Hess Midstream LP Announces 2021 Guidance
Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided 2021 guidance and announced its 2021 capital budget.
John Gatling, President and Chief Operating Officer of Hess Midstream said, “We enter 2021 with Hess planning to add a rig in the Bakken and our plans to further enhance our gas capture capability, driving future growth for Hess Midstream. We are in a unique position with visible growth, excess cash flow and a contract structure that generates
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1 Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non-GAAP measures. Adjusted Free Cash Flow reported in this release reflects Hess Midstream’s new definition of Adjusted Free Cash Flow of Distributable Cash Flow less expansion capital expenditures and ongoing contributions to equity investments, which is calculated in a manner consistent with similar measures used by other publicly traded midstream energy companies. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the following pages of this release. |
Full Year 2021 Guidance
Hess Midstream financial guidance incorporates the outcomes of the year-end tariff rate recalculation and nomination process conducted with Hess Corporation (“Hess”) under Hess Midstream’s commercial agreements with Hess.
Hess Midstream expects full year 2021 net income of between
In 2021, Hess Midstream expects to generate Adjusted Free Cash Flow of between
Full year 2021 financial guidance includes approximately
In 2021, full year gas gathering volumes are anticipated to average 285 to 295 MMcf/d and gas processing volumes are expected to average 270 to 280 MMcf/d. Gas gathering and gas processing throughput volumes in 2021 guidance each reflect an approximate 30 MMcf/d reduction due to the planned Tioga Gas Plant turnaround in the third quarter.
Crude oil gathering volumes are anticipated to average 110 to 120 MBbl/d in 2021, and crude oil terminaling volumes are expected to average 120 to 130 MBbl/d, supported by Hess’ announced plan to add an additional rig in the Bakken by the end of the first quarter.
Water gathering volumes are expected to average 60 to 70 MBbl/d for full year 2021.
Third parties are expected to comprise approximately
Full Year 2021 Capital Guidance
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