $46.40M $181.3M
YoY Change 6.76% 6.67% 9.48%
% of Gross Profit
Operating Expenses $116.3M $118.2M $484.0M
YoY Change -0.51% 1.55% 1.55%
Operating Profit $188.7M $791.2M
YoY Change -3.48% 8.8%
Interest Expense -$41.60M -$39.60M -$144.0M
YoY Change 32.91% 34.69% 36.62%
% of Operating Profit -22.05% -18.2%
Other Income/Expense, Net
YoY Change
Pretax Income $148.7M $156.8M $647.2M
YoY Change -9.66% -8.04% 2.34%
Income Tax $6.500M $7.000M $26.60M
% Of Pretax Income 4.37% 4.46% 4.11%
Net Earnings $20.70M $21.80M $83.90M
YoY Change 22.49% 28.99% 80.82%
Net Earnings / Revenue 6.79% 6.93% 6.58%
Basic Earnings Per Share
Diluted Earnings Per Share $0.41 $494.3K $2.027M
COMMON SHARES
Basic Shares Outstanding 44.00M 44.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.600M $3.100M $3.100M
YoY Change 20.0% 40.91% 40.91%
Cash & Equivalents $3.600M $3.100M $3.100M
Short-Term Investments
Other Short-Term Assets $3.800M $6.200M $6.200M
YoY Change -43.28% -41.51% -41.51%
Inventory
Prepaid Expenses
Receivables $109.2M $123.0M $123.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $116.6M $132.3M $132.3M
YoY Change -20.79% -0.6% -0.6%
LONG-TERM ASSETS
Property, Plant & Equipment $3.183B $3.173B $3.173B
YoY Change 2.09% 1.53% 1.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $92.90M $93.90M $93.90M
YoY Change -4.52% -7.58% -7.58%
Other Assets $10.60M $11.30M $188.5M
YoY Change 49.3% 44.87% 50.68%
Total Long-Term Assets $3.462B $3.456B $3.456B
YoY Change 3.8% 3.08% 3.08%
TOTAL ASSETS
Total Short-Term Assets $116.6M $132.3M $132.3M
Total Long-Term Assets $3.462B $3.456B $3.456B
Total Assets $3.579B $3.588B $3.588B
YoY Change 2.76% 2.94% 2.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.00M $62.70M $62.70M
YoY Change -6.35% -2.79% -2.79%
Accrued Expenses $70.90M $82.90M $82.90M
YoY Change 27.75% 8.79% 8.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $2.500M $2.500M
YoY Change -77.78% -87.5% -87.5%
Total Short-Term Liabilities $138.5M $159.5M $159.5M
YoY Change -3.69% -6.67% -6.67%
LONG-TERM LIABILITIES
Long-Term Debt $2.985B $2.883B $2.883B
YoY Change 17.6% 13.35% 13.35%
Other Long-Term Liabilities $16.00M $16.10M $16.10M
YoY Change -11.6% -9.04% -9.04%
Total Long-Term Liabilities $3.001B $2.899B $2.899B
YoY Change 17.39% 13.2% 13.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.5M $159.5M $159.5M
Total Long-Term Liabilities $3.001B $2.899B $2.899B
Total Liabilities $3.140B $3.059B $3.343B
YoY Change 16.27% 11.96% 1.88%
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 $227.9M $245.1M $245.1M
YoY Change
Total Liabilities & Shareholders Equity $3.579B $3.588B $3.588B
YoY Change 2.76% 2.94% 2.94%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $20.70M $21.80M $83.90M
YoY Change 22.49% 28.99% 80.82%
Depreciation, Depletion And Amortization $47.40M $46.40M $181.3M
YoY Change 6.76% 6.67% 9.48%
Cash From Operating Activities $198.7M $222.6M $861.1M
YoY Change 4.25% -0.4% 8.25%
INVESTING ACTIVITIES
Capital Expenditures $64.30M $61.60M $238.2M
YoY Change 17.34% -242.59% 45.96%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$64.30M -$61.60M -$238.2M
YoY Change 17.34% 42.59% 45.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -133.9M -160.5M -622.0M
YoY Change -0.81% -11.18% -1.69%
NET CHANGE
Cash From Operating Activities 198.7M 222.6M 861.1M
Cash From Investing Activities -64.30M -61.60M -238.2M
Cash From Financing Activities -133.9M -160.5M -622.0M
Net Change In Cash 500.0K 500.0K 900.0K
YoY Change -37.5% -225.0% -325.0%
FREE CASH FLOW
Cash From Operating Activities $198.7M $222.6M $861.1M
Capital Expenditures $64.30M $61.60M $238.2M
Free Cash Flow $134.4M $161.0M $622.9M
YoY Change -1.03% -39.63% -1.49%

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CY2021 us-gaap Increase Decrease In Due From Affiliates Current
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CY2020 us-gaap Increase Decrease In Due From Affiliates Current
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2020 us-gaap Increase Decrease In Other Operating Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable Trade
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CY2021 us-gaap Increase Decrease In Accounts Payable Trade
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CY2020 us-gaap Increase Decrease In Accounts Payable Trade
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CY2022 us-gaap Increase Decrease In Due To Affiliates Current
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CY2021 us-gaap Increase Decrease In Due To Affiliates Current
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CY2020 us-gaap Increase Decrease In Due To Affiliates Current
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Other Operating Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2021 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2020 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2022 us-gaap Proceeds From Short Term Debt Maturing In More Than Three Months
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CY2022 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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CY2021 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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CY2022 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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400000000.0
CY2021 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2022 us-gaap Payments Of Financing Costs
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CY2021 us-gaap Payments Of Financing Costs
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CY2020 us-gaap Payments Of Financing Costs
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CY2022 hesm Payment Of Transaction Costs
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CY2021 hesm Payment Of Transaction Costs
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CY2022 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2022 hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
91000000.0
CY2021 hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
49400000
CY2020 hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
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CY2022 us-gaap Payments To Minority Shareholders
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CY2021 us-gaap Payments To Minority Shareholders
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CY2020 us-gaap Payments To Minority Shareholders
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CY2020 hesm Proceeds From Payment To Capital Contributions Distributions
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1600000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021 hesm Recognition Of Non Cash Deferred Tax Asset
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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CY2020 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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CY2022 hesm Recognition Of Non Cash Deferred Tax Asset
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CY2022 hesm Payment For Acquisition Contingent Liability Adjustment
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CY2021 hesm Payment For Acquisition Contingent Liability Adjustment
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CY2020 hesm Payment For Acquisition Contingent Liability Adjustment
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CY2022 us-gaap Number Of Operating Segments
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CY2022Q4 hesm Natural Gas Processing Capacity Expansion
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:2.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> We prepare our consolidated financial statements in conformity with the U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the years presented. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.</span></p>
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 us-gaap Asset Impairment Charges
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CY2022 hesm Derivatives Outstanding
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CY2021 hesm Derivatives Outstanding
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CY2022 hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
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CY2021 hesm Costs Incurred To Repurchase Shares Were Charged To Equity
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CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022 us-gaap Other Income
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CY2020 us-gaap Other Income
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CY2022 us-gaap Revenues
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CY2021 us-gaap Revenues
Revenues
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CY2020 us-gaap Revenues
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Interest Payable Current
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CY2021Q4 hesm Accrued Capital Expenditures Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 hesm Property And Sales And Use Tax Payable
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CY2021Q4 hesm Property And Sales And Use Tax Payable
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CY2021Q4 us-gaap Other Sundry Liabilities Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2021Q4 us-gaap Other Liabilities Current
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022 us-gaap Debt Instrument Covenant Description
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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.
CY2022 hesm Ratio Of Debt To Ebitda
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CY2022 hesm Leverage Ratio
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CY2022 hesm Secured Leverage Ratio
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CY2022 us-gaap Line Of Credit Facility Periodic Payment Interest
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CY2021 us-gaap Line Of Credit Facility Periodic Payment Interest
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CY2020 us-gaap Line Of Credit Facility Periodic Payment Interest
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CY2022 hesm Conversion Of Units And Stock Into Share Converted Ratio
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CY2019Q4 us-gaap Limited Partners Capital Account Units Outstanding
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CY2020 us-gaap Partners Capital Account Units Unitbased Compensation
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CY2020Q4 us-gaap Limited Partners Capital Account Units Outstanding
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CY2021 us-gaap Partners Capital Account Units Unitbased Compensation
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CY2021 us-gaap Partners Capital Account Units Treasury
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CY2021Q4 us-gaap Limited Partners Capital Account Units Outstanding
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CY2022 us-gaap Partners Capital Account Units Unitbased Compensation
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CY2022 us-gaap Partners Capital Account Units Treasury
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CY2022Q4 us-gaap Limited Partners Capital Account Units Outstanding
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CY2022 hesm Period Of Distribution Of Cash To Shareholders
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Share Based Compensation
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CY2021 us-gaap Profit Loss
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CY2020 us-gaap Profit Loss
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CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2020 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2021 hesm Effect Of Exchange Of Units Of Partnership And Equal Number Shares Of Common Stocks
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CY2021 hesm Effect Of Income Tax Expense On Additional Income Attributable To Hess Midstream
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CY2021 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2022 hesm Federal And State Income Tax Rate
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CY2022 hesm No Of Produced Water Released
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CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
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CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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CY2022Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
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CY2022Q4 hesm Recorded Unconditional Purchase Obligation Due Thereafter
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CY2022 us-gaap Number Of Reportable Segments
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CY2022Q4 hesm Number Of Crude Oil Rail Cars
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CY2022 us-gaap Revenues
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CY2022 us-gaap Profit Loss
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CY2022 us-gaap Net Income Loss
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CY2022 us-gaap Depreciation
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CY2022 hesm Proportional Share Of Equity Affiliates Depreciation
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CY2022 us-gaap Income Loss From Equity Method Investments
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CY2022 us-gaap Interest Income Expense Nonoperating Net
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
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CY2022 us-gaap Property Plant And Equipment Gross Period Increase Decrease
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CY2021 us-gaap Revenues
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CY2021 us-gaap Income Loss From Equity Method Investments
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CY2021 us-gaap Interest Income Expense Nonoperating Net
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
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CY2021 us-gaap Property Plant And Equipment Gross Period Increase Decrease
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CY2020 hesm Proportional Share Of Equity Affiliates Depreciation
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CY2020 us-gaap Income Loss From Equity Method Investments
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CY2020 us-gaap Interest Income Expense Nonoperating Net
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CY2020 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2020 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
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CY2020 us-gaap Property Plant And Equipment Gross Period Increase Decrease
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CY2022Q4 us-gaap Assets
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CY2021Q4 us-gaap Assets
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2020 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022 hesm Operating Loss Carryforward Expiration Year
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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0
CY2023Q1 us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2023-01-23
CY2023Q1 us-gaap Distribution Made To Limited Partner Distribution Date
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2023-02-13
CY2023Q1 us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2023-02-02
CY2023Q1 us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2023-02-13

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