Hess Midstream Partners LP (NYSE: HESM) (“Hess Midstream”) today reported second quarter 2017 net income of $68.1 million compared with net income of $40.1 million in the second quarter of 2016. From the IPO closing on April 10, 2017, through June 30, 2017, earnings attributable to Hess Midstream were $11.4 million, or $0.21 per common unit. Hess Midstream generated Adjusted EBITDA of $18.6 million and DCF of $18.4 million, or $17 million and $16.8 million, respectively, for the post-IPO period.
John Hess, Chairman and Chief Executive Officer, said: “We are excited about Hess Midstream Partners’ prospects for the future and believe the business is well positioned to deliver long-term, competitive distribution growth. Hess Midstream Partners will benefit from Hess’ production momentum in the Bakken. Hess is currently operating four rigs in the Bakken that, with 60 stage fracs and increased proppant levels, should deliver production growth of approximately 10% a year over the next several years.”
Financial Results
Unless otherwise noted herein, all results
included in this release reflect the results of our predecessor for
accounting purposes, for periods prior to the closing of our IPO on
April 10, 2017, as well as the results of Hess Midstream Partners LP,
for the period subsequent to the closing of the IPO. We refer to certain
results as “attributable to Hess Midstream Partners LP,” which excludes
the noncontrolling interests in Hess Midstream’s assets retained by Hess
Infrastructure Partners LP (“Hess Infrastructure Partners”).
On April 5, 2017, Hess Midstream’s common units began trading on the New York Stock Exchange under the symbol “HESM.” On April 10, 2017, Hess Midstream closed its IPO of 16,997,000 common units representing a 30.5% limited partner interest in the partnership at a price to the public of $23.00 per unit.
Revenues in the second quarter of 2017 were $138.3 million, including $13.7 million shortfall fees. Revenues are up from $119.0 million in the prior-year quarter primarily attributable to higher tariff rates, throughput volumes and shortfall fees related to minimum volume commitments, offset by lower pass-through third-party rail transportation costs. Total costs and expenses in the second quarter of 2017 were $69.7 million, down from $77.7 million in the prior-year quarter primarily as a result of lower maintenance and third-party rail transportation costs. Net income for the second quarter of 2017 was $68.1 million, of which $11.4 million is attributable to Hess Midstream Partners LP for the post-IPO period. Net cash provided by operating activities was $102.2 million in the second quarter of 2017.
Adjusted EBITDA was $97.1 million, of which $17.0 million is attributable to Hess Midstream Partners LP for the post-IPO period. DCF of $16.8 million for the post-IPO period resulted in a 1.1x DCF coverage ratio relative to distributions.
At the end of the second quarter 2017, Hess Midstream had a $300.0 million undrawn revolving credit facility available to fund organic growth projects or acquisitions from Hess Corporation, Hess Infrastructure Partners or third parties.
Operational Highlights
Second quarter 2017 throughput
volumes were higher compared with the second quarter 2016 and also
reflect a strong recovery from the first quarter 2017 severe winter
weather and organic growth. This resulted in a 15% increase in gas
gathering volumes, a 16% increase in gas processing volumes at the Tioga
Gas Plant, a 3% increase in crude oil gathering volumes and a 22%
increase in throughput at our crude oil terminals compared with the
first quarter 2017. In addition to the improved operating conditions in
North Dakota, Hess Midstream continued safe ramp-up of the Hawkeye Gas
Facility which began operation in the first quarter. Furthermore, we
continued to execute the Johnson’s Corner Header System project, a
pipeline header system that receives crude oil from Hess Corporation and
third parties delivering to a southern interstate pipeline export route,
which is expected to commence operations in the second half of 2017.
Capital Expenditures
Gross capital expenditures in the
second quarter of 2017 totaled $17.1 million, including $2.1 million of
maintenance capital expenditures and $15.0 million of expansion capital
expenditures, compared with $66.2 million, including $1.8 million of
maintenance capital expenditures and $64.4 million expansion capital
expenditures in the prior-year quarter. The decrease in expansion
capital expenditures was primarily attributable to completion of the
Hawkeye Gas and Oil Facilities in the first quarter of 2017. Net capital
expenditures attributable to Hess Midstream Partners LP in the second
quarter of 2017 totaled $3.1 million, including $0.4 million of
maintenance capital expenditures and $2.7 million expansion capital
expenditures. Under our contribution agreement, Hess Infrastructure
Partners reimbursed the full cost of maintenance capital expenditures
incurred during the second quarter of 2017.
Quarterly Cash Distributions
On July 25, 2017, the general
partner’s board of directors declared a cash distribution of $0.2703 per
unit for the second quarter of 2017, prorated from April 10, 2017, the
closing of Hess Midstream’s IPO, through June 30, 2017. This equates to
a minimum quarterly distribution of $0.3000 per unit on a full-quarter
basis.
Hess Midstream is targeting long-term 15% annual distribution growth per unit.
Guidance
Hess Midstream provides the following guidance:
Third Quarter | Six Months Ending | |||||||||||
2017 | December 31, 2017 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Financials (millions) | ||||||||||||
Consolidated Adjusted EBITDA | $ | 98 - 101 | $ | 200 - 205 | ||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP | $ | 19 - 20 | $ | 39 - 40 | ||||||||
DCF of Hess Midstream Partners LP | $ | 19 - 20 | $ | 39 - 40 | ||||||||
Distribution coverage ratio | 1.1 | x | 1.1 | x | ||||||||
Expansion capital, net | $ | 8 - 10 | $ | 15 - 20 | ||||||||
Maintenance capital, net(a) | $ | 3 - 5 | $ | 4 - 5 |
(a) | Under our contribution agreement, Hess Infrastructure Partners agreed to bear the full cost we expect to incur for maintenance capital expenditures during the periods presented. |
Six Months Ending | ||||||||
December 31, 2017 | ||||||||
Guidance | MVCs | |||||||
Throughput volumes (thousands) | ||||||||
Gas gathering - Mcf of natural gas per day | 210 - 220 | 231 | ||||||
Crude oil gathering - bopd | 65 - 70 | 90 | ||||||
TGP processing - Mcf of natural gas per day | 200 - 210 | 214 | ||||||
Crude terminals - bopd | 65 - 70 | 69 | ||||||
Investor Webcast
Hess Midstream will review second quarter
financial and operating results and other matters on a webcast today at
10:00 a.m. Eastern Standard Time. The live audio webcast is accessible
on the Investor page of our website www.hessmidstream.com.
Conference call numbers for participation are 866-395-9624, or
213-660-0871 for international callers. The passcode number is 51273212.
A replay of the conference call will be available at the same location
following the event.
About Hess Midstream
Hess Midstream Partners LP is a
fee-based, growth oriented traditional master limited partnership that
was formed to own, operate, develop and acquire a diverse set of
midstream assets to provide services to Hess Corporation and third-party
customers. The partnership’s assets are primarily located in the Bakken
and Three Forks Shale plays in the Williston Basin area of North Dakota.
More information is available at www.hessmidstream.com.
Reconciliation of U.S. GAAP to Non-GAAP Measures
In addition
to our financial information presented in accordance with U.S. generally
accepted accounting principles (GAAP), management utilizes additional
non-GAAP measures to facilitate comparisons of past performance and
future periods. Hess Midstream has used two non-GAAP financial measures
in this earnings release. “Adjusted EBITDA” presented in this release is
defined as reported net income (loss) plus interest expense, income tax
expense and depreciation and amortization, as further adjusted to
eliminate the impact of certain items that we do not consider indicative
of our ongoing operating performance, such as other income and other
non-cash, non-recurring items, if applicable. We define Adjusted EBITDA
attributable to Hess Midstream Partners LP as Adjusted EBITDA less
Adjusted EBITDA attributable to Hess Infrastructure Partners’ retained
interests in our joint interest assets. “Distributable Cash Flow”
(“DCF”) is defined as Adjusted EBITDA attributable to Hess Midstream
Partners LP less cash paid for interest and maintenance capital
expenditures. Distributable cash flow does not reflect changes in
working capital balances. We believe that investors’ understanding of
our performance is enhanced by disclosing these measures as they may
assist in assessing our operating performance as compared to other
publicly traded partnerships in the midstream energy industry, without
regard to historical cost basis or, in the case of Adjusted EBITDA,
financing methods, and assessing the ability of our assets to generate
sufficient cash flow to make distributions to our unitholders. These
measures are not, and should not be viewed as, a substitute for U.S.
GAAP net income or cash flow from operating activities. Reconciliations
of both reported net income attributable to Hess Midstream Partners LP
(U.S. GAAP) to Adjusted EBITDA and net cash provided by operating
activities (U.S. GAAP) to Distributable Cash Flow, are provided below.
Guidance | Guidance | |||||||||
Third Quarter | Six Months Ending | |||||||||
2017 | December 31, 2017 | |||||||||
(Unaudited) | (Unaudited) | |||||||||
(in millions) | ||||||||||
Reconciliation of Adjusted EBITDA attributable to Hess | ||||||||||
net income (loss): | ||||||||||
Net income (loss) | 69 - 72 | $ | 141 - 146 | |||||||
Plus: | ||||||||||
Depreciation expense | 29 | 58 | ||||||||
Interest expense | - | 1 | ||||||||
Adjusted EBITDA | 98 - 101 | 200 - 205 | ||||||||
Less: Adjusted EBITDA attributable to noncontrolling interest(a) | 79 - 81 | 161 - 165 | ||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP | 19 - 20 | 39 - 40 | ||||||||
Less: | ||||||||||
Cash interest paid, net(b) | - | - | ||||||||
Maintenance capital expenditures(c) | - | - | ||||||||
Distributable cash flow attributable to Hess Midstream Partners LP | 19 - 20 | $ | 39 - 40 |
(a) | Reflects Hess Infrastructure Partners’ 80% noncontrolling economic interest in the net income of Hess North Dakota Pipelines Operations LP, Hess TGP Operations LP and Hess North Dakota Export Logistics LP. | ||
(b) | Cash interest paid is expected to be less than $1 million. | ||
(c) | Under our contribution agreement, Hess Infrastructure Partners agreed to bear the full cost we expect to incur for maintenance capital expenditures during the periods presented. |
Actual | ||||||||||
Second Quarter | ||||||||||
(unaudited) | ||||||||||
2017 | 2016 | |||||||||
Predecessor | ||||||||||
(in millions) | ||||||||||
Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP | ||||||||||
and Distributable Cash Flow attributable to Hess Midstream
Partners LP on | ||||||||||
Net income (loss) | $ | 68.1 | $ | 40.1 | ||||||
Plus: | ||||||||||
Depreciation expense | 28.5 | 24.8 | ||||||||
Interest expense | 0.5 | 1.2 | ||||||||
Adjusted EBITDA | 97.1 | $ | 66.1 | |||||||
Adjusted EBITDA attributable to noncontrolling interest(a) | $ | 78.5 | ||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP | $ | 18.6 | ||||||||
Less: | ||||||||||
Cash interest paid, net | 0.2 | |||||||||
Maintenance capital expenditures(b) | - | |||||||||
Distributable cash flow attributable to Hess Midstream Partners LP | $ | 18.4 | ||||||||
Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP | ||||||||||
and Distributable Cash Flow attributable to Hess Midstream
Partners LP on | ||||||||||
Net cash provided by (used in) operating activities | $ | 102.2 | ||||||||
Changes in assets and liabilities | (5.3 | ) | ||||||||
Amortization of deferred financing costs | (0.2 | ) | ||||||||
Unit based compensation | (0.1 | ) | ||||||||
Interest expense | 0.5 | |||||||||
Adjusted EBITDA | $ | 97.1 | ||||||||
Less: | ||||||||||
Adjusted EBITDA attributable to noncontrolling interest(a) | 78.5 | |||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP | 18.6 | |||||||||
Less: | ||||||||||
Cash interest paid, net | 0.2 | |||||||||
Maintenance capital expenditures(b) | - | |||||||||
Distributable cash flow attributable to Hess Midstream Partners LP | $ | 18.4 |
(a) | Reflects Hess Infrastructure Partners’ 80% noncontrolling economic interest in the net income of Hess North Dakota Pipelines Operations LP, Hess TGP Operations LP and Hess North Dakota Export Logistics LP. Noncontrolling interest has been calculated as if Hess Midstream had owned its assets for the entire second quarter of 2017. | ||
(b) | Under our contribution agreement, Hess Infrastructure Partners agreed to bear the full cost we incurred for maintenance capital expenditures during the periods presented. |
Actual | ||||||||||
Second Quarter | ||||||||||
(unaudited) | ||||||||||
2017 | 2016 | |||||||||
Predecessor | ||||||||||
(in millions) | ||||||||||
Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP | ||||||||||
and Distributable Cash Flow attributable to Hess Midstream
Partners LP | ||||||||||
Net income (loss) | $ | 68.1 | $ | 40.1 | ||||||
Plus: | ||||||||||
Depreciation expense | 28.5 | 24.8 | ||||||||
Interest expense | 0.5 | 1.2 | ||||||||
Adjusted EBITDA | 97.1 | $ | 66.1 | |||||||
Less: Adjusted EBITDA prior to the IPO on April 10, 2017 | 7.9 | |||||||||
Adjusted EBITDA subsequent to the IPO on April 10, 2017 | 89.2 | |||||||||
Adjusted EBITDA attributable to noncontrolling interest subsequent | ||||||||||
to the IPO on April 10, 2017(a) | $ | 72.2 | ||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP subsequent | ||||||||||
to the IPO on April 10, 2017 | $ | 17.0 | ||||||||
Less: | ||||||||||
Cash interest paid, net | 0.2 | |||||||||
Maintenance capital expenditures(b) | - | |||||||||
Distributable cash flow attributable to Hess Midstream | ||||||||||
Partners LP subsequent to the IPO on April 10, 2017 | $ | 16.8 | ||||||||
Reconciliation of Adjusted EBITDA attributable to Hess Midstream Partners LP | ||||||||||
and Distributable Cash Flow attributable to Hess Midstream
Partners LP | ||||||||||
Net cash provided by (used in) operating activities | $ | 102.2 | ||||||||
Changes in assets and liabilities | (5.3 | ) | ||||||||
Amortization of deferred financing costs | (0.2 | ) | ||||||||
Unit based compensation | (0.1 | ) | ||||||||
Interest expense | 0.5 | |||||||||
Adjusted EBITDA | $ | 97.1 | ||||||||
Less: | ||||||||||
Adjusted EBITDA prior to the IPO on April 10, 2017 | 7.9 | |||||||||
Adjusted EBITDA attributable to noncontrolling interest subsequent | ||||||||||
to the IPO on April 10, 2017(a) | 72.2 | |||||||||
Adjusted EBITDA attributable to Hess Midstream Partners LP subsequent | ||||||||||
to the IPO on April 10, 2017 | 17.0 | |||||||||
Less: | ||||||||||
Cash interest paid, net | 0.2 | |||||||||
Maintenance capital expenditures(b) | - | |||||||||
Distributable cash flow attributable to Hess Midstream | ||||||||||
Partners LP subsequent to the IPO on April 10, 2017 | $ | 16.8 | ||||||||
Distributed cash flow | 15.1 | |||||||||
Distribution coverage ratio | 1.1 | x | ||||||||
Distribution per unit | $ | 0.2703 |
(a) | Reflects Hess Infrastructure Partners’ 80% noncontrolling economic interest in the net income of Hess North Dakota Pipelines Operations LP, Hess TGP Operations LP and Hess North Dakota Export Logistics LP. | ||
(b) | Under our contribution agreement, Hess Infrastructure Partners agreed to bear the full cost we incurred for maintenance capital expenditures during the periods presented. | ||
Forward-looking Statements
This press release may include
forward-looking statements within the meaning of the federal securities
laws. Generally, the words “anticipate,” “estimate,” “expect,”
“forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,”
“project,” “plan,” “predict,” “will” and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
historical results and current projections or expectations. When
considering these forward-looking statements, you should keep in mind
the risk factors and other cautionary statements in Hess Midstream’s
prospectus dated April 4, 2017 and other SEC filings. Hess Midstream
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after this press release. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of
this press release.
HESS MIDSTREAM PARTNERS LP AND PREDECESSOR
SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED)
(IN MILLIONS, EXCEPT PER-UNIT
DATA)
Factors Affecting Comparability
The following tables present
revenues, expenses and net income (loss), for the three and six month
periods ended June 30, 2017 and 2016. The unaudited combined financial
results of Hess Midstream Partners LP Predecessor, our Predecessor for
accounting purposes, are presented for periods prior to the closing of
our IPO on April 10, 2017. Differences in revenues and expenses for
periods prior to and after the IPO are detailed in the "Factors
Affecting the Comparability of Our Financial Results" in the
Management’s Discussion and Analysis of Financial Condition and Results
of Operations section of the prospectus dated April 4, 2017.
Second | Second | First | |||||||||||
Quarter | Quarter | Quarter | |||||||||||
2017 | 2016 | 2017 | |||||||||||
Predecessor | Predecessor | ||||||||||||
Statement of operations | |||||||||||||
Revenues | |||||||||||||
Affiliate | $ | 138.3 | $ | 119.0 | $ | 130.3 | |||||||
Total revenues | 138.3 | 119.0 | 130.3 | ||||||||||
Costs and expenses | |||||||||||||
Operating and maintenance expenses | |||||||||||||
(exclusive of depreciation shown separately below) | 38.8 | 49.0 | 38.9 | ||||||||||
Depreciation expenses | 28.5 | 24.8 | 26.8 | ||||||||||
General and administrative expenses | 2.4 | 3.9 | 1.5 | ||||||||||
Total costs and expenses | 69.7 | 77.7 | 67.2 | ||||||||||
Income (loss) from operations | 68.6 | 41.3 | 63.1 | ||||||||||
Interest expense | 0.5 | 1.2 | - | ||||||||||
Net income (loss) | $ | 68.1 | $ | 40.1 | $ | 63.1 | |||||||
Less: Net income (loss) prior to the IPO on April 10, 2017 | 5.1 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling | |||||||||||||
interest subsequent to the IPO on April 10, 2017 | 51.6 | ||||||||||||
Net income (loss) attributable to Hess Midstream Partners LP | |||||||||||||
subsequent to the IPO on April 10, 2017 | 11.4 | ||||||||||||
Less: General partner interest in net income (loss) attributable to | |||||||||||||
Hess Midstream Partners LP subsequent to the IPO on | |||||||||||||
April 10, 2017 | 0.2 | ||||||||||||
Limited partners' interest in net income (loss) attributable to Hess | |||||||||||||
Midstream Partners LP subsequent to the IPO on April 10, 2017 | $ | 11.2 | |||||||||||
Net income (loss) subsequent to the IPO on April 10, 2017 per limited | |||||||||||||
partner unit (basic and diluted): | |||||||||||||
Common | $ | 0.21 | |||||||||||
Subordinated | $ | 0.21 | |||||||||||
Weighted average limited partner units outstanding (basic and diluted) | |||||||||||||
Common | 26.1 | ||||||||||||
Subordinated | 26.1 | ||||||||||||
Six Months Ended June 30, | |||||||||
2017 | 2016 | ||||||||
Predecessor | |||||||||
Statement of operations | |||||||||
Revenues | |||||||||
Affiliate | $ | 268.6 | $ | 237.9 | |||||
Total revenues | 268.6 | 237.9 | |||||||
Costs and expenses | |||||||||
Operating and maintenance expenses | |||||||||
(exclusive of depreciation shown separately below) | 77.7 | 96.9 | |||||||
Depreciation expenses | 55.3 | 47.4 | |||||||
General and administrative expenses | 3.9 | 5.3 | |||||||
Total costs and expenses | 136.9 | 149.6 | |||||||
Income (loss) from operations | 131.7 | 88.3 | |||||||
Interest expense | 0.5 | 1.4 | |||||||
Net income (loss) | $ | 131.2 | $ | 86.9 | |||||
Less: Net income (loss) prior to the IPO on April 10, 2017 | 68.2 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest subsequent to the | |||||||||
IPO on April 10, 2017 | 51.6 | ||||||||
Net income (loss) attributable to Hess Midstream Partners LP subsequent to the | |||||||||
IPO on April 10, 2017 | 11.4 | ||||||||
Less: General partner interest in net income (loss) attributable to Hess | |||||||||
Midstream Partners LP subsequent to the IPO on April 10, 2017 | 0.2 | ||||||||
Limited partners' interest in net income (loss) attributable to Hess Midstream | |||||||||
Partners LP subsequent to the IPO on April 10, 2017 | $ | 11.2 | |||||||
Net income (loss) subsequent to the IPO on April 10, 2017 per limited partner unit | |||||||||
(basic and diluted): | |||||||||
Common | $ | 0.21 | |||||||
Subordinated | $ | 0.21 | |||||||
Weighted average limited partner units outstanding (basic and diluted) | |||||||||
Common | 26.1 | ||||||||
Subordinated | 26.1 | ||||||||
Second Quarter 2017 | |||||||||||||||||||||||
Gathering | Processing | Terminaling | Interest | Total | |||||||||||||||||||
Statement of operations | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Affiliate | $ | 66.5 | $ | 55.7 | $ | 16.1 | $ | - | $ | 138.3 | |||||||||||||
Total revenues | 66.5 | 55.7 | 16.1 | - | 138.3 | ||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Operating and maintenance expenses (exclusive of | |||||||||||||||||||||||
depreciation shown separately below) | 15.1 | 14.0 | 9.7 | - | 38.8 | ||||||||||||||||||
Depreciation expenses | 13.8 | 10.9 | 3.8 | - | 28.5 | ||||||||||||||||||
General and administrative expenses | 0.7 | 0.4 | 0.3 | 1.0 | 2.4 | ||||||||||||||||||
Total costs and expenses | 29.6 | 25.3 | 13.8 | 1.0 | 69.7 | ||||||||||||||||||
Income (loss) from operations | 36.9 | 30.4 | 2.3 | (1.0 | ) | 68.6 | |||||||||||||||||
Interest expense | - | - | - | 0.5 | 0.5 | ||||||||||||||||||
Net income (loss) | 36.9 | 30.4 | 2.3 | (1.5 | ) | 68.1 | |||||||||||||||||
Less: Net income (loss) prior to the IPO on | |||||||||||||||||||||||
April 10, 2017 | 2.2 | 3.2 | (0.3 | ) | - | 5.1 | |||||||||||||||||
Less: Net income (loss) attributable to | |||||||||||||||||||||||
noncontrolling interest subsequent to the IPO on | |||||||||||||||||||||||
April 10, 2017 | 27.7 | 21.8 | 2.1 | - | 51.6 | ||||||||||||||||||
Net income (loss) attributable to Hess Midstream | |||||||||||||||||||||||
Partners LP subsequent to the IPO on | |||||||||||||||||||||||
April 10, 2017 | $ | 7.0 | $ | 5.4 | $ | 0.5 | $ | (1.5 | ) | $ | 11.4 | ||||||||||||
Second Quarter 2016 | ||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||
Gathering | Processing | Terminaling | Interest | Total | ||||||||||||||||||
Statement of operations | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||
Affiliate | $ | 48.1 | $ | 47.4 | $ | 23.5 | $ | - | $ | 119.0 | ||||||||||||
Total revenues | 48.1 | 47.4 | 23.5 | - | 119.0 | |||||||||||||||||
Costs and expenses | ||||||||||||||||||||||
Operating and maintenance expenses (exclusive of | ||||||||||||||||||||||
depreciation shown separately below) | 14.9 | 15.3 | 18.8 | - | 49.0 | |||||||||||||||||
Depreciation expenses | 10.0 | 11.4 | 3.4 | - | 24.8 | |||||||||||||||||
General and administrative expenses | 2.9 | 0.6 | 0.4 | - | 3.9 | |||||||||||||||||
Total costs and expenses | 27.8 | 27.3 | 22.6 | - | 77.7 | |||||||||||||||||
Income (loss) from operations | 20.3 | 20.1 | 0.9 | - | 41.3 | |||||||||||||||||
Interest expense | - | - | - | 1.2 | 1.2 | |||||||||||||||||
Net income (loss) | $ | 20.3 | $ | 20.1 | $ | 0.9 | $ | (1.2 | ) | $ | 40.1 | |||||||||||
First Quarter 2017 | |||||||||||||||||
Predecessor | |||||||||||||||||
Gathering | Processing | Terminaling | Total | ||||||||||||||
Statement of operations | |||||||||||||||||
Revenues | |||||||||||||||||
Affiliate | $ | 60.2 | $ | 53.2 | $ | 16.9 | $ | 130.3 | |||||||||
Total revenues | 60.2 | 53.2 | 16.9 | 130.3 | |||||||||||||
Costs and expenses | |||||||||||||||||
Operating and maintenance expenses (exclusive of | |||||||||||||||||
depreciation shown separately below) | 14.9 | 13.5 | 10.5 | 38.9 | |||||||||||||
Depreciation expenses | 12.3 | 10.9 | 3.6 | 26.8 | |||||||||||||
General and administrative expenses | 1.0 | 0.3 | 0.2 | 1.5 | |||||||||||||
Total costs and expenses | 28.2 | 24.7 | 14.3 | 67.2 | |||||||||||||
Income (loss) from operations | 32.0 | 28.5 | 2.6 | 63.1 | |||||||||||||
Net income (loss) | $ | 32.0 | $ | 28.5 | $ | 2.6 | $ | 63.1 | |||||||||
HESS MIDSTREAM PARTNERS LP AND PREDECESSOR | ||||||||||
SUPPLEMENTAL OPERATING DATA (UNAUDITED) | ||||||||||
Second | Second | First | ||||||||
Quarter | Quarter | Quarter | ||||||||
2017 | 2016 | 2017 | ||||||||
Predecessor | Predecessor | |||||||||
Throughput volumes (thousands) | ||||||||||
Gas gathering - Mcf of natural gas per day | 210 | 199 | 183 | |||||||
Crude oil gathering - bopd | 65 | 59 | 63 | |||||||
TGP processing - Mcf of natural gas per day | 196 | 183 | 169 | |||||||
Crude terminals - bopd | 66 | 64 | 54 | |||||||
NGL loading - blpd | 12 | 13 | 11 | |||||||
Six Months Ended June 30, | ||||||||||
2017 | 2016 | |||||||||
Throughput volumes (thousands) | Predecessor | |||||||||
Gas gathering - Mcf of natural gas per day | 197 | 202 | ||||||||
Crude oil gathering - bopd | 64 | 58 | ||||||||
TGP processing - Mcf of natural gas per day | 182 | 188 | ||||||||
Crude terminals - bopd | 60 | 63 | ||||||||
NGL loading - blpd | 11 | 13 | ||||||||
1 Adjusted EBITDA and DCF are non-GAAP measures. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the following pages of this release.
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