Hess Midstream LP reports recurring developments for a fee-based midstream partnership that owns, operates, develops and acquires oil, gas and produced water handling assets. The company provides services to Chevron, its subsidiaries and third-party customers, with assets primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota.
News for HESM commonly covers operating and financial results, throughput trends, capital expenditure guidance, quarterly cash distributions, share and unit repurchases, return-of-capital plans and annual report filings. Company updates also address gathering, compression, processing, terminaling, export and produced water services tied to its midstream asset base.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Hess Midstream reported a solid first quarter for 2023 with a net income of $142.2 million, down from $159.6 million in Q1 2022. Net income attributable to Hess Midstream was $20.7 million, equating to $0.47 per Class A share, a slight decrease from $0.50 in the previous year. The company achieved an Adjusted EBITDA of $239.0 million and Distributable Cash Flow of $196.6 million. Cash distributions increased about 2.7% to $0.5851 per Class A share, aligning with the target for 5% annual growth. Capital expenditures amounted to $57.3 million, primarily for expanding gas compression capacity. Hess Midstream continues to target annual distribution growth and has reaffirmed its full-year guidance for 2023.
Hess Midstream LP (NYSE: HESM) declared a quarterly cash distribution of $0.5851 per Class A share for the quarter ended March 31, 2023, marking a 2.7% increase from the previous quarter. This increase includes a 1.5% rise in distribution level and a consistent quarterly increase of 1.2%, supporting the company's goal of at least 5% annual growth through 2025. CFO Jonathan Stein cited financial flexibility and excess adjusted free cash flow as key factors in increasing returns to shareholders. The distribution will be payable on May 12, 2023, to shareholders of record by May 4, 2023. Hess Midstream operates primarily in the Bakken and Three Forks Shale areas, handling oil, gas, and produced water services.
Hess Midstream LP (NYSE: HESM) announced a conference call scheduled for April 26, 2023, at 12:00 p.m. Eastern Time to discuss its first quarter 2023 earnings. Participants can register in advance via a provided link to obtain a unique PIN and dial-in number. The call will also be accessible through a webcast on Hess Midstream's website. The company focuses on providing fee-based midstream services primarily in the Bakken and Three Forks Shale regions. Hess Midstream operates, develops, and acquires various midstream assets, emphasizing growth-oriented strategies to support Hess and other clients.
For further details, visit www.hessmidstream.com.
Hess Midstream LP (NYSE: HESM) has announced a definitive agreement to repurchase approximately $100 million worth of Class B units from its sponsors, Hess Corporation and Global Infrastructure Partners. The repurchase will involve acquiring 3,619,254 Class B units at $27.63 each, representing about 1.5% of the consolidated company. This move aims to increase distributable cash flow per Class A share, supporting potential future distribution growth beyond the company's annual target of 5%. The transaction is scheduled to close in March 2023, with funding sourced from an existing revolving credit facility.
Hess Midstream LP (NYSE: HESM) filed its annual report on Form 10-K for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission on February 27, 2023. The report includes audited financial statements and is accessible on Hess Midstream’s website. The company focuses on fee-based, growth-oriented midstream operations, owning assets primarily in the Bakken and Three Forks Shale plays in North Dakota. Shareholders can request printed copies of the report free of charge by contacting Investor Relations via email.