Hess Midstream P Stock Price, News & Analysis

Hess Midstream LP (NYSE: HESM) announced a conference call scheduled for April 27, 2022, at 12:00 p.m. Eastern Time to discuss its first quarter 2022 earnings. Interested parties can join the call by dialling 866-395-9624 in the US or 213-660-0871 internationally. The call will also be available via webcast. A replay will be accessible until May 12, 2022. The company focuses on midstream assets primarily in the Bakken and Three Forks Shale regions of North Dakota.

Hess Midstream Operations LP, a subsidiary of Hess Midstream LP (NYSE: HESM), announced the pricing of $400 million in senior unsecured notes at 5.500% due 2030. The offering aims to repay borrowings from its revolving credit facility used for repurchasing 13,559,322 Class B units from Hess Corporation and Global Infrastructure Partners. The transaction is expected to close on April 8, 2022, subject to customary conditions. The notes are being offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

Hess Midstream Operations LP, a subsidiary of Hess Midstream LP (NYSE: HESM), has announced a private offering of $400 million in senior unsecured notes due 2030. The proceeds will be used to repay borrowings under its revolving credit facility following the repurchase of 13.5 million Class B units. The offering is restricted to qualified institutional buyers under Rule 144A in the U.S. and non-U.S. persons under Regulation S. Notably, the notes are not registered under the Securities Act, limiting their sale in certain jurisdictions.

Hess Midstream LP (NYSE: HESM) has upsized its public offering of Class A shares to 8,900,000, priced at $29.50 each, up from 7,900,000 shares. The offering, led by Hess Corporation and Global Infrastructure Partners, is expected to generate approximately $262,550,000 in gross proceeds. Importantly, HESM will not receive any proceeds from this sale. The offering is set to close on April 4, 2022, pending customary closing conditions.

Hess Midstream LP (NYSE: HESM) announced a $400 million repurchase of Class B units from Hess Corporation and Global Infrastructure Partners. The Board of Directors approved the transaction to enhance shareholder returns and improve capital structure, targeting a 3.0x Debt/Adjusted EBITDA ratio for 2022. This move is expected to increase distributable cash flow per unit and facilitate growth above the 5% annual distribution target. Funded through debt financing, the repurchase will close concurrently with a $250 million secondary public offering.

Hess Midstream LP (NYSE: HESM) has initiated an underwritten public offering of 7,900,000 Class A shares, representing limited partner interests, by subsidiaries of Hess Corporation and Global Infrastructure Partners. The underwriters also have an option to purchase an additional 1,185,000 shares within 30 days. Importantly, HESM will not receive any proceeds from this offering. Citigroup and Goldman Sachs are the joint bookrunning managers for the offering, which is conducted under an effective shelf registration statement. More details are available in the SEC filing.

Hess Midstream LP (NYSE: HESM) has filed its annual report on Form 10-K for the fiscal year ending December 31, 2021, with the SEC on March 1, 2022. The report is available on Hess Midstream’s website, which includes fully audited financial statements. Hess Midstream operates a diverse range of midstream assets primarily in the Bakken and Three Forks Shale plays located in the Williston Basin of North Dakota, offering services to Hess Corporation and other third-party customers.

Hess Midstream LP (NYSE: HESM) reaffirmed its Q1 and full-year 2022 guidance, projecting nearly 95% minimum volume commitment revenue. Throughput volume expectations and adjusted EBITDA for Q1 are set between $235-$245 million, with full-year adjusted EBITDA at $970-$1,000 million. Net income is anticipated to be $150-$160 million for Q1 and $630-$660 million for FY 2022. The company targets 5% annual distribution growth through 2024, supported by a distribution coverage ratio exceeding 1.4x, enhancing capital flexibility.

Hess Midstream LP (NYSE: HESM) announced participation in the Credit Suisse Annual Energy Summit on February 28, 2022, and the Morgan Stanley Energy & Power Conference on March 2, 2022. The company has made a presentation available on its website to provide insights to investors. Hess Midstream focuses on midstream assets associated with oil, gas, and produced water handling, primarily in North Dakota's Bakken and Three Forks Shale plays. For more information, visit www.hessmidstream.com.