HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors (the “Sponsors”). The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream’s general part ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), announced the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on February 29, 2024. A copy of the annual report is available on Hess Midstream’s website, www.hessmidstream.com, by selecting “Investors” and then “SEC Filings.” Shareholders may request printed copies of our annual report on Form 10-K, which includes Hess Midstream’s complete audited fin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39163 no Hess Midstream LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the pricing of the previously announced underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”), resulting in gross proceeds of $331 million, exclusive of any proceeds that may be received in connection with the exercise of the underwriter’s option to purchase additional shares. The Sel ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”). The Selling Shareholder intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional Class A shares. HESM will not receive any proceeds from the sale of Class A shares in the offe ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided financial and operational guidance and expectations. “ We continue to execute our strategy of making focused investments to capture increasing volumes in the Bakken,” said John Gatling, President and Chief Operating Officer of Hess Midstream. " Our 2026 minimum volume commitments imply substantial growth from 2023 levels, underpinned by Hess’ planned development activity and our continued focus on gas capture. This g ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $37.5 million, or $0.55 basic earnings per Class A share compared with $0.49 basic earnings per Class A share in the fourth quarter of 2022. Hess Midstream generated Adjusted EBITDA of $264.1 million. Net ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.6343 per Class A share for the quarter ended December 31, 2023. The distribution represents an approximate 2.7% increase in the quarterly distribution per Class A share for the fourth quarter of 2023 as compared to the third quarter of 2023. This increase consists of an approximate 1.5% increase in Hess Midstream’s distri ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that it will hold a conference call on Wednesday, January 31, 2024, at 12:00 p.m. Eastern Time to discuss its fourth quarter 2023 earnings release. To phone into the conference call, participants should register in advance using this link to receive a unique PIN and dial-in number. This conference call and subsequent replay will also be accessible by webcast (audio only) on Hess Midstream’s website at www.hessmidstr ...

Financial Performance - Total revenues for Q3 2023 reached $363.1 million, a 8.4% increase from $334.8 million in Q3 2022[13] - Net income attributable to Hess Midstream LP was $35.3 million in Q3 2023, up 51.0% from $23.2 million in Q3 2022[13] - Basic net income per Class A share for Q3 2023 was $0.57, compared to $0.53 in Q3 2022[13] - Net income for the nine months ended September 30, 2023, was $454.9 million, a decrease of 3.9% compared to $470.8 million in the same period of 2022[19] - Revenues and other income for the nine months ended September 30, 2023, were $992.1 million, a 3.5% increase from $960.6 million in the same period of 2022[80] - Consolidated net income for the third quarter of 2023 was $164.8 million, compared to $159.4 million in the third quarter of 2022, marking a 3.4% increase[101] Expenses and Liabilities - Operating and maintenance expenses for Q3 2023 were $89.4 million, an increase of 12.3% compared to $79.6 million in Q3 2022[13] - Total current liabilities increased to $173.8 million as of September 30, 2023, compared to $159.5 million at the end of 2022[11] - Interest expense increased by $5.9 million, primarily due to higher interest rates and increased borrowings[132] - Operating and maintenance expenses rose by $7.0 million in the first nine months of 2023, primarily due to higher pass-through costs and employee costs[140] Assets and Capital Expenditures - Total assets as of September 30, 2023, amounted to $3,775.5 million, up from $3,588.2 million as of December 31, 2022[11] - Additions to property, plant, and equipment were $160.0 million, a decrease from $176.6 million in the prior year[19] - Total capital expenditures for the nine months ended September 30, 2023, were $173.9 million, with expansion capital expenditures of $164.1 million and maintenance capital expenditures of $9.8 million[174] Debt and Financing - Long-term debt increased to $3,138.3 million as of September 30, 2023, compared to $2,883.1 million at the end of 2022[11] - The Partnership had $1.4 billion in senior secured credit facilities, including a $1.0 billion revolving credit facility and a $400.0 million Term Loan A facility, maturing in July 2027[61] - As of September 30, 2023, total debt had a carrying value of $3,148.3 million and a fair value of approximately $2,954.5 million[64] Revenue Sources - Oil and gas gathering services generated $170.5 million in revenue for the three months ended September 30, 2023, up from $160.5 million in 2022, reflecting a year-over-year growth of 6.2%[46] - Processing and storage services revenue increased to $132.2 million in Q3 2023 from $121.7 million in Q3 2022, representing a growth of 8.5%[46] - The company has long-term, fee-based commercial agreements with Hess, providing cash flow stability and growth through minimum volume commitments[108] Strategic Initiatives - The company is pursuing strategic relationships with third-party producers and midstream companies in the Bakken to maximize utilization rates[44] - The fee recalculation model for commercial agreements will transition to an inflation-based fee structure, with annual adjustments capped at 3%[43] Shareholder Distributions - Distributions to shareholders totaled $85.2 million, an increase from $66.2 million in the same period of 2022[19] - The partnership agreement mandates distribution of all available cash to shareholders within 45 days after each quarter, with a declared distribution of $0.6175 per Class A share for the third quarter of 2023[65] Merger and Acquisition - The Chevron Merger Agreement was entered into on October 22, 2023, with the transaction expected to close in the first half of 2024, subject to approvals[84] - Chevron's potential acquisition of Hess is subject to various risks, including unforeseen liabilities and the need for approvals from customers, shareholders, and regulators[184] - The merger agreement restricts Hess from entering into certain transactions, which may limit its operational flexibility until the merger is completed[191] Operational Performance - Throughput volumes for gas gathering and processing increased by 9% in the third quarter of 2023 compared to the same quarter in 2022, driven by higher production and third-party volumes[102] - Gas gathering throughput volumes remained stable at 404 MMcf/d for the three months ended September 30, 2023[122] - The company plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming quarters[126]