$HESM
Hess Midstream LP

2023 Q2 Form 10-Q Financial Statement

#000095017023017201 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $324.0M $305.0M
YoY Change 3.38% -2.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $78.90M $68.90M
YoY Change 7.93% -4.97%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $47.40M
YoY Change 4.44% 6.76%
% of Gross Profit
Operating Expenses $125.9M $116.3M
YoY Change 6.6% -0.51%
Operating Profit $198.1M $188.7M
YoY Change 1.43% -3.48%
Interest Expense -$42.10M -$41.60M
YoY Change 12.57% 32.91%
% of Operating Profit -21.25% -22.05%
Other Income/Expense, Net
YoY Change
Pretax Income $156.0M $148.7M
YoY Change -1.83% -9.66%
Income Tax $8.100M $6.500M
% Of Pretax Income 5.19% 4.37%
Net Earnings $25.10M $20.70M
YoY Change 14.09% 22.49%
Net Earnings / Revenue 7.75% 6.79%
Basic Earnings Per Share
Diluted Earnings Per Share $0.50 $0.41
COMMON SHARES
Basic Shares Outstanding 44.09M 44.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $3.600M
YoY Change 25.0% 20.0%
Cash & Equivalents $3.000M $3.600M
Short-Term Investments
Other Short-Term Assets $800.0K $3.800M
YoY Change -66.67% -43.28%
Inventory
Prepaid Expenses
Receivables $110.3M $109.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.1M $116.6M
YoY Change -27.97% -20.79%
LONG-TERM ASSETS
Property, Plant & Equipment $3.188B $3.183B
YoY Change 1.39% 2.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $92.80M $92.90M
YoY Change -4.23% -4.52%
Other Assets $264.0M $10.60M
YoY Change 3961.54% 49.3%
Total Long-Term Assets $3.546B $3.462B
YoY Change 3.06% 3.8%
TOTAL ASSETS
Total Short-Term Assets $114.1M $116.6M
Total Long-Term Assets $3.546B $3.462B
Total Assets $3.660B $3.579B
YoY Change 1.7% 2.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.10M $59.00M
YoY Change -15.54% -6.35%
Accrued Expenses $82.70M $70.90M
YoY Change -2.82% 27.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $5.000M
YoY Change -77.78%
Total Short-Term Liabilities $148.8M $138.5M
YoY Change -2.43% -3.69%
LONG-TERM LIABILITIES
Long-Term Debt $3.061B $2.985B
YoY Change 4.21% 17.6%
Other Long-Term Liabilities $14.50M $16.00M
YoY Change -30.62% -11.6%
Total Long-Term Liabilities $3.076B $3.001B
YoY Change 3.97% 17.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.8M $138.5M
Total Long-Term Liabilities $3.076B $3.001B
Total Liabilities $3.358B $3.140B
YoY Change 7.92% 16.27%
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 $302.1M $227.9M
YoY Change
Total Liabilities & Shareholders Equity $3.660B $3.579B
YoY Change 1.7% 2.76%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $25.10M $20.70M
YoY Change 14.09% 22.49%
Depreciation, Depletion And Amortization $47.00M $47.40M
YoY Change 4.44% 6.76%
Cash From Operating Activities $204.6M $198.7M
YoY Change -4.03% 4.25%
INVESTING ACTIVITIES
Capital Expenditures $43.00M $64.30M
YoY Change -176.92% 17.34%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$43.00M -$64.30M
YoY Change -23.08% 17.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.2M -133.9M
YoY Change 2.72% -0.81%
NET CHANGE
Cash From Operating Activities 204.6M 198.7M
Cash From Investing Activities -43.00M -64.30M
Cash From Financing Activities -162.2M -133.9M
Net Change In Cash -600.0K 500.0K
YoY Change 0.0% -37.5%
FREE CASH FLOW
Cash From Operating Activities $204.6M $198.7M
Capital Expenditures $43.00M $64.30M
Free Cash Flow $161.6M $134.4M
YoY Change -39.95% -1.03%

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CY2022Q1 us-gaap Revenues
Revenues
312400000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4627800000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4570500000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1444800000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1397700000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3183000000.0
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3172800000
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
28800000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
35400000
CY2023Q1 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
21900000
CY2022Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
24100000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20200000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23400000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
70900000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
82900000
CY2023Q1 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.
CY2023Q1 hesm Ratio Of Debt To Ebitda
RatioOfDebtToEBITDA
5.00
CY2023Q1 hesm Leverage Ratio
LeverageRatio
5.50
CY2023Q1 hesm Secured Leverage Ratio
SecuredLeverageRatio
4.00
CY2023Q1 hesm Period Of Distribution Of Cash To Shareholders
PeriodOfDistributionOfCashToShareholders
P45D
CY2023Q1 us-gaap Profit Loss
ProfitLoss
142200000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
159600000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
121500000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
142700000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
20700000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
16900000
CY2023Q1 hesm No Of Produced Water Released
NoOfProducedWaterReleased
34000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1100000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3700000
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1400000
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
4300000
CY2023Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenues
Revenues
305000000.0
CY2023Q1 us-gaap Profit Loss
ProfitLoss
142200000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
20700000
CY2023Q1 us-gaap Depreciation
Depreciation
47400000
CY2023Q1 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1600000
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-41600000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6500000
CY2023Q1 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
239000000.0
CY2023Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
57300000
CY2022Q1 us-gaap Revenues
Revenues
312400000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
159600000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
16900000
CY2022Q1 us-gaap Depreciation
Depreciation
44400000
CY2022Q1 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
400000
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-31300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5000000.0
CY2022Q1 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
241600000
CY2022Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
37100000
CY2023Q1 us-gaap Assets
Assets
3578500000
CY2022Q4 us-gaap Assets
Assets
3588200000
CY2023Q2 us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2023-04-24
CY2023Q2 us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2023-05-12
CY2023Q2 us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2023-05-04

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