Hess Midstream P Stock Price, News & Analysis

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.

Hess Midstream Operations LP, a subsidiary of Hess Midstream LP, has priced $600 million senior unsecured notes due 2029 in a private offering, an increase from the initially announced $500 million. The proceeds will be used to reduce debt and for general corporate purposes. The offering is expected to close on May 16, 2024.