Hess Midstream P Stock Price, News & Analysis

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.

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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.

Hess Midstream LP (NYSE: HESM) announced its 2023 financial guidance, projecting net income between $600 million and $640 million and Adjusted EBITDA of $990 million to $1,030 million. The company anticipates a minimum volume commitment (MVC) growth that implies approximately 10% annualized growth in throughput volumes from 2023 to 2025. Capital expenditures for 2023 are expected to be $225 million, focusing on gas compression and gathering systems. The company also plans a 5% annual distribution growth through 2025, supported by robust financial flexibility exceeding $1 billion through 2025 for capital allocation and shareholder returns.

Hess Midstream reported a net income of $149.8 million for Q4 2022, down from $165.1 million year-over-year. After accounting for noncontrolling interests, net income attributable to Hess Midstream was $21.8 million, or $0.49 per Class A share, compared to $0.51 in the previous quarter. Key metrics include Adjusted EBITDA of $245.1 million and Distributable Cash Flow of $202.6 million. The company faced a 12% decrease in crude oil gathering throughput and 11% for terminaling, attributed partly to severe weather. A quarterly cash distribution of $0.5696 per Class A share was declared, reflecting a 1.2% increase over the prior quarter.

Hess Midstream LP (NYSE: HESM) has declared a quarterly cash distribution of $0.5696 per Class A share for the quarter ending December 31, 2022. This marks a 1.2% increase from the previous quarter's distribution, representing a 5% annualized increase. The payment date for this distribution is set for February 13, 2023, to shareholders recorded as of February 2, 2023. Hess Midstream is a growth-oriented midstream company primarily engaged in owning and operating assets that provide services in the Bakken and Three Forks Shale plays in North Dakota.

Hess Midstream LP (NYSE: HESM) will host a conference call on January 25, 2023, at 12:00 p.m. ET, to discuss its fourth quarter 2022 earnings. Interested participants can register via a link to obtain their 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 midstream services primarily in the Bakken and Three Forks Shale regions of North Dakota, and it aims to enhance its fee-based revenue model through asset ownership and operations.