Hess Midstream LP(HESM) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $161.9 million, compared to $142.2 million in Q1 2023, with net income attributable to Hess Midstream LP at $44.6 million, or $0.60 basic earnings per Class A share[2][5] - Adjusted EBITDA for Q1 2024 was $275.8 million, and Adjusted Free Cash Flow was $194.2 million[2][5] - Revenues and other income in Q1 2024 were $355.6 million, up $50.6 million from the prior-year quarter, primarily due to higher physical volumes[6] - Total revenues for Q1 2024 increased to $355.6 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 $44.6 million, compared to $20.7 million in Q1 2023[29] - Income from operations for Q1 2024 was $222.0 million, up from $188.7 million in Q1 2023[29] - Net income attributable to noncontrolling interest for Q1 2024 was $117.3 million, down from $121.5 million in Q1 2023[29] - Total revenues for Q4 2023 were $356.5 million, with affiliate services contributing $351.5 million and third-party services contributing $4.3 million[35] - Net income attributable to Hess Midstream LP for Q4 2023 was $37.5 million, with a significant loss of $26.9 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 $57.3 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 $100 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-$720 million and Adjusted EBITDA of $1,125-$1,175 million[13] Revenue Breakdown - Affiliate services revenue in Q1 2024 was $349.4 million, up from $303.4 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 $164.4 million in Q1 2023[32] Expenses - Operating and maintenance expenses for Q1 2024 increased to $78.1 million, compared to $62.5 million in Q1 2023[29] - Depreciation expense for Q1 2024 was $49.8 million, slightly higher than $47.4 million in Q1 2023[29] - Interest expense, net for Q1 2024 was $48.5 million, compared to $41.6 million in Q1 2023[29] - Operating and maintenance expenses for Q4 2023 totaled $88.0 million, with depreciation expense at $50.4 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]