$HESM
Hess Midstream LP

2023 Q3 Form 10-Q Financial Statement

#000095017023038020 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $363.1M $324.0M
YoY Change 8.45% 3.38%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $95.40M $78.90M
YoY Change 11.84% 7.93%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.70M $47.00M
YoY Change 4.84% 4.44%
% of Gross Profit
Operating Expenses $143.1M $125.9M
YoY Change 9.4% 6.6%
Operating Profit $220.0M $198.1M
YoY Change 7.84% 1.43%
Interest Expense -$45.80M -$42.10M
YoY Change 23.45% 12.57%
% of Operating Profit -20.82% -21.25%
Other Income/Expense, Net
YoY Change
Pretax Income $176.2M $156.0M
YoY Change 5.57% -1.83%
Income Tax $11.40M $8.100M
% Of Pretax Income 6.47% 5.19%
Net Earnings $35.30M $25.10M
YoY Change 52.16% 14.09%
Net Earnings / Revenue 9.72% 7.75%
Basic Earnings Per Share
Diluted Earnings Per Share $0.56 $0.50
COMMON SHARES
Basic Shares Outstanding 56.86M 44.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $3.000M
YoY Change 26.92% 25.0%
Cash & Equivalents $3.300M $3.000M
Short-Term Investments
Other Short-Term Assets $12.40M $800.0K
YoY Change -8.15% -66.67%
Inventory
Prepaid Expenses
Receivables $122.0M $110.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $137.7M $114.1M
YoY Change -6.2% -27.97%
LONG-TERM ASSETS
Property, Plant & Equipment $3.208B $3.188B
YoY Change 1.53% 1.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $91.40M $92.80M
YoY Change -7.02% -4.23%
Other Assets $9.200M $264.0M
YoY Change -23.33% 3961.54%
Total Long-Term Assets $3.638B $3.546B
YoY Change 5.3% 3.06%
TOTAL ASSETS
Total Short-Term Assets $137.7M $114.1M
Total Long-Term Assets $3.638B $3.546B
Total Assets $3.776B $3.660B
YoY Change 4.83% 1.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.20M $51.10M
YoY Change -43.61% -15.54%
Accrued Expenses $89.20M $82.70M
YoY Change 6.44% -2.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $7.500M
YoY Change
Total Short-Term Liabilities $173.8M $148.8M
YoY Change 10.35% -2.43%
LONG-TERM LIABILITIES
Long-Term Debt $3.138B $3.061B
YoY Change 7.88% 4.21%
Other Long-Term Liabilities $17.60M $14.50M
YoY Change -14.98% -30.62%
Total Long-Term Liabilities $3.156B $3.076B
YoY Change 7.72% 3.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.8M $148.8M
Total Long-Term Liabilities $3.156B $3.076B
Total Liabilities $3.330B $3.358B
YoY Change 7.86% 7.92%
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 $367.4M $302.1M
YoY Change
Total Liabilities & Shareholders Equity $3.776B $3.660B
YoY Change 4.83% 1.7%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $35.30M $25.10M
YoY Change 52.16% 14.09%
Depreciation, Depletion And Amortization $47.70M $47.00M
YoY Change 4.84% 4.44%
Cash From Operating Activities $215.5M $204.6M
YoY Change -8.18% -4.03%
INVESTING ACTIVITIES
Capital Expenditures $52.70M $43.00M
YoY Change -179.97% -176.92%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$52.70M -$43.00M
YoY Change -20.03% -23.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.5M -162.2M
YoY Change -3.62% 2.72%
NET CHANGE
Cash From Operating Activities 215.5M 204.6M
Cash From Investing Activities -52.70M -43.00M
Cash From Financing Activities -162.5M -162.2M
Net Change In Cash 300.0K -600.0K
YoY Change 50.0% 0.0%
FREE CASH FLOW
Cash From Operating Activities $215.5M $204.6M
Capital Expenditures $52.70M $43.00M
Free Cash Flow $162.8M $161.6M
YoY Change -45.84% -39.95%

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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
107300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
110700000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-107300000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-110700000
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
180000000
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-13000000
us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
10000000
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
400000000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5900000
hesm Payment Of Transaction Costs
PaymentOfTransactionCosts
1100000
hesm Payment Of Transaction Costs
PaymentOfTransactionCosts
1200000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
200000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
400000000
hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
51000000
hesm Payments Of Distribution To Shareholders Unitholders
PaymentsOfDistributionToShareholdersUnitholders
41700000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
224000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
221100000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-100000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
200000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3100000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2200000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3000000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2400000
hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
-2100000
hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
1900000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
91500000
hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
86400000
CY2023Q2 hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
1800000
hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
1500000
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
321900000
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
313000000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
625300000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
625100000
CY2023Q2 us-gaap Other Income
OtherIncome
2100000
CY2022Q2 us-gaap Other Income
OtherIncome
400000
us-gaap Other Income
OtherIncome
3700000
us-gaap Other Income
OtherIncome
700000
CY2023Q2 us-gaap Revenues
Revenues
324000000
CY2022Q2 us-gaap Revenues
Revenues
313400000
us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4680000000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1491700000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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InterestPayableCurrent
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CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
35400000
CY2023Q2 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
25900000
CY2022Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
24100000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21300000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
82700000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
82900000
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
CY2023Q2 us-gaap Profit Loss
ProfitLoss
147900000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
151800000
us-gaap Profit Loss
ProfitLoss
290100000
us-gaap Profit Loss
ProfitLoss
311400000
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
122800000
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
129800000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
244300000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
272500000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
25100000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
22000000
us-gaap Net Income Loss
NetIncomeLoss
45800000
us-gaap Net Income Loss
NetIncomeLoss
38900000
hesm No Of Produced Water Released
NoOfProducedWaterReleased
34000
CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
900000
CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3500000
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1400000
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
4300000
CY2023Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Revenues
Revenues
324000000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
147900000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
25100000
CY2023Q2 us-gaap Depreciation
Depreciation
47000000
CY2023Q2 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1700000
CY2023Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-43800000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8100000
CY2023Q2 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
248100000
CY2023Q2 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
52100000
CY2022Q2 us-gaap Revenues
Revenues
313400000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
151800000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
22000000
CY2022Q2 us-gaap Depreciation
Depreciation
45000000
CY2022Q2 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000
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
us-gaap Revenues
Revenues
629000000
us-gaap Profit Loss
ProfitLoss
290100000
us-gaap Net Income Loss
NetIncomeLoss
45800000
us-gaap Depreciation
Depreciation
94400000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
2600000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3300000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-85400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14600000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
487100000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
109400000
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
108800000
CY2023Q2 us-gaap Assets
Assets
3659700000
CY2022Q4 us-gaap Assets
Assets
3588200000

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