Workflow
Hess Midstream LP(HESM) - 2024 Q1 - Quarterly Results
HESMHess Midstream LP(HESM)2024-04-25 12:00

Financial Performance - Net income for Q1 2024 was 161.9million,comparedto161.9 million, compared to 142.2 million in Q1 2023, with net income attributable to Hess Midstream LP at 44.6million,or44.6 million, or 0.60 basic earnings per Class A share[2][5] - Adjusted EBITDA for Q1 2024 was 275.8million,andAdjustedFreeCashFlowwas275.8 million, and Adjusted Free Cash Flow was 194.2 million[2][5] - Revenues and other income in Q1 2024 were 355.6million,up355.6 million, up 50.6 million from the prior-year quarter, primarily due to higher physical volumes[6] - Total revenues for Q1 2024 increased to 355.6million,upfrom355.6 million, up from 305.0 million in Q1 2023, driven by growth in affiliate services[29] - Net income attributable to Hess Midstream LP for Q1 2024 was 44.6million,comparedto44.6 million, compared to 20.7 million in Q1 2023[29] - Income from operations for Q1 2024 was 222.0million,upfrom222.0 million, up from 188.7 million in Q1 2023[29] - Net income attributable to noncontrolling interest for Q1 2024 was 117.3million,downfrom117.3 million, down from 121.5 million in Q1 2023[29] - Total revenues for Q4 2023 were 356.5million,withaffiliateservicescontributing356.5 million, with affiliate services contributing 351.5 million and third-party services contributing 4.3million[35]−NetincomeattributabletoHessMidstreamLPforQ42023was4.3 million[35] - Net income attributable to Hess Midstream LP for Q4 2023 was 37.5 million, with a significant loss of 26.9millionintheinterestandothersegment[35]ThroughputVolumes−Throughputvolumesincreasedby1626.9 million in the interest and other segment[35] Throughput Volumes - Throughput volumes increased by 16% for gas processing, 13% for oil terminaling, and 47% for water gathering compared to the prior-year quarter[5] - Water gathering volumes increased 47% in Q1 2024, reflecting higher crude oil production and increased utilization of infrastructure[9] - Gas gathering throughput is expected to be 415-425 MMcf per day, and crude oil gathering is expected to be 105-115 MBbl per day for 2024[13] - Gas gathering throughput in Q4 2023 was 403 Mcf of natural gas per day, slightly higher than the 347 Mcf in Q1 2023[37] - Crude oil gathering throughput in Q4 2023 was 108 bopd, compared to 93 bopd in Q1 2023[37] - Gas processing throughput in Q4 2023 was 387 Mcf of natural gas per day, up from 338 Mcf in Q1 2023[37] - Crude terminals throughput in Q4 2023 was 120 bopd, compared to 104 bopd in Q1 2023[37] - NGL loading throughput in Q4 2023 was 16 blpd, significantly higher than the 9 blpd in Q1 2023[37] - Water gathering throughput in Q4 2023 was 113 blpd, up from 79 blpd in Q1 2023[37] Capital Expenditures and Cash Flow - Capital expenditures for Q1 2024 totaled 35.2 million, primarily for gas compression capacity expansion, down from 57.3millionintheprior−yearquarter[10]−Quarterlycashdistributionincreasedto57.3 million in the prior-year quarter[10] - Quarterly cash distribution increased to 0.6516 per Class A share for Q1 2024, a 2.7% increase compared to Q4 2023[12] - Hess Midstream completed a 100millionrepurchaseofClassBunitsofHessMidstreamOperationsLPinMarch2024[5]GuidanceandForecast−HessMidstreamreaffirmeditsfull−year2024guidance,targetingnetincomeof100 million repurchase of Class B units of Hess Midstream Operations LP in March 2024[5] Guidance and Forecast - Hess Midstream reaffirmed its full-year 2024 guidance, targeting net income of 670-720millionandAdjustedEBITDAof720 million and Adjusted EBITDA of 1,125-1,175million[13]RevenueBreakdown−AffiliateservicesrevenueinQ12024was1,175 million[13] Revenue Breakdown - Affiliate services revenue in Q1 2024 was 349.4 million, up from 303.4millioninQ12023,reflectingstrongperformanceingathering,processing,andterminaling[29][32]−GatheringsegmentrevenueforQ12024was303.4 million in Q1 2023, reflecting strong performance in gathering, processing, and terminaling[29][32] - Gathering segment revenue for Q1 2024 was 186.6 million, up from 164.4millioninQ12023[32]Expenses−OperatingandmaintenanceexpensesforQ12024increasedto164.4 million in Q1 2023[32] Expenses - Operating and maintenance expenses for Q1 2024 increased to 78.1 million, compared to 62.5millioninQ12023[29]−DepreciationexpenseforQ12024was62.5 million in Q1 2023[29] - Depreciation expense for Q1 2024 was 49.8 million, slightly higher than 47.4millioninQ12023[29]−Interestexpense,netforQ12024was47.4 million in Q1 2023[29] - Interest expense, net for Q1 2024 was 48.5 million, compared to 41.6millioninQ12023[29]−OperatingandmaintenanceexpensesforQ42023totaled41.6 million in Q1 2023[29] - Operating and maintenance expenses for Q4 2023 totaled 88.0 million, with depreciation expense at 50.4million[35]EquityInvestments−IncomefromequityinvestmentsinQ42023was50.4 million[35] Equity Investments - Income from equity investments in Q4 2023 was 2.4 million, primarily from the terminaling and export segment[35] Share Information - Weighted average Class A shares outstanding (basic) for Q1 2024 increased to 75.1 million, up from 44.0 million in Q1 2023[29]