$HESM
Hess Midstream LP

2020 Q3 Form 10-Q Financial Statement

#000156459020051352 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $264.8M $214.9M
YoY Change 23.22% 16.92%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $88.10M $79.60M
YoY Change 10.68% 90.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.50M $36.00M
YoY Change 9.72% 17.65%
% of Gross Profit
Operating Expenses $127.6M $115.6M
YoY Change 10.38% 59.67%
Operating Profit $137.2M $99.30M
YoY Change 38.17% 0.3%
Interest Expense -$23.20M -$12.40M
YoY Change 87.1% 4033.33%
% of Operating Profit -16.91% -12.49%
Other Income/Expense, Net
YoY Change
Pretax Income $117.6M $87.40M
YoY Change 34.55% -9.71%
Income Tax $1.800M $0.00
% Of Pretax Income 1.53% 0.0%
Net Earnings $5.600M $19.10M
YoY Change -70.68% 1.6%
Net Earnings / Revenue 2.11% 8.89%
Basic Earnings Per Share
Diluted Earnings Per Share $309.4K $348.5K
COMMON SHARES
Basic Shares Outstanding 18.03M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $3.500M
YoY Change -14.29% -89.88%
Cash & Equivalents $3.000M $7.100M
Short-Term Investments
Other Short-Term Assets $7.800M $7.400M
YoY Change 5.41% 45.1%
Inventory
Prepaid Expenses
Receivables $92.50M $68.20M
Other Receivables $400.0K $100.0K
Total Short-Term Assets $103.7M $79.20M
YoY Change 30.93% -24.71%
LONG-TERM ASSETS
Property, Plant & Equipment $3.103B $2.824B
YoY Change 9.89% 7.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.2M $100.8M
YoY Change 7.34% 49.78%
Other Assets $55.40M $1.400M
YoY Change 3857.14% -41.67%
Total Long-Term Assets $3.268B $2.926B
YoY Change 11.68% 8.37%
TOTAL ASSETS
Total Short-Term Assets $103.7M $79.20M
Total Long-Term Assets $3.268B $2.926B
Total Assets $3.372B $3.005B
YoY Change 12.19% 7.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.90M $65.30M
YoY Change -8.27% 80.89%
Accrued Expenses $57.80M $54.70M
YoY Change 5.67% -22.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M
YoY Change
Total Short-Term Liabilities $132.3M $126.4M
YoY Change 4.67% 13.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.896B $11.00M
YoY Change 17131.82%
Other Long-Term Liabilities $24.70M $10.90M
YoY Change 126.61% 81.67%
Total Long-Term Liabilities $1.920B $21.90M
YoY Change 8668.04% 265.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.3M $126.4M
Total Long-Term Liabilities $1.920B $21.90M
Total Liabilities $3.246B $2.499B
YoY Change 29.88% 9.31%
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 $126.2M $506.4M
YoY Change
Total Liabilities & Shareholders Equity $3.372B $3.005B
YoY Change 12.19% 7.13%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $5.600M $19.10M
YoY Change -70.68% 1.6%
Depreciation, Depletion And Amortization $39.50M $36.00M
YoY Change 9.72% 17.65%
Cash From Operating Activities $149.6M $83.40M
YoY Change 79.38% -27.73%
INVESTING ACTIVITIES
Capital Expenditures -$98.90M -$74.70M
YoY Change 32.4% 11.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00M
YoY Change -100.0% -61.54%
Cash From Investing Activities -$98.90M -$84.70M
YoY Change 16.77% -8.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.20M -8.300M
YoY Change 504.82% -81.26%
NET CHANGE
Cash From Operating Activities 149.6M 83.40M
Cash From Investing Activities -98.90M -84.70M
Cash From Financing Activities -50.20M -8.300M
Net Change In Cash 500.0K -9.600M
YoY Change -105.21% -56.16%
FREE CASH FLOW
Cash From Operating Activities $149.6M $83.40M
Capital Expenditures -$98.90M -$74.70M
Free Cash Flow $248.5M $158.1M
YoY Change 57.18% -13.32%

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25400000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35300000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
57800000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
88700000
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
CY2020Q3 us-gaap Profit Loss
ProfitLoss
115800000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
87400000
us-gaap Profit Loss
ProfitLoss
352600000
us-gaap Profit Loss
ProfitLoss
242600000
CY2019Q3 hesm Net Income Loss Attributable To Net Parent Investment
NetIncomeLossAttributableToNetParentInvestment
-13000000.0
hesm Net Income Loss Attributable To Net Parent Investment
NetIncomeLossAttributableToNetParentInvestment
-44000000.0
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
110200000
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
81300000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
335200000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
232600000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
5600000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
19100000
us-gaap Net Income Loss
NetIncomeLoss
17400000
us-gaap Net Income Loss
NetIncomeLoss
54000000.0
CY2019Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1300000
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
3100000
CY2020Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
5600000
CY2019Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
17800000
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
17400000
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
50900000
CY2020Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
3000000.0
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
700000
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
2100000
CY2020Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0
CY2020Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
1300000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q3 us-gaap Revenues
Revenues
264800000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
115800000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
5600000
CY2020Q3 us-gaap Depreciation
Depreciation
39500000
CY2020Q3 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
1300000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3600000
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-23200000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000
CY2020Q3 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
181600000
CY2020Q3 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
66400000
CY2019Q3 us-gaap Revenues
Revenues
214900000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
87400000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
19100000
CY2019Q3 us-gaap Depreciation
Depreciation
36000000.0
CY2019Q3 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
500000
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-12400000
CY2019Q3 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
136300000
CY2019Q3 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
112100000
us-gaap Revenues
Revenues
825400000
us-gaap Profit Loss
ProfitLoss
352600000
us-gaap Net Income Loss
NetIncomeLoss
17400000
us-gaap Depreciation
Depreciation
116900000
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
3800000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7200000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-71300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
100000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
549700000
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
202200000
us-gaap Revenues
Revenues
594800000
us-gaap Profit Loss
ProfitLoss
242600000
us-gaap Net Income Loss
NetIncomeLoss
54000000.0
us-gaap Depreciation
Depreciation
105000000.0
hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
500000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-44200000
hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
392300000
CY2020Q3 us-gaap Assets
Assets
3371700000
CY2019Q4 us-gaap Assets
Assets
3277700000

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