Welcome to our dedicated page for Hess Midstream P news (Ticker: HESM), a resource for investors and traders seeking the latest updates and insights on Hess Midstream P stock.
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.
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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.