Welcome to our dedicated page for Hess Midstream LP news (Ticker: HESM), a resource for investors and traders seeking the latest updates and insights on Hess Midstream LP stock.
Hess Midstream LP Class A Share (symbol: HESM) represents a limited partner interest in a company that focuses on processing natural gas and fractionating natural gas liquids (NGLs) in the United States. Founded in 2014 and headquartered in Houston, Texas, Hess Midstream Partners LP operates under its general partner, Hess Midstream Partners GP LLC.
The company operates through three primary segments:
- Gathering: This segment includes natural gas gathering and compression, crude oil gathering, and produced water gathering and disposal. It forms the backbone of the company's operations, contributing the majority of its revenue.
- Processing and Storage: Hess Midstream processes natural gas and stores NGLs, ensuring efficient and safe handling of these valuable resources.
- Terminaling and Exporting: This segment focuses on terminaling and loading crude oil and NGLs, transporting crude oil through rail cars, and storing and terminaling propane.
Hess Midstream LP’s core business is to own, operate, develop, and acquire a diverse set of midstream assets, providing fee-based services to Hess Corporation and third-party customers. The company has made significant strides in its recent projects, including the development of new infrastructure to enhance its capacity and efficiency. Financially, Hess Midstream has shown a solid performance with consistent revenue generation from its gathering segment.
Partnerships play a crucial role in Hess Midstream's operations. The company's strategic alliances enable it to expand its service offerings and optimize operational efficiencies. By leveraging these partnerships, Hess Midstream continues to provide high-quality, reliable services to its clients.
Hess Midstream LP (NYSE: HESM) has announced a $100 million repurchase of Class B units from its sponsors, Hess and Global Infrastructure Partners. This transaction, unanimously approved by the Board of Directors, is part of Hess Midstream's financial strategy to deliver shareholder returns while maintaining balance sheet strength. Key points:
- 2,823,262 Class B units (1.3% of the consolidated company) will be repurchased at $35.42 per unit
- The repurchase is expected to close on September 11, 2024
- It will be funded through existing revolving credit facility
- Post-transaction ownership: Public 41.5%, Global Infrastructure Partners 20.7%, Hess 37.8%
- This brings total shareholder returns through unit repurchases to $1.85 billion since 2021
- The company expects to maintain over $1.25 billion in financial flexibility through 2026
Hess Midstream LP (NYSE: HESM) announced that its Chief Financial Officer, Jonathan Stein, and Vice President of Investor Relations, Jennifer Gordon, will meet with investors at the Barclays Annual CEO Energy-Power Conference on September 3, 2024. The company has made a presentation available on its website in the 'Investors' section at www.hessmidstream.com. This event provides an opportunity for Hess Midstream to engage with investors and share insights about the company's performance and strategies.
Hess Midstream LP (NYSE: HESM) reported strong Q2 2024 results, with net income of $160.3 million and Adjusted EBITDA of $276.5 million. Throughput volumes increased significantly across all segments compared to Q2 2023. The company increased its 2024 guidance for gas gathering and processing volumes, updated net income guidance to $650-$700 million, and reiterated Adjusted EBITDA guidance of $1,125-$1,175 million. Hess Midstream completed a $100 million repurchase of Class B units and increased its quarterly cash distribution to $0.6677 per Class A share. The company continues to target at least 5% annual distribution growth through 2026 and expects organic throughput volume growth across all systems for 2025 and 2026 relative to 2024 guidance.
Hess Midstream LP (NYSE: HESM) has announced a quarterly cash distribution of $0.6677 per Class A share for Q2 2024, representing a $0.0161 increase from Q1 2024. This increase follows a $100 million unit repurchase in June 2024 and exceeds the company's targeted 5% growth in annual distributions per Class A share through 2026. Since Q1 2021, HESM has increased its distribution per Class A share by approximately 48%, with a 10% increase in 2024 year-to-date on an annualized basis. The company expects to have over $1.25 billion in financial flexibility through 2026 to support its return of capital framework, including potential additional unit repurchases.
Hess Midstream LP (NYSE: HESM) has announced its participation in two upcoming investor conferences. Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President of Investor Relations, will represent the company at these events:
- The Raymond James Industrial & Energy Showcase on August 8, 2024
- The Citi Midstream and Infrastructure Conference on August 13-14, 2024
To support these presentations, Hess Midstream will post a presentation in the 'Investors' section of their website at www.hessmidstream.com. This move demonstrates the company's commitment to investor relations and transparency in communicating with stakeholders.
Hess Midstream (NYSE: HESM) has announced a conference call scheduled for Wednesday, July 31, 2024, at 12:00 p.m. Eastern Time to discuss its Q2 2024 earnings release. Participants can register in advance to receive a unique PIN and dial-in number. The call will also be available via webcast on Hess Midstream's website.
Hess Midstream LP (NYSE: HESM) announced a $100 million repurchase of Class B units from its Sponsors, Hess and Global Infrastructure Partners. The Board of Directors approved the transaction, which will cancel the repurchased units, potentially increasing distributable cash flow and supporting further distribution growth. The unit price is set at $36.71, matching the closing price on June 24, 2024. Post-repurchase, public ownership will be 41.0%, with Global Infrastructure Partners and Hess holding 21.2% and 37.8%, respectively. Completion is expected by June 26, 2024.
Hess Midstream (NYSE: HESM) announced its participation in the J.P. Morgan Energy, Power & Renewables Conference on June 18, 2024. Chief Financial Officer Jonathan Stein and Vice President of Investor Relations Jennifer Gordon will represent the company. Investors can access the presentation in the 'Investors' section of the Hess Midstream website.
Hess Midstream LP (NYSE: HESM) announced the pricing for a secondary public offering of 10 million Class A shares by Global Infrastructure Partners, yielding gross proceeds of $343 million. The underwriter has an option to purchase up to 1.5 million additional shares. HESM will not receive proceeds from this sale. The offering will close on May 31, 2024, pending customary conditions, with J.P. Morgan as the bookrunning manager. Shares will be sold through various market transactions. The offering is underpinned by a prospectus and base prospectus filed with the SEC.
Hess Midstream LP (NYSE: HESM) has announced the launch of an underwritten public offering of 10,000,000 Class A shares by an affiliate of Global Infrastructure Partners. The underwriters, led by J.P. Morgan, have a 30-day option to purchase an additional 1,500,000 shares. HESM will not receive any proceeds from this sale. The shares will be offered on the NYSE, in over-the-counter markets, or through negotiated transactions. The offering is made through a prospectus and accompanying base prospectus filed with the SEC. This announcement does not constitute an offer or solicitation to buy the securities.
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