Hess Midstream LP(NYSE:HESM) 
Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and crude oil gathering systems; and produced water gathering and di...
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||
affiliate services | 195,400,000 | 172,700,000 | 174,000,000 | 171,100,000 | 169,300,000 | 164,500,000 | 156,800,000 | |||
other income | 100,000 | 200,000 | 100,000 | 200,000 | 200,000 | 200,000 | ||||
total revenues | 195,400,000 | 172,800,000 | 174,200,000 | 122,800,000 | 169,500,000 | 164,700,000 | 157,000,000 | 103,825,000 | 146,700,000 | 138,300,000 |
yoy | 15.28% | 4.92% | 10.96% | 18.28% | 15.54% | 19.09% | ||||
qoq | 13.08% | -0.80% | 41.86% | -27.55% | 2.91% | 4.90% | 51.22% | -29.23% | 6.07% | |
costs and expenses | ||||||||||
operating and maintenance expenses | 56,500,000 | 43,600,000 | 41,900,000 | 43,200,000 | 39,400,000 | 37,100,000 | 34,600,000 | 41,100,000 | 39,600,000 | 38,800,000 |
depreciation expense | 34,500,000 | 34,000,000 | 32,600,000 | 32,200,000 | 30,600,000 | 30,200,000 | 30,000,000 | 29,300,000 | 28,500,000 | 28,500,000 |
general and administrative expenses | 3,900,000 | 3,700,000 | 4,000,000 | 3,600,000 | 2,400,000 | 2,400,000 | 3,100,000 | 2,500,000 | 1,700,000 | 2,400,000 |
total costs and expenses | 94,900,000 | 81,300,000 | 78,500,000 | 79,000,000 | 72,400,000 | 69,700,000 | 67,700,000 | 72,900,000 | 69,800,000 | 69,700,000 |
income from operations | 100,500,000 | 91,500,000 | 95,700,000 | 92,200,000 | 97,100,000 | 95,000,000 | 89,300,000 | 77,600,000 | 76,900,000 | 68,600,000 |
yoy | 3.50% | -3.68% | 7.17% | 18.81% | 26.27% | 38.48% | ||||
qoq | 9.84% | -4.39% | 3.80% | -5.05% | 2.21% | 6.38% | 15.08% | 0.91% | 12.10% | |
operating margin % | 51.43% | 52.95% | 54.94% | 75.08% | 57.29% | 57.68% | 56.88% | 74.74% | 52.42% | 49.60% |
earnings from equity investments | 500,000 | |||||||||
interest expense | 600,000 | 600,000 | 400,000 | 300,000 | 300,000 | 400,000 | 300,000 | 500,000 | 400,000 | 500,000 |
net income | 100,400,000 | 90,900,000 | 95,300,000 | 91,900,000 | 96,800,000 | 94,600,000 | 89,000,000 | 77,100,000 | 76,500,000 | 68,100,000 |
yoy | 3.72% | -3.91% | 7.08% | 19.20% | 26.54% | 38.91% | ||||
qoq | 10.45% | -4.62% | 3.70% | -5.06% | 2.33% | 6.29% | 15.43% | 0.78% | 12.33% | |
net income margin % | 51.38% | 52.60% | 54.71% | 74.84% | 57.11% | 57.44% | 56.69% | 74.26% | 52.15% | 49.24% |
less: net income attributable to noncontrolling interest | 81,300,000 | 74,100,000 | 77,200,000 | 74,700,000 | 78,000,000 | 76,800,000 | 72,000,000 | |||
net income attributable to hess midstream partners lp | 19,100,000 | 16,800,000 | 18,100,000 | 17,200,000 | 18,800,000 | 17,800,000 | 17,000,000 | |||
less: general partner's interest in net income attributable to hess midstream partners lp | 1,300,000 | 1,000,000 | 800,000 | 500,000 | 500,000 | 400,000 | 300,000 | |||
limited partners' interest in net income attributable to hess midstream partners lp | 17,800,000 | 15,800,000 | 17,300,000 | 16,700,000 | 18,300,000 | 17,400,000 | 16,700,000 | |||
net income attributable to hess midstream partners lp per limited partner unit | ||||||||||
common | 330,000 | 290,000 | 320,000 | 310,000 | 340,000 | 320,000 | 300,000 | 270,000 | 270,000 | 210,000 |
subordinated | 330,000 | 290,000 | 320,000 | 310,000 | 340,000 | 320,000 | 300,000 | 270,000 | 270,000 | 210,000 |
weighted-average limited partner units outstanding: | ||||||||||
basic: | ||||||||||
diluted: | ||||||||||
less: net income prior to the ipo on april 10, 2017 | 5,100,000 | |||||||||
cash distributions declared per unit | 370,100 | 357,500 | 345,200 | 333,300 | 321,800 | 310,700 | 270,300 | |||
weighted-average limited partner units outstanding | ||||||||||
affiliate | 103,825,000 | 146,700,000 | 138,300,000 | |||||||
less: net income attributable to noncontrolling interest subsequent to the ipo on april 10, 2017 | 62,300,000 | 61,500,000 | 51,600,000 | |||||||
net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | 14,800,000 | 15,000,000 | 11,400,000 | |||||||
less: general partner interest in net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | 300,000 | 300,000 | 200,000 | |||||||
limited partners' interest in net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | 14,500,000 | 14,700,000 | 11,200,000 | |||||||
net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 per limited partner unit | ||||||||||
(*) represents cash distributions declared during the month following the end of each respective quarterly period. see note 14, subsequent event. |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||
cash and cash equivalents | 3,500,000 | 14,900,000 | 3,500,000 | 20,300,000 | 34,600,000 | 56,500,000 | 37,500,000 | 47,200,000 | |||
accounts receivable—affiliate: | |||||||||||
from contracts with customers | 68,200,000 | 59,800,000 | 60,100,000 | 62,200,000 | 65,400,000 | 62,200,000 | 66,800,000 | ||||
other receivables | 100,000 | 300,000 | 400,000 | 800,000 | 100,000 | 300,000 | 900,000 | ||||
other current assets | 7,400,000 | 1,100,000 | 3,200,000 | 2,800,000 | 5,100,000 | 700,000 | 1,800,000 | 4,400,000 | 800,000 | 500,000 | 1,900 |
total current assets | 79,200,000 | 76,100,000 | 67,200,000 | 86,100,000 | 105,200,000 | 119,700,000 | 107,000,000 | 111,400,000 | 108,500,000 | 101,600,000 | 62,200 |
equity investments | 100,800,000 | 90,300,000 | 74,300,000 | 67,300,000 | 67,300,000 | 41,300,000 | 24,300,000 | ||||
property, plant and equipment | 2,823,100,000 | 2,757,400,000 | 2,726,700,000 | 2,664,100,000 | 2,630,500,000 | 2,578,300,000 | 2,527,100,000 | 2,520,500,000 | 2,506,400,000 | 2,507,400,000 | 2,518,800 |
other noncurrent assets | 2,200,000 | 2,100,000 | 2,400,000 | 2,200,000 | 2,400,000 | 2,700,000 | 2,900,000 | 3,200,000 | 3,400,000 | 3,700,000 | 10,100 |
total assets | 3,005,300,000 | 2,925,900,000 | 2,870,600,000 | 2,819,700,000 | 2,805,400,000 | 2,742,000,000 | 2,661,300,000 | 2,635,100,000 | 2,618,300,000 | 2,612,700,000 | 2,591,100 |
liabilities | |||||||||||
accounts payable—trade | 17,700,000 | 26,400,000 | 12,100,000 | 15,300,000 | 12,800,000 | 18,000,000 | 14,800,000 | 12,200,000 | 7,600,000 | 8,200,000 | 11,200 |
accounts payable—affiliate | 47,600,000 | 21,500,000 | 16,600,000 | 15,800,000 | 23,300,000 | 24,500,000 | 20,700,000 | 22,500,000 | 11,600,000 | 14,500,000 | 267,300 |
accrued liabilities | 54,500,000 | 41,600,000 | 33,400,000 | 64,500,000 | 70,200,000 | 55,500,000 | 33,100,000 | 32,700,000 | 26,400,000 | 24,100,000 | 34,000 |
other current liabilities | 6,600,000 | 4,600,000 | 2,800,000 | 6,800,000 | 5,500,000 | 3,700,000 | 1,800,000 | 7,000,000 | 5,100,000 | 2,100,000 | 1,100 |
total current liabilities | 126,400,000 | 94,100,000 | 64,900,000 | 102,400,000 | 111,800,000 | 101,700,000 | 70,400,000 | 74,400,000 | 50,700,000 | 48,900,000 | 313,600 |
long-term debt | 11,000,000 | 7,000,000 | |||||||||
other noncurrent liabilities | 10,900,000 | 14,500,000 | 14,600,000 | 6,400,000 | 6,000,000 | 5,500,000 | 5,500,000 | 5,400,000 | 6,000,000 | 4,100,000 | 4,500 |
total liabilities | 148,300,000 | 108,600,000 | 86,500,000 | 108,800,000 | 117,800,000 | 107,200,000 | 75,900,000 | 79,800,000 | 56,700,000 | 53,000,000 | 318,100 |
partners' capital | |||||||||||
common unitholders—public | 354,200,000 | 355,100,000 | 356,400,000 | 357,100,000 | 357,600,000 | 357,600,000 | 357,600,000 | 357,700,000 | |||
common unitholders—affiliate | 37,500,000 | 38,100,000 | 39,100,000 | 39,500,000 | 40,200,000 | 40,300,000 | 40,400,000 | 40,500,000 | |||
subordinated unitholders—affiliate | 99,200,000 | 101,200,000 | 103,800,000 | 105,300,000 | 106,600,000 | 106,900,000 | 107,300,000 | 107,800,000 | |||
general partner | 15,500,000 | 15,300,000 | 15,100,000 | 14,900,000 | 14,900,000 | 14,700,000 | 14,700,000 | 14,800,000 | 14,800,000 | 14,800,000 | |
total hess midstream partners lp partners' capital | 506,400,000 | 509,700,000 | 514,400,000 | 516,800,000 | 519,300,000 | 519,500,000 | 520,000,000 | 520,800,000 | 523,200,000 | 523,200,000 | |
noncontrolling interest | 2,350,600,000 | 2,307,600,000 | 2,269,700,000 | 2,194,100,000 | 2,168,300,000 | 2,115,300,000 | 2,065,400,000 | 2,034,500,000 | 2,038,400,000 | 2,036,500,000 | |
total partners' capital | 2,857,000,000 | 2,817,300,000 | 2,784,100,000 | 2,710,900,000 | 2,687,600,000 | 2,634,800,000 | 2,585,400,000 | 2,555,300,000 | 2,561,600,000 | 2,559,700,000 | |
total liabilities and partners' capital | 3,005,300,000 | 2,925,900,000 | 2,870,600,000 | 2,819,700,000 | 2,805,400,000 | 2,742,000,000 | 2,661,300,000 | 2,635,100,000 | 2,618,300,000 | 2,612,700,000 | |
revenues | |||||||||||
affiliate services | |||||||||||
other income | |||||||||||
total revenues | |||||||||||
costs and expenses | |||||||||||
operating and maintenance expenses | |||||||||||
depreciation expense | |||||||||||
general and administrative expenses | |||||||||||
total costs and expenses | |||||||||||
income from operations | |||||||||||
earnings from equity investments | |||||||||||
interest expense | |||||||||||
net income | |||||||||||
less: net income attributable to noncontrolling interest | |||||||||||
net income attributable to hess midstream partners lp | |||||||||||
less: general partner's interest in net income attributable to hess midstream partners lp | |||||||||||
limited partners' interest in net income attributable to hess midstream partners lp | |||||||||||
net income attributable to hess midstream partners lp per limited partner unit | |||||||||||
common | |||||||||||
subordinated | |||||||||||
weighted-average limited partner units outstanding: | |||||||||||
basic: | |||||||||||
diluted: | |||||||||||
accounts receivable—affiliate | 59,800,000 | 59,700,000 | 58,100,000 | 60,300 | |||||||
revenues and other income | |||||||||||
total revenues and other income | |||||||||||
less: net income prior to the ipo on april 10, 2017 | |||||||||||
cash distributions declared per unit | |||||||||||
weighted-average limited partner units outstanding | |||||||||||
net parent investment—predecessor | |||||||||||
less: net income attributable to noncontrolling interest subsequent to the ipo on april 10, 2017 | |||||||||||
net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | |||||||||||
less: general partner interest in net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | |||||||||||
limited partners' interest in net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 | |||||||||||
net income attributable to hess midstream partners lp subsequent to the ipo on april 10, 2017 per limited partner unit | |||||||||||
cash | 48,000,000 | 43,000,000 | |||||||||
net parent investment - predecessor | |||||||||||
common unitholders - public | 358,500,000 | 358,400,000 | |||||||||
common unitholders - affiliate | 41,000,000 | 41,000,000 | |||||||||
subordinated unitholders - affiliate | 108,900,000 | 109,000,000 | |||||||||
affiliate | |||||||||||
(*) represents cash distributions declared during the month following the end of each respective quarterly period. see note 14, subsequent event. | |||||||||||
cash flows from operating activities | |||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||
changes in assets and liabilities: | |||||||||||
net cash from operating activities | |||||||||||
net increase in cash and cash equivalents | |||||||||||
cash and cash equivalents at beginning of period | 304,000 | ||||||||||
cash and cash equivalents at end of period | 304,000 | ||||||||||
net parent investment | 2,273,000 | ||||||||||
total liabilities and net parent investment | 2,591,100 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||
net income | 100,400,000 | 90,900,000 | 95,300,000 | 91,900,000 | 96,800,000 | 94,600,000 | 89,000,000 | 77,100,000 | 76,500,000 | ||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||
depreciation expense | 34,500,000 | 34,000,000 | 32,600,000 | 32,200,000 | 30,600,000 | 30,200,000 | 30,000,000 | 29,300,000 | 28,500,000 | ||
amortization of deferred financing costs | 300,000 | 300,000 | 300,000 | 200,000 | 300,000 | 200,000 | 300,000 | 200,000 | 200,000 | ||
unit-based compensation expense | 500,000 | 300,000 | 300,000 | 200,000 | 300,000 | 300,000 | 100,000 | 0 | 100,000 | ||
earnings from equity investments | |||||||||||
changes in assets and liabilities: | |||||||||||
accounts receivable – affiliate | -8,200,000 | 400,000 | 2,600,000 | 2,500,000 | -3,000,000 | 5,200,000 | -7,900,000 | -100,000 | -1,600,000 | ||
other current and noncurrent assets | -6,700,000 | 2,100,000 | -400,000 | 2,300,000 | -4,400,000 | 1,100,000 | 2,600,000 | -3,600,000 | -200,000 | ||
accounts payable – trade | -8,700,000 | 14,300,000 | -3,400,000 | 2,500,000 | -5,200,000 | 3,200,000 | 2,600,000 | 4,600,000 | -600,000 | ||
accounts payable – affiliate | -1,400,000 | 4,900,000 | 800,000 | -7,500,000 | -1,200,000 | 3,800,000 | -1,800,000 | 10,900,000 | -2,900,000 | ||
accrued liabilities | 8,100,000 | -500,000 | 1,600,000 | 200,000 | 700,000 | 1,100,000 | 700,000 | 1,200,000 | -1,900,000 | -1,234,000 | 34,000 |
other current and noncurrent liabilities | -500,000 | 1,600,000 | -3,600,000 | 1,700,000 | 500,000 | 1,800,000 | -5,100,000 | 1,300,000 | 3,100,000 | ||
net cash from operating activities | 117,800,000 | 148,300,000 | 126,100,000 | 126,200,000 | 115,400,000 | 141,500,000 | 110,500,000 | 120,900,000 | 101,200,000 | ||
capital expenditures | -69,000,000 | -55,900,000 | -59,500,000 | -71,700,000 | -67,000,000 | -60,000,000 | -36,900,000 | -38,300,000 | -21,500,000 | ||
free cash flows | 48,800,000 | 92,400,000 | 66,600,000 | 54,500,000 | 48,400,000 | 81,500,000 | 73,600,000 | 82,600,000 | 79,700,000 | ||
cash flows from investing activities | |||||||||||
acquisitions from third parties, net of cash acquired | 0 | 0 | -61,000,000 | ||||||||
payments for equity investments | -10,000,000 | -16,000,000 | -7,000,000 | 0 | -26,000,000 | -17,000,000 | -24,300,000 | ||||
additions to property, plant and equipment | -69,000,000 | -55,900,000 | -59,500,000 | -71,700,000 | -67,000,000 | -60,000,000 | -36,900,000 | -38,300,000 | -21,500,000 | ||
net cash from investing activities | -79,000,000 | -71,900,000 | -127,500,000 | -71,700,000 | -93,000,000 | -77,000,000 | -61,200,000 | -38,300,000 | -21,500,000 | ||
cash flows from financing activities | |||||||||||
proceeds from (repayments of) bank borrowings - revolver | |||||||||||
distributions to unitholders | -21,800,000 | -20,400,000 | -20,800,000 | -19,900,000 | -19,300,000 | ||||||
distributions to general partner | -1,100,000 | ||||||||||
distributions to noncontrolling interest | -46,300,000 | -49,000,000 | -57,100,000 | -50,000,000 | -46,000,000 | -41,500,000 | -61,700,000 | -73,900,000 | -89,500,000 | ||
contributions from noncontrolling interest | 8,000,000 | 12,800,000 | 55,500,000 | 1,100,000 | 21,000,000 | 14,600,000 | 20,600,000 | 7,700,000 | 29,900,000 | ||
net cash from financing activities | -50,200,000 | -65,000,000 | -15,400,000 | -68,800,000 | -44,300,000 | -45,500,000 | -59,000,000 | -83,400,000 | -74,700,000 | ||
increase in cash and cash equivalents | -11,400,000 | 11,400,000 | -16,800,000 | -14,300,000 | -21,900,000 | 19,000,000 | -9,700,000 | -800,000 | 5,000,000 | ||
cash and cash equivalents, beginning of period | 0 | 0 | 20,300,000 | 0 | 0 | 0 | 47,200,000 | 0 | 0 | ||
cash and cash equivalents, end of period | -11,400,000 | 11,400,000 | 3,500,000 | -14,300,000 | -21,900,000 | 19,000,000 | 37,500,000 | -800,000 | 5,000,000 | ||
proceeds from (repayments of ) bank borrowings - revolver | 7,000,000 | ||||||||||
adjustments to reconcile net income to net cash from (used in) operating activities: | |||||||||||
cash distributions to parent prior to the ipo on april 10, 2017 | 0 | 0 | |||||||||
cash contributions from parent prior to the ipo on april 10, 2017 | 0 | 0 | |||||||||
ipo proceeds, net of underwriters' discounts | 0 | 0 | |||||||||
cash offering costs | 0 | ||||||||||
distribution of ipo proceeds to hess and gip | 0 | 0 | |||||||||
financing costs | 0 | 0 | |||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||
contribution to settle accounts payable – affiliate | 0 | ||||||||||
removal of historical capitalized offering costs | 0 | ||||||||||
contribution of property, plant and equipment | |||||||||||
contributions to settle accounts payable – affiliate | |||||||||||
contributions to settle accounts payable - affiliate | |||||||||||
distribution to unitholders | -17,900,000 | -17,200,000 | |||||||||
ipo offering costs | |||||||||||
borrowings from (repayments to) parent | |||||||||||
parent contribution pursuant to prepaid forward purchase and sales agreement | |||||||||||
payment to parent pursuant to prepaid forward purchase and sales agreement | |||||||||||
capital expenditures included in accrued liabilities at period end | 5,100,000 | 4,200,000 | |||||||||
contribution from parent to settle accounts payable – affiliate | |||||||||||
contribution from parent to settle affiliate debt | |||||||||||
supplemental cash disclosures: | |||||||||||
net increase in cash and cash equivalents | |||||||||||
cash and cash equivalents at beginning of period | 304,000 | ||||||||||
cash and cash equivalents at end of period | 304,000 | ||||||||||
assets | |||||||||||
accounts receivable—affiliate | 60,300 | ||||||||||
other current assets | 1,900 | ||||||||||
total current assets | 62,200 | ||||||||||
property, plant and equipment | 2,518,800 | ||||||||||
other noncurrent assets | 10,100 | ||||||||||
total assets | 2,591,100 | ||||||||||
liabilities | |||||||||||
accounts payable—trade | 11,200 | ||||||||||
accounts payable—affiliate | 267,300 | ||||||||||
other current liabilities | 1,100 | ||||||||||
total current liabilities | 313,600 | ||||||||||
other noncurrent liabilities | 4,500 | ||||||||||
total liabilities | 318,100 | ||||||||||
net parent investment | 2,273,000 | ||||||||||
total liabilities and net parent investment | 2,591,100 |