Hess Midstream P Stock Price, News & Analysis

Hess Midstream (NYSE: HESM) reported strong Q3 2024 results with net income of $164.7 million and Adjusted EBITDA of $286.9 million. The company achieved a 9% increase in gas gathering and processing volumes compared to the previous year. Net cash from operations reached $224.9 million, with Adjusted Free Cash Flow of $141.4 million. The company completed a $100 million Class B unit repurchase and increased its quarterly distribution to $0.6846 per Class A share. Looking ahead, HESM expects Q4 2024 net income of $170-185 million and Adjusted EBITDA of $295-310 million, representing approximately 5% growth. The company maintains its target of 5% annual distribution growth through 2026.

Hess Midstream (NYSE: HESM) announced a quarterly cash distribution of $0.6846 per Class A share for Q3 2024, representing a $0.0169 increase from Q2 2024. This increase follows the company's $100 million unit repurchase in September 2024 and exceeds their targeted 5% annual distribution growth through 2026. The company has increased distributions by over 50% since Q1 2021 and by over 10% in 2024 year-to-date. Hess Midstream expects to maintain $1.25 billion in financial flexibility through 2026 for potential additional unit repurchases. The distribution will be paid on November 14, 2024, to shareholders of record as of November 7, 2024.

Hess Midstream LP (NYSE: HESM) has announced its upcoming conference call to discuss third quarter 2024 earnings. The call is scheduled for Wednesday, October 30, 2024, at 12:00 p.m. Eastern Time. Participants who wish to join the conference call by phone are required to register in advance using a provided link to receive a unique PIN and dial-in number. Additionally, the company will make the conference call and subsequent replay accessible via webcast (audio only) on the Hess Midstream website at www.hessmidstream.com.

Hess Midstream LP (NYSE: HESM) has announced the pricing of an upsized secondary public offering of Class A shares. The offering, initially set at 10,000,000 shares, has been increased to 11,000,000 Class A shares. These shares are being sold by an affiliate of Global Infrastructure Partners, the Selling Shareholder. The underwriter, Citigroup, has been granted a 30-day option to purchase up to 1,650,000 additional Class A shares.

HESM will not receive any proceeds from this sale. The offering is expected to close on September 20, 2024, subject to customary conditions. The shares will be offered through various channels, including the New York Stock Exchange and over-the-counter market, at market or negotiated prices.

Hess Midstream LP (NYSE: HESM) has announced a secondary public offering of 10,000,000 Class A shares by an affiliate of Global Infrastructure Partners. The underwriter, Citigroup, may purchase up to 1,500,000 additional shares within 30 days. HESM will not receive proceeds from this sale. The shares will be offered on the New York Stock Exchange and over-the-counter markets at market or negotiated prices. This offering is made through a prospectus supplement and base prospectus filed with the SEC. The sale is pursuant to an effective shelf registration statement previously filed with the SEC.

Hess Midstream LP (NYSE: HESM) has announced a $100 million repurchase of Class B units from its sponsors, Hess and Global Infrastructure Partners. This transaction, unanimously approved by the Board of Directors, is part of Hess Midstream's financial strategy to deliver shareholder returns while maintaining balance sheet strength. Key points:

- 2,823,262 Class B units (1.3% of the consolidated company) will be repurchased at $35.42 per unit
- The repurchase is expected to close on September 11, 2024
- It will be funded through existing revolving credit facility
- Post-transaction ownership: Public 41.5%, Global Infrastructure Partners 20.7%, Hess 37.8%
- This brings total shareholder returns through unit repurchases to $1.85 billion since 2021
- The company expects to maintain over $1.25 billion in financial flexibility through 2026

Hess Midstream LP (NYSE: HESM) announced that its Chief Financial Officer, Jonathan Stein, and Vice President of Investor Relations, Jennifer Gordon, will meet with investors at the Barclays Annual CEO Energy-Power Conference on September 3, 2024. The company has made a presentation available on its website in the 'Investors' section at www.hessmidstream.com. This event provides an opportunity for Hess Midstream to engage with investors and share insights about the company's performance and strategies.

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.