$HESM
Hess Midstream LP

2024 Q3 Form 10-Q Financial Statement

#000095017024094014 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $378.5M $365.5M
YoY Change 4.24% 12.81%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $95.30M $92.70M
YoY Change -0.1% 17.49%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.50M $50.50M
YoY Change 7.97% 7.45%
% of Gross Profit
Operating Expenses $146.8M $143.2M
YoY Change 2.59% 13.74%
Operating Profit $231.7M $222.3M
YoY Change 5.32% 12.22%
Interest Expense -$48.10M -$46.00M
YoY Change 5.02% 9.26%
% of Operating Profit -20.76% -20.69%
Other Income/Expense, Net
YoY Change
Pretax Income $183.6M $176.3M
YoY Change 4.2% 13.01%
Income Tax $18.90M $16.00M
% Of Pretax Income 10.29% 9.08%
Net Earnings $58.60M $49.50M
YoY Change 66.01% 97.21%
Net Earnings / Revenue 15.48% 13.54%
Basic Earnings Per Share
Diluted Earnings Per Share $0.63 $0.59
COMMON SHARES
Basic Shares Outstanding 91.42M 79.92M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.30M $99.60M
YoY Change 212.12% 3220.0%
Cash & Equivalents $10.30M $99.60M
Short-Term Investments
Other Short-Term Assets $12.80M $1.500M
YoY Change 3.23% 87.5%
Inventory
Prepaid Expenses
Receivables $127.6M $109.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $154.2M $214.1M
YoY Change 11.98% 87.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.292B $3.237B
YoY Change 2.62% 1.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.50M $89.20M
YoY Change -3.17% -3.88%
Other Assets $7.000M $7.700M
YoY Change -23.91% -97.08%
Total Long-Term Assets $3.993B $3.836B
YoY Change 9.76% 8.19%
TOTAL ASSETS
Total Short-Term Assets $154.2M $214.1M
Total Long-Term Assets $3.993B $3.836B
Total Assets $4.147B $4.050B
YoY Change 9.84% 10.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.90M $41.80M
YoY Change 24.03% -18.2%
Accrued Expenses $103.6M $88.10M
YoY Change 16.14% 6.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $17.50M
YoY Change 100.0% 133.33%
Total Short-Term Liabilities $220.9M $192.2M
YoY Change 27.1% 29.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.470B $3.443B
YoY Change 10.56% 12.47%
Other Long-Term Liabilities $13.90M $12.10M
YoY Change -21.02% -16.55%
Total Long-Term Liabilities $3.484B $3.455B
YoY Change 10.39% 12.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $220.9M $192.2M
Total Long-Term Liabilities $3.484B $3.455B
Total Liabilities $3.705B $3.648B
YoY Change 11.26% 8.63%
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 $531.0M $464.5M
YoY Change
Total Liabilities & Shareholders Equity $4.147B $4.050B
YoY Change 9.84% 10.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $58.60M $49.50M
YoY Change 66.01% 97.21%
Depreciation, Depletion And Amortization $51.50M $50.50M
YoY Change 7.97% 7.45%
Cash From Operating Activities $224.9M $271.6M
YoY Change 4.36% 32.75%
INVESTING ACTIVITIES
Capital Expenditures $92.30M $63.90M
YoY Change 75.14% 48.6%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$92.30M -$63.90M
YoY Change 75.14% 48.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -221.9M -112.3M
YoY Change 36.55% -30.76%
NET CHANGE
Cash From Operating Activities 224.9M 271.6M
Cash From Investing Activities -92.30M -63.90M
Cash From Financing Activities -221.9M -112.3M
Net Change In Cash -89.30M 95.40M
YoY Change -29866.67% -16000.0%
FREE CASH FLOW
Cash From Operating Activities $224.9M $271.6M
Capital Expenditures $92.30M $63.90M
Free Cash Flow $132.6M $207.7M
YoY Change -18.55% 28.53%

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us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Payments Of Financing Costs
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hesm Payment Of Transaction Costs
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hesm Payment Of Transaction Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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hesm Payments Of Distribution To Shareholders Unitholders
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us-gaap Payments To Minority Shareholders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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hesm Recognition Of Non Cash Deferred Tax Asset
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hesm Recognition Of Non Cash Deferred Tax Asset
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hesm Costs Incurred To Repurchase Shares Were Charged To Equity
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hesm Costs Incurred To Repurchase Shares Were Charged To Equity
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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OtherIncome
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OtherIncome
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us-gaap Other Income
OtherIncome
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Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2023Q4 us-gaap Accrued Liabilities Current
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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
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
94100000
us-gaap Net Income Loss
NetIncomeLoss
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hesm No Of Produced Water Released
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34000
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CY2024Q1 hesm Administrative Penalty Expense
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CY2024Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
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us-gaap Number Of Reportable Segments
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CY2024Q2 us-gaap Revenues
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CY2024Q2 us-gaap Operating Costs And Expenses
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CY2024Q2 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
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us-gaap Operating Costs And Expenses
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us-gaap Depreciation
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us-gaap Income Loss From Equity Method Investments
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
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hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
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us-gaap Depreciation
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us-gaap Depreciation
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CY2024Q2 hesm Unallocated General And Administrative Expenses
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CY2023Q2 hesm Unallocated General And Administrative Expenses
UnallocatedGeneralAndAdministrativeExpenses
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hesm Unallocated General And Administrative Expenses
UnallocatedGeneralAndAdministrativeExpenses
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hesm Unallocated General And Administrative Expenses
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q2 us-gaap Assets
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CY2023Q4 us-gaap Assets
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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