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.
Hess Midstream LP reported a robust fourth quarter of 2021 with a net income of $165.1 million, up from $132.3 million year-over-year. Adjusted EBITDA reached $246.6 million, and Distributable Cash Flow was $215.0 million, yielding a distribution coverage ratio of approximately 1.6x. For 2022, the company projects a net income between $630-$660 million and plans $235 million in capital expenditures focused on gas compression capacity. The board declared a quarterly cash distribution of $0.5167 per Class A share, a 1.2% increase from the prior quarter.
Hess Midstream LP (NYSE: HESM) has provided guidance for 2022, projecting net income between $630 million and $660 million, with Adjusted EBITDA expected between $970 million and $1,000 million. The company anticipates Distributable Cash Flow will be in the range of $840 million to $870 million, resulting in a distribution coverage ratio over 1.5x. 2022 capital expenditures are planned at approximately $235 million, focused on expanding gas compression capacity. The company expects to maintain a 5% annual distribution growth through 2024.
Hess Midstream LP (NYSE: HESM) announced a quarterly cash distribution of $0.5167 per Class A share for Q4 2021, reflecting a 1.2% increase from Q3 2021 and a 5% annualized increase. The distribution will be paid on February 14, 2022, to shareholders of record as of February 3, 2022. Hess Midstream operates midstream assets primarily in the Bakken and Three Forks Shale plays in North Dakota, offering services to Hess Corporation and third-party customers.
Hess Midstream LP (NYSE: HESM) announced a conference call on January 26, 2022 at 12:00 p.m. ET to discuss its fourth quarter 2021 earnings. Participants in the U.S. can dial 866-395-9624, while international callers should use 213-660-0871, entering passcode 5556718. The call is also available via webcast on the company's website. A replay will be accessible from January 26 to February 10, 2022. Hess Midstream operates in midstream services, mainly in the Bakken and Three Forks Shale areas of North Dakota.
Hess Midstream LP (NYSE: HESM) announced that CFO Jonathan Stein and VP of Investor Relations Jennifer Gordon will engage with investors at two upcoming events: the Goldman Sachs Global Energy and Clean Technology Conference on January 6, 2022, and the UBS Winter Infrastructure and Energy Conference on January 11-12, 2022. A presentation is available on the Hess Midstream website, highlighting its role as a fee-based midstream company operating primarily in North Dakota's Bakken and Three Forks Shale plays.
Hess Midstream LP (NYSE: HESM) will participate in the Wells Fargo Midstream, Utility & Renewables Symposium on December 8, 2021. Key executives, including CFO Jonathan Stein and VP of Investor Relations Jennifer Gordon, will be present to engage with investors. A presentation related to this event is available on Hess Midstream’s website. The company focuses on fee-based growth through ownership and operation of midstream assets primarily in the Bakken and Three Forks Shale plays in North Dakota, providing services to Hess and third-party clients.
Hess Midstream LP reported third quarter 2021 net income of $131.1 million, a rise from $115.8 million in Q3 2020. Adjusted EBITDA reached $205.0 million, while distributable cash flow (DCF) was $171.5 million. The company successfully completed a maintenance turnaround at the Tioga Gas Plant, leading to an increase in full-year 2021 net income guidance to $605-$615 million. It declared a quarterly cash distribution of $0.5104 per Class A share, reflecting a 1.2% increase over the previous quarter.
Hess Midstream LP (NYSE: HESM) announced a quarterly cash distribution of $0.5104 per Class A share for the quarter ending September 30, 2021. This marks a 1.2% increase from the previous quarter, translating to a 5% annualized increase. The distribution payment is scheduled for November 12, 2021, to shareholders on record as of November 4, 2021.
Hess Midstream focuses on operating, developing, and acquiring midstream assets in the Bakken and Three Forks Shale plays in the Williston Basin, North Dakota.
Hess Midstream LP (NYSE: HESM) will hold a conference call on October 27, 2021, at 12:00 p.m. Eastern Time to discuss its third quarter 2021 earnings. To participate, U.S. callers can dial 866-395-9624 and enter passcode 5876316. International participants can call 213-660-0871. The call will be accessible via webcast on Hess Midstream’s website.
A replay will be available from October 27 through November 11, 2021, using the same passcode.
Hess Midstream LP (NYSE: HESM) announced the upsizing of its public offering to 7,500,000 Class A shares, priced at $26.00 each, resulting in expected gross proceeds of approximately $195 million. The offering, led by Hess Corporation and Global Infrastructure Partners, includes a 30-day option for underwriters to purchase an additional 1,125,000 shares. The offering is set to close on October 8, 2021. HESM will not receive any proceeds from this sale.