$HESM
Hess Midstream LP

2020 Q1 Form 10-Q Financial Statement

#000156459020022970 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $290.8M $189.6M
YoY Change 53.38% 13.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $99.50M $60.20M
YoY Change 65.28% 59.68%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.50M $33.60M
YoY Change 14.58% 12.0%
% of Gross Profit
Operating Expenses $138.0M $93.80M
YoY Change 47.12% 38.55%
Operating Profit $152.8M $95.80M
YoY Change 59.5% 5.51%
Interest Expense -$24.80M -$15.00M
YoY Change 65.33% 4900.0%
% of Operating Profit -16.23% -15.66%
Other Income/Expense, Net
YoY Change
Pretax Income $130.7M $80.80M
YoY Change 61.76% -9.21%
Income Tax $1.700M $0.00
% Of Pretax Income 1.3% 0.0%
Net Earnings $6.500M $18.10M
YoY Change -64.09% 6.47%
Net Earnings / Revenue 2.24% 9.55%
Basic Earnings Per Share
Diluted Earnings Per Share $361.1K $330.9K
COMMON SHARES
Basic Shares Outstanding 17.96M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $3.500M
YoY Change -11.43% -90.67%
Cash & Equivalents $3.100M $5.900M
Short-Term Investments
Other Short-Term Assets $3.000M $3.200M
YoY Change -6.25% 77.78%
Inventory
Prepaid Expenses
Receivables $106.8M $60.10M
Other Receivables $300.0K $400.0K
Total Short-Term Assets $113.2M $67.20M
YoY Change 68.45% -37.2%
LONG-TERM ASSETS
Property, Plant & Equipment $3.029B $2.727B
YoY Change 11.08% 7.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $110.5M $74.30M
YoY Change 48.72% 205.76%
Other Assets $61.00M $2.400M
YoY Change 2441.67% -17.24%
Total Long-Term Assets $3.201B $2.803B
YoY Change 14.19% 9.75%
TOTAL ASSETS
Total Short-Term Assets $113.2M $67.20M
Total Long-Term Assets $3.201B $2.803B
Total Assets $3.315B $2.871B
YoY Change 15.46% 7.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.00M $28.70M
YoY Change 95.12% -19.15%
Accrued Expenses $84.30M $33.40M
YoY Change 152.4% 0.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M
YoY Change
Total Short-Term Liabilities $145.8M $64.90M
YoY Change 124.65% -7.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.812B $7.000M
YoY Change 25787.14%
Other Long-Term Liabilities $16.20M $14.60M
YoY Change 10.96% 165.45%
Total Long-Term Liabilities $1.828B $21.60M
YoY Change 8364.35% 292.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.8M $64.90M
Total Long-Term Liabilities $1.828B $21.60M
Total Liabilities $3.184B $2.356B
YoY Change 35.12% 10.04%
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 $130.7M $514.4M
YoY Change
Total Liabilities & Shareholders Equity $3.315B $2.871B
YoY Change 15.46% 7.86%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $6.500M $18.10M
YoY Change -64.09% 6.47%
Depreciation, Depletion And Amortization $38.50M $33.60M
YoY Change 14.58% 12.0%
Cash From Operating Activities $140.2M $101.8M
YoY Change 37.72% -7.87%
INVESTING ACTIVITIES
Capital Expenditures $78.10M $60.30M
YoY Change 29.52% -263.41%
Acquisitions $89.20M
YoY Change
Other Investing Activities $0.00 -$165.1M
YoY Change -100.0% 579.42%
Cash From Investing Activities -$78.10M -$225.4M
YoY Change -65.35% 268.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.30M 20.20M
YoY Change -408.42% -134.24%
NET CHANGE
Cash From Operating Activities 140.2M 101.8M
Cash From Investing Activities -78.10M -225.4M
Cash From Financing Activities -62.30M 20.20M
Net Change In Cash -200.0K -103.4M
YoY Change -99.81% 965.98%
FREE CASH FLOW
Cash From Operating Activities $140.2M $101.8M
Capital Expenditures $78.10M $60.30M
Free Cash Flow $62.10M $41.50M
YoY Change 49.64% -71.85%

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CY2020Q1 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.
CY2020Q1 hesm Ratio Of Debt To Ebitda
RatioOfDebtToEBITDA
5.00
CY2020Q1 hesm Leverage Ratio
LeverageRatio
5.50
CY2020Q1 hesm Secured Leverage Ratio
SecuredLeverageRatio
4.00
CY2020Q1 hesm Period Of Distribution Of Cash To Shareholders
PeriodOfDistributionOfCashToShareholders
P45D
CY2020Q1 us-gaap Profit Loss
ProfitLoss
129000000.0
CY2019Q1 us-gaap Profit Loss
ProfitLoss
80800000
CY2020Q1 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
195300000
CY2020Q1 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
57000000.0
CY2019Q1 hesm Net Income Loss Attributable To Net Parent Investment
NetIncomeLossAttributableToNetParentInvestment
-14500000
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
122500000
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
77200000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
6500000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
18100000
CY2019Q1 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
800000
CY2020Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
6500000
CY2019Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
17300000
CY2020Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
600000
CY2020Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
2300000
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
700000
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
2100000
CY2020Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q1 us-gaap Revenues
Revenues
290800000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
129000000.0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
6500000
CY2020Q1 us-gaap Depreciation
Depreciation
38500000
CY2020Q1 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2700000
CY2020Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-24800000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1700000
CY2019Q1 us-gaap Revenues
Revenues
189600000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
80800000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
18100000
CY2019Q1 us-gaap Depreciation
Depreciation
33600000
CY2019Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-15000000.0
CY2019Q1 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
129400000
CY2020Q1 us-gaap Assets
Assets
3314500000
CY2019Q4 us-gaap Assets
Assets
3277700000

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