$HESM
Hess Midstream LP

2024 Q2 Form 10-Q Financial Statement

#000095017024054507 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $365.5M $355.6M
YoY Change 12.81% 16.59%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $92.70M $83.80M
YoY Change 17.49% 21.63%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.50M $49.80M
YoY Change 7.45% 5.06%
% of Gross Profit
Operating Expenses $143.2M $133.6M
YoY Change 13.74% 14.88%
Operating Profit $222.3M $222.0M
YoY Change 12.22% 17.65%
Interest Expense -$46.00M -$45.80M
YoY Change 9.26% 10.1%
% of Operating Profit -20.69% -20.63%
Other Income/Expense, Net
YoY Change
Pretax Income $176.3M $176.2M
YoY Change 13.01% 18.49%
Income Tax $16.00M $14.30M
% Of Pretax Income 9.08% 8.12%
Net Earnings $49.50M $44.60M
YoY Change 97.21% 115.46%
Net Earnings / Revenue 13.54% 12.54%
Basic Earnings Per Share
Diluted Earnings Per Share $0.59 $0.59
COMMON SHARES
Basic Shares Outstanding 79.92M 79.87M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.60M $4.200M
YoY Change 3220.0% 16.67%
Cash & Equivalents $99.60M $4.200M
Short-Term Investments
Other Short-Term Assets $1.500M $4.500M
YoY Change 87.5% 18.42%
Inventory
Prepaid Expenses
Receivables $109.7M $127.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $214.1M $139.3M
YoY Change 87.64% 19.47%
LONG-TERM ASSETS
Property, Plant & Equipment $3.237B $3.215B
YoY Change 1.54% 1.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.20M $89.40M
YoY Change -3.88% -3.77%
Other Assets $7.700M $8.400M
YoY Change -97.08% -20.75%
Total Long-Term Assets $3.836B $3.724B
YoY Change 8.19% 7.56%
TOTAL ASSETS
Total Short-Term Assets $214.1M $139.3M
Total Long-Term Assets $3.836B $3.724B
Total Assets $4.050B $3.863B
YoY Change 10.67% 7.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.80M $21.20M
YoY Change -18.2% -64.07%
Accrued Expenses $88.10M $86.10M
YoY Change 6.53% 21.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.50M $15.00M
YoY Change 133.33% 200.0%
Total Short-Term Liabilities $192.2M $157.2M
YoY Change 29.17% 13.5%
LONG-TERM LIABILITIES
Long-Term Debt $3.443B $3.310B
YoY Change 12.47% 10.9%
Other Long-Term Liabilities $12.10M $13.10M
YoY Change -16.55% -18.13%
Total Long-Term Liabilities $3.455B $3.324B
YoY Change 12.33% 10.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $192.2M $157.2M
Total Long-Term Liabilities $3.455B $3.324B
Total Liabilities $3.648B $3.481B
YoY Change 8.63% 10.86%
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 $464.5M $404.3M
YoY Change
Total Liabilities & Shareholders Equity $4.050B $3.863B
YoY Change 10.67% 7.94%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $49.50M $44.60M
YoY Change 97.21% 115.46%
Depreciation, Depletion And Amortization $50.50M $49.80M
YoY Change 7.45% 5.06%
Cash From Operating Activities $271.6M $185.3M
YoY Change 32.75% -6.74%
INVESTING ACTIVITIES
Capital Expenditures $63.90M $54.80M
YoY Change 48.6% -14.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$63.90M -$54.80M
YoY Change 48.6% -14.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -112.3M -131.7M
YoY Change -30.76% -1.64%
NET CHANGE
Cash From Operating Activities 271.6M 185.3M
Cash From Investing Activities -63.90M -54.80M
Cash From Financing Activities -112.3M -131.7M
Net Change In Cash 95.40M -1.200M
YoY Change -16000.0% -340.0%
FREE CASH FLOW
Cash From Operating Activities $271.6M $185.3M
Capital Expenditures $63.90M $54.80M
Free Cash Flow $207.7M $130.5M
YoY Change 28.53% -2.9%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3600000
CY2024Q1 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
19600000
CY2023Q1 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
IncreaseDecreaseInAccruedCapitalExpendituresAndRelatedLiabilities
7000000
CY2024Q1 hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
100400000
CY2023Q1 hesm Recognition Of Non Cash Deferred Tax Asset
RecognitionOfNonCashDeferredTaxAsset
4300000
CY2024Q1 hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
700000
CY2023Q1 hesm Costs Incurred To Repurchase Shares Were Charged To Equity
CostsIncurredToRepurchaseSharesWereChargedToEquity
900000
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
1300000
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
0
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
354700000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
304300000
CY2024Q1 us-gaap Other Income
OtherIncome
900000
CY2023Q1 us-gaap Other Income
OtherIncome
700000
CY2024Q1 us-gaap Revenues
Revenues
355600000
CY2023Q1 us-gaap Revenues
Revenues
305000000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4854100000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4818700000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1639100000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1589500000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3215000000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3229200000
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
29300000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
35800000
CY2024Q1 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
27700000
CY2023Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
42900000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29100000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27200000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
86100000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
105900000
CY2024Q1 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.
CY2024Q1 hesm Ratio Of Debt To Ebitda
RatioOfDebtToEBITDA
5.00
CY2024Q1 hesm Leverage Ratio
LeverageRatio
5.50
CY2024Q1 hesm Secured Leverage Ratio
SecuredLeverageRatio
4.00
CY2023Q1 us-gaap Profit Loss
ProfitLoss
142200000
CY2024Q1 hesm Period Of Distribution Of Cash To Shareholders
PeriodOfDistributionOfCashToShareholders
P45D
CY2024Q1 us-gaap Profit Loss
ProfitLoss
161900000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
142200000
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
117300000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
121500000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
44600000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
20700000
CY2024Q1 hesm No Of Produced Water Released
NoOfProducedWaterReleased
34000
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
2200000
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3800000
CY2023Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1700000
CY2023Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
5300000
CY2024Q1 hesm Administrative Penalty Expense
AdministrativePenaltyExpense
400000
CY2024Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2023Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenues
Revenues
355600000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
161900000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
44600000
CY2024Q1 us-gaap Depreciation
Depreciation
49800000
CY2024Q1 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2700000
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-48500000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14300000
CY2024Q1 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
275800000
CY2024Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
35200000
CY2023Q1 us-gaap Revenues
Revenues
305000000
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
CY2023Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
57300000
CY2024Q1 us-gaap Assets
Assets
3862800000
CY2023Q4 us-gaap Assets
Assets
3789500000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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