10-Q

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Item 1. Financial Statements


	June 30,		December 31,
	2022		2021
(in millions, except share amounts)
Assets
Cash and cash equivalents	$	2.4	$	2.2
Accounts receivable—affiliate:
From contracts with customers		153.6		120.3
Other current assets		2.4		10.6
Total current assets		158.4		133.1
Equity investments		96.9		101.6
Property, plant and equipment, net		3,144.6		3,125.0
Long-term receivable—affiliate		0.7		0.8
Deferred tax asset		191.6		117.3
Other noncurrent assets		6.5		7.8
Total assets	$	3,598.7	$	3,485.6
Liabilities
Accounts payable—trade	$	32.3	$	26.9
Accounts payable—affiliate		28.2		37.6
Accrued liabilities		85.1		76.2
Current maturities of long-term debt		-		20.0
Other current liabilities		6.9		10.2
Total current liabilities		152.5		170.9
Long-term debt		2,937.4		2,543.5
Deferred tax liability		0.4		0.4
Other noncurrent liabilities		20.9		17.7
Total liabilities		3,111.2		2,732.5
Partners' capital
Class A shares (44,002,846 shares issued and outstanding as of June 30, 2022; 33,672,068 shares issued and outstanding as of December 31, 2021)		248.7		204.1
Class B shares (195,847,606 shares issued and outstanding as of June 30, 2022; 219,641,928 shares issued and outstanding as of December 31, 2021)		-		-
Total partners' capital		248.7		204.1
Noncontrolling interest		238.8		549.0
Total partners' capital		487.5		753.1
Total liabilities and partners' capital	$	3,598.7	$	3,485.6

See accompanying notes to unaudited consolidated financial statements.

PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions, except per share data)
Revenues
Affiliate services	$	313.0	$	294.8	$	625.1	$	583.6
Other income		0.4		-		0.7		-
Total revenues		313.4		294.8		625.8		583.6
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		67.8		63.6		134.3		123.4
Depreciation expense		45.0		40.4		89.4		80.6
General and administrative expenses		5.3		5.2		11.3		11.5
Total costs and expenses		118.1		109.2		235.0		215.5
Income from operations		195.3		185.6		390.8		368.1
Income from equity investments		1.0		2.9		1.4		5.6
Interest expense, net		37.4		22.9		68.7		46.0
Income before income tax expense		158.9		165.6		323.5		327.7
Income tax expense		7.1		3.6		12.1		6.1
Net income		151.8		162.0		311.4		321.6
Less: Net income attributable to noncontrolling interest		129.8		151.0		272.5		302.0
Net income attributable to Hess Midstream LP	$	22.0	$	11.0	$	38.9	$	19.6

Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.51	$	0.44	$	1.01	$	0.89
Diluted:	$	0.50	$	0.44	$	0.99	$	0.87
Weighted average Class A shares outstanding
Basic:		43.7		25.0		38.7		22.2
Diluted:		43.7		25.1		38.8		22.3

See accompanying notes to unaudited consolidated financial statements.

PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

(UNAUDITED)


	Partners' Capital
	Class A Shares			Class B Shares		Noncontrolling Interest			Total
(in millions)
Balance at December 31, 2021	$	204.1		$	-	$	549.0		$	753.1
Net income		16.9			-		142.7			159.6
Equity-based compensation		0.5			-		-			0.5
Distributions - $0.5167 per share		(17.5	)		-		(113.5	)		(131.0	)
Transaction costs		(0.1	)		-		(0.3	)		(0.4	)
Balance at March 31, 2022	$	203.9		$	-	$	577.9		$	781.8
Net income		22.0			-		129.8			151.8
Equity-based compensation		0.4			-		-			0.4
Distributions - $0.5492 per share		(24.2	)		-		(107.6	)		(131.8	)
Recognition of deferred tax asset		86.4			-		-			86.4
Sale of shares held by Sponsors		27.0			-		(27.0	)		-
Class B unit repurchase		(66.6	)		-		(333.4	)		(400.0	)
Transaction costs		(0.2	)		-		(0.9	)		(1.1	)
Balance at June 30, 2022	$	248.7		$	-	$	238.8		$	487.5

Balance at December 31, 2020	$	125.0		$	-	$	1,201.0		$	1,326.0
Net income		8.6			-		151.0			159.6
Equity-based compensation		0.4			-		-			0.4
Distributions - $0.4471 per share		(8.2	)		-		(119.1	)		(127.3	)
Recognition of deferred tax asset		26.4					-			26.4
Sales of shares held by Sponsors		31.8			-		(31.8	)		-
Balance at March 31, 2021	$	184.0		$	-	$	1,201.1		$	1,385.1
Net income		11.0			-		151.0			162.0
Equity-based compensation		0.3			-		-			0.3
Distributions - $0.4526 per share		(11.3	)		-		(117.5	)		(128.8	)
Balance at June 30, 2021	$	184.0		$	-	$	1,234.6		$	1,418.6

See accompanying notes to unaudited consolidated financial statements.

PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Six Months Ended June 30,
	2022			2021
(in millions)
Cash flows from operating activities
Net income	$	311.4		$	321.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense		89.4			80.6
(Income) loss from equity investments		(1.4	)		(5.6	)
Distributions from equity investments		6.1			11.5
Amortization of deferred financing costs		4.2			3.4
Equity-based compensation expense		0.9			0.7
Deferred income tax expense (benefit)		12.1			6.1
Changes in assets and liabilities:
Accounts receivable – affiliate		(33.2	)		(12.0	)
Other current and noncurrent assets		8.4			3.9
Accounts payable – trade		5.4			(8.5	)
Accounts payable – affiliate		(5.7	)		(1.0	)
Accrued liabilities		6.8			(5.9	)
Other current and noncurrent liabilities		(0.6	)		(4.8	)
Net cash provided by (used in) operating activities		403.8			390.0
Cash flows from investing activities
Additions to property, plant and equipment		(110.7	)		(52.7	)
Net cash provided by (used in) investing activities		(110.7	)		(52.7	)
Cash flows from financing activities
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less		(13.0	)		(75.0	)
Bank borrowings with maturities of greater than 90 days
Repayments		(10.0	)		(5.0	)
Proceeds from issuance of bonds		400.0			-
Deferred financing costs		(5.9	)		-
Transaction costs		(1.2	)		-
Class B unit repurchase		(400.0	)		-
Distributions to shareholders		(41.7	)		(19.5	)
Distributions to noncontrolling interest		(221.1	)		(236.6	)
Net cash provided by (used in) financing activities		(292.9	)		(336.1	)
Increase (decrease) in cash and cash equivalents		0.2			1.2
Cash and cash equivalents, beginning of period		2.2			2.6
Cash and cash equivalents, end of period	$	2.4		$	3.8
Supplemental disclosure of non-cash investing and financing activities:
(Increase) decrease in accrued capital expenditures and related liabilities	$	1.9		$	(16.8	)
Recognition of deferred tax asset	$	86.4		$	26.4

See accompanying notes to unaudited consolidated financial statements.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of Business

Hess Midstream LP (“the Company”) is a fee-based, growth-oriented, Delaware limited partnership that operates, develops and acquires a diverse set of midstream assets and provides fee-based services to Hess Corporation (“Hess”) and third-party customers. We are managed and controlled by Hess Midstream GP LLC, the general partner of our general partner that is owned 50/50 by Hess and GIP II Blue Holding, L.P. (“GIP” and together with Hess, the “Sponsors”).

Our assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota, which we collectively refer to as the Bakken. Our assets and operations are organized into the following three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export (see Note 13, Segments).

Unless the context otherwise requires, references in this report to the “Company,” “we,” “our,” “us” or like terms, refer to Hess Midstream LP and its subsidiaries.

Note 2. Basis of Presentation

The consolidated financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at June 30, 2022 and December 31, 2021, the consolidated results of operations for the three and six months ended June 30, 2022 and 2021, and the consolidated cash flows for the six months ended June 30, 2022 and 2021. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to comprehensive income (loss). The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year.

The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These financial statements, therefore, should be read in conjunction with the financial statements and related notes included in the Company’s annual report on Form 10‑K for the year ended December 31, 2021.

We consolidate the activities of Hess Midstream Operations LP (“the Partnership”), as a variable interest entity (“VIE”) under U.S. GAAP. We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our ownership, to direct those activities that most significantly impact the economic performance of the Partnership. This conclusion was based on a qualitative analysis that considered the Partnership’s governance structure and the delegation of control provisions, which provide us the ability to control the operations of the Partnership. All financial statement activities associated with the VIE are captured within gathering, processing and storage, and terminaling and export segments (see Note 13, Segments). We currently do not have any independent assets or operations other than our interest in the Partnership. Our noncontrolling interest represents the approximate 81.7% interest in the Partnership retained by Hess and GIP at June 30, 2022 (86.7% at December 31, 2021). See Note 3, Equity Transactions for a description of changes in noncontrolling interest related to the equity transactions.

Note 3. Equity Transactions

Equity Offering Transactions

On March 15, 2021, the Sponsors sold an aggregate of 6,900,000 of our Class A shares representing limited partner interests (“Class A Shares”), inclusive of the underwriters’ option to purchase up to 900,000 of additional shares, which was fully exercised, in an underwritten public offering at a price of $21.00 per Class A Share, less underwriting discounts. The Sponsors received net proceeds from the offering of approximately $139.9 million, after deducting underwriting discounts.

On April 4, 2022, the Sponsors sold an aggregate of 10,235,000 of our Class A Shares, inclusive of the underwriters’ option to purchase up to 1,335,000 of additional shares, which was fully exercised, in an underwritten public offering at a price of $29.50 per Class A Share, less underwriting discounts. The Sponsors received net proceeds from the offering of approximately $291.7 million, after deducting underwriting discounts.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company did not receive any proceeds in the offerings. The above equity offering transactions were conducted pursuant to a registration rights agreement among us and the Sponsors. The Class A Shares sold in the offerings were obtained by the Sponsors by exchanging to us the respective number of their Class B Units in the Partnership, together with an equal number of our Class B Shares and, as a result, the total number of Class A and Class B Shares did not change. The Company retained control in the Partnership based on the delegation of control provisions, as described in Note 2, Basis of Presentation. As a result of the equity offering transactions described above, we recognized adjustments increasing the amount of the Class A shareholders’ capital balance by $27.0 million and decreasing the carrying amount of noncontrolling interest by an equal amount (six months ended June 30, 2021: $31.8 million) to reflect the change in ownership interest.

Class B Unit Repurchase

On March 29, 2022, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement pursuant to which the Partnership agreed to purchase from the Sponsors, subject to the secondary equity offering transaction described above, an aggregate number of Class B Units representing limited partner interests in the Partnership to be determined by dividing (a) $400.0 million by (b) the public offering price of the Class A Shares to be set in the secondary offering (the “Repurchase Transaction”). On April 4, 2022, the Repurchase Transaction closed, and the Partnership purchased directly from the Sponsors 13,559,322 Class B Units at a purchase price per Class B Unit of $29.50, which is equal to the public offering price per Class A Share in the transaction described above. Pursuant to the terms of the repurchase agreement, immediately following the purchase of the Class B Units from the Sponsors, the Partnership cancelled those units, and the Company cancelled, for no consideration, an equal number of Class B Shares representing limited partner interests in the Company held by the Company’s general partner. The Repurchase Transaction was funded using borrowings under the Partnership’s revolving credit facility, which were subsequently repaid with proceeds from a $400.0 million senior unsecured notes offering (see Note 7, Debt and Interest Expense).

The Repurchase Transaction was accounted for in accordance with ASC 810 whereby changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions. The carrying amount of the noncontrolling interest was adjusted to reflect the change in the ownership interest with the difference between the amount of consideration paid and the amount by which the noncontrolling interest was adjusted recognized as a reduction in equity attributable to Class A shareholders. We incurred approximately $1.5 million of costs directly attributable to the Repurchase Transaction that were charged to equity.

As a result of the equity offering transactions and the Repurchase Transaction described above, we also recognized an additional deferred tax asset of $86.4 million (six months ended June 30, 2021: $26.4 million) related to the change in the temporary difference between carrying amount and tax basis of our investment in the Partnership. The effect of recognizing the additional deferred tax asset was included in Class A shareholders’ equity balance in the accompanying consolidated statement of changes in partners’ capital due to the transaction being characterized as a transaction among or with shareholders.

Note 4. Related Party Transactions

In addition to the Repurchase Transaction and distributions to the Sponsors disclosed elsewhere in the Notes to consolidated financial statements, we had the following related party transactions:

Commercial Agreements

Effective January 1, 2014, we entered into long-term fee-based (i) gas gathering, (ii) crude oil gathering, (iii) gas processing and fractionation, (iv) storage services, and (v) terminal and export services agreements with certain subsidiaries of Hess. Effective January 1, 2019, we entered into long-term fee-based water services agreements with a subsidiary of Hess. For the services performed under these commercial agreements, we receive a fee per barrel of crude oil, barrel of water, Mcf of natural gas, or Mcf equivalent of NGLs, as applicable, delivered during each month, and Hess is obligated to provide us with minimum volumes of crude oil, water, natural gas and NGLs. Minimum volume commitments (“MVCs”) are equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis such that MVCs are set for the three years following the most recent nomination. Without our consent, the MVCs resulting from the nominated volumes for any quarter or year contained in any prior development plan shall not be reduced by any updated development plan unless dedicated production is released by us. The applicable MVCs may, however, be increased as a result of the nominations contained in any such updated development plan.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Except for the water services agreements and except for a certain gathering sub-system as described below, each of our commercial agreements with Hess has an initial 10-year term effective January 1, 2014 (“Initial Term”). For this gathering sub-system, the Initial Term is 15 years effective January 1, 2014 and for the water services agreements the Initial Term is 14 years effective January 1, 2019. Each of our commercial agreements other than our storage services agreement includes an inflation escalator and a fee recalculation mechanism that allows fees to be adjusted annually during the Initial Term for updated estimates of cumulative throughput volumes and our capital and operating expenditures in order to target a return on capital deployed over the Initial Term of the applicable commercial agreement (or, with respect to the crude oil services fee under our terminal and export services agreement, the 20-year period commencing on the effective date of the agreement).

We have the unilateral right, exercisable by the delivery of a written notice on or before the date that is three years prior to the expiration of the Initial Term, to extend each commercial agreement for one additional 10-year term (“Secondary Term”). For a certain gathering sub-system, the Secondary Term is 5-years and for the water services agreements the Secondary Term is 10 years. On December 30, 2020, we exercised our renewal options to extend the terms of certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess for the Secondary Term through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options. For the remaining water gathering and disposal agreements as well as the remaining gas gathering agreement, we have the sole option to renew these agreements for an additional term that is exercisable at a later date.

During the Secondary Term of each of our commercial agreements other than our storage services agreement and terminal and export services agreement (with respect to crude oil terminaling services), the fee recalculation model under each applicable agreement will be replaced by an inflation-based fee structure. The initial fee for the first year of the Secondary Term will be determined based on the average fees paid by Hess under the applicable agreement during the last three years of the Initial Term (with such fees adjusted for inflation through the first year of the Secondary Term). For each year following the first year of the Secondary Term, the applicable fee will be adjusted annually based on the percentage change in the consumer price index, provided that we may not increase any fee by more than 3% in any calendar year solely by reason of an increase in the consumer price index, and no fee will ever be reduced below the amount of the applicable fee payable by Hess in the prior year as a result of a decrease in the consumer price index. During the Secondary Term of our commercial agreements, Hess will continue to have MVCs equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis through the Secondary Term.

For the three and six months ended June 30, 2022 and 2021, approximately 100% of our revenues were attributable to our fee‑based commercial agreements with Hess, including revenues from third‑party volumes contracted with Hess and delivered to us under these agreements. We retain control of our assets and the flow of volumes based on available capacity within our integrated gathering, processing and terminaling systems. Together with Hess, we are pursuing strategic relationships with third‑party producers and other midstream companies with operations in the Bakken in order to maximize our utilization rates.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Revenues from contracts with customers on a disaggregated basis are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	148.4	$	133.4	$	293.7	$	262.1
Processing and storage services		116.5		105.3		230.3		208.8
Terminaling and export services		30.3		34.9		65.0		67.5
Water gathering and disposal services		17.8		21.2		36.1		45.2
Total revenues from contracts with customers	$	313.0	$	294.8	$	625.1	$	583.6
Other income		0.4		-		0.7		-
Total revenues	$	313.4	$	294.8	$	625.8	$	583.6

The following table presents MVC shortfall fees earned during each period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	30.5	$	9.4	$	51.8	$	16.9
Processing and storage services		16.5		-		22.8		-
Terminaling and export services		10.3		7.7		16.6		12.7
Water gathering and disposal services		0.4		1.6		0.4		2.5
Total	$	57.7	$	18.7	$	91.6	$	32.1

The following table presents third-party pass-through costs for which we recognize revenues in an amount equal to the costs. These third-party costs are included in Operating and maintenance expenses in the accompanying unaudited consolidated statements of operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Electricity and other related fees	$	12.0	$	9.9	$	22.5	$	19.2
Produced water trucking and disposal costs		7.9		8.7		15.8		18.1
Rail transportation costs		-		-		4.3		0.1
Total	$	19.9	$	18.6	$	42.6	$	37.4

Omnibus and Employee Secondment Agreements

Under our omnibus and employee secondment agreements, Hess provides substantial operational and administrative services to us in support of our assets and operations. For the three and six months ended June 30, 2022 and 2021, we had the following charges from Hess. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the fundamental nature of the services being performed for our operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Operating and maintenance expenses	$	16.7	$	15.8	$	33.6	$	31.5
General and administrative expenses		3.8		3.6		7.5		7.8
Total	$	20.5	$	19.4	$	41.1	$	39.3

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LM4 Agreements

Separately from our commercial agreements with Hess, we entered into a gas processing agreement with Little Missouri 4 (“LM4”), a 50/50 joint venture with Targa Resources Corp., under which we pay a processing fee per Mcf of natural gas and reimburse LM4 for our proportionate share of electricity costs. These processing fees are included in Operating and maintenance expenses in the accompanying consolidated statements of operations. In addition, we share profits and losses and receive distributions from LM4 under the LM4 amended and restated limited liability company agreement based on our ownership interest. For the three and six months ended June 30, 2022 and 2021, we had the following activity related to our agreements with LM4:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Processing fee incurred	$	4.7	$	7.1	$	9.2	$	14.0
Earnings from equity investments		1.0		2.9		1.4		5.6
Distributions received from equity investments		1.4		4.0		6.1		11.5

Note 5. Property, Plant and Equipment

Property, plant and equipment, at cost, is as follows:


	Estimated useful lives	June 30, 2022			December 31, 2021
(in millions, except for number of years)
Gathering assets
Pipelines	22 years	$	1,526.0		$	1,489.7
Compressors, pumping stations and terminals	22 to 25 years		859.8			809.0
Gas plant assets
Pipelines, pipes and valves	22 to 25 years		460.0			460.0
Equipment	12 to 30 years		428.2			428.3
Processing and fractionation facilities	25 years		413.2			408.7
Buildings	35 years		182.3			182.3
Logistics facilities and railcars	20 to 25 years		386.7			386.5
Storage facilities	20 to 25 years		19.5			19.5
Other	20 to 25 years		25.8			25.8
Construction-in-progress	N/A		148.7			131.6
Total property, plant and equipment, at cost			4,450.2			4,341.4
Accumulated depreciation			(1,305.6	)		(1,216.4	)
Property, plant and equipment, net		$	3,144.6		$	3,125.0

Note 6. Accrued Liabilities

Accrued liabilities are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Accrued interest	$	35.1	$	30.9
Accrued capital expenditures		28.0		26.5
Other accruals		22.0		18.8
Total	$	85.1	$	76.2

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 7. Debt and Interest Expense

Fixed‑Rate Senior Notes

On April 8, 2022, the Partnership issued $400.0 million aggregate principal amount of 5.500% fixed-rate senior unsecured notes due 2030 to qualified institutional investors. Interest is payable semi‑annually on April 15 and October 15, commencing October 15, 2022. The Partnership used the proceeds to repay the borrowings under its revolving credit facility used to finance the Repurchase Transaction (see Note 3, Equity Transactions).

As of June 30, 2022, the Partnership had $750.0 million aggregate principal amount of 4.250% fixed‑rate senior unsecured notes due 2030 that were issued to qualified institutional investors. Interest is payable semi‑annually on February 15 and August 15.

As of June 30, 2022, the Partnership also had $550.0 million aggregate principal amount of 5.125% fixed‑rate senior unsecured notes due 2028 that were issued to qualified institutional investors. Interest is payable semi‑annually on June 15 and December 15.

In addition, as of June 30, 2022, the Partnership had $800.0 million aggregate principal amount of 5.625% fixed‑rate senior unsecured notes due 2026 that were issued to qualified institutional investors. Interest is payable semi‑annually on February 15 and August 15.

The notes described above are guaranteed by certain subsidiaries of the Partnership. Each of the indentures for the senior unsecured notes described above contains customary covenants that restrict our ability and the ability of our restricted subsidiaries to (i) declare or pay any dividend or make any other restricted payments; (ii) transfer or sell assets or subsidiary stock; (iii) incur additional debt; or (iv) make restricted investments, unless, at the time of and immediately after giving pro forma effect to such restricted payments and any related incurrence of indebtedness or other transactions, no default has occurred and is continuing or would occur as a consequence of such restricted payment and if the leverage ratio does not exceed 4.25 to 1.00. As of June 30, 2022, we were in compliance with all debt covenants under the indentures.

In addition, the covenants included in the indentures governing the senior unsecured notes contain provisions that allow the Company to satisfy the Partnership’s reporting obligations under the indenture, as long as any such financial information of the Company contains information reasonably sufficient to identify the material differences, if any, between the financial information of the Company, on the one hand, and the Partnership and its subsidiaries on a stand-alone basis, on the other hand and the Company does not directly own capital stock of any person other than the Partnership and its subsidiaries, or material business operations that would not be consolidated with the financial results of the Partnership and its subsidiaries. The Company is a holding company and has no independent assets or operations. Other than the interest in the Partnership and the effect of federal and state income taxes that are recognized at the Company level, there are no material differences between the consolidated financial statements of the Partnership and the consolidated financial statements of the Company.

Credit Facilities

As of June 30, 2022, the Partnership had senior secured credit facilities (the “Credit Facilities”) consisting of a $1,000.0 million 5-year revolving credit facility and a $400.0 million 5-year Term Loan A facility, which was initially fully drawn, maturing in 2024. Facility fees accrue on the total capacity of the revolving credit facility. Borrowings under the 5-year Term Loan A facility generally bear interest at LIBOR plus the applicable margin ranging from 1.55% to 2.50%, while the applicable margin for the 5-year syndicated revolving credit facility ranges from 1.275% to 2.000%. Pricing levels for the facility fee and interest rate margins are based on the Partnership’s ratio of total debt to EBITDA (as defined in the Credit Facilities). If the Partnership obtains an investment grade credit rating, the pricing levels will be based on the Partnership’s credit ratings in effect from time to time. At June 30, 2022, borrowings of $91.0 million were drawn and outstanding under the Partnership’s revolving credit facility, and borrowings of $380.0 million, excluding deferred issuance costs, were drawn and outstanding under the Partnership’s Term Loan A facility.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Credit Facilities can be used for borrowings and letters of credit for general corporate purposes. The Credit Facilities are guaranteed by each direct and indirect wholly owned material domestic subsidiary of the Partnership, and are secured by first priority perfected liens on substantially all of the presently owned and after-acquired assets of the Partnership and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to the Partnership obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter. As of June 30, 2022, the Partnership was in compliance with these financial covenants.

On July 14, 2022, the Partnership amended and restated its Credit Facilities. See Note 14, Subsequent Events.

Fair Value Measurement

At June 30, 2022, our total debt had a carrying value of $2,937.4 million and had a fair value of approximately $2,691.7 million, based on Level 2 inputs in the fair value measurement hierarchy. The carrying value of the amounts under the Term Loan A facility and revolving credit facility at June 30, 2022, approximated their fair value. Any changes in interest rates do not impact cash outflows associated with fixed rate interest payments or settlement of debt principal, unless a debt instrument is repurchased prior to maturity.

Note 8. Partners’ Capital and Distributions

Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash, as defined in the partnership agreement, to shareholders of record on the applicable record date. The following table details the distributions declared and/or paid for the periods presented:


Period	Record Date	Distribution Date	Distribution per Class A share
First Quarter 2021	May 3, 2021	May 13, 2021	$	0.4526
Second Quarter 2021	August 9, 2021	August 13, 2021	$	0.5042
Third Quarter 2021	November 4, 2021	November 12, 2021	$	0.5104
Fourth Quarter 2021	February 3, 2022	February 14, 2022	$	0.5167
First Quarter 2022	May 5, 2022	May 13, 2022	$	0.5492
Second Quarter 2022(1)	August 4, 2022	August 12, 2022	$	0.5559

(1) For more information, see Note 14, Subsequent Events.

Note 9. Equity‑Based Compensation

Equity‑based award activity for the six months ended June 30, 2022 is as follows:


				Weighted Average
				Award Date
	Number of Shares			Fair Value
Outstanding and unvested shares at December 31, 2021		187,931		$	16.75
Granted		53,548			33.52
Vested		(95,778	)		16.89
Outstanding and unvested shares at June 30, 2022		145,701		$	22.82

As of June 30, 2022, $2.7 million of compensation cost related to unvested restricted shares awarded under our long-term incentive plan remains to be recognized over an expected weighted‑average period of 2.1 years.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 10. Earnings per Share

We calculate earnings per Class A Share as we do not have any other participating securities. Substantially all of income tax expense is attributed to earnings of Class A Shares reflective of our organizational structure. Class B Units of the Partnership together with the equal number of Class B Shares of the Company are convertible to Class A Shares of the Company on a one-for-one basis. In addition, our restricted equity-based awards may have a dilutive effect on our earnings per share. Diluted earnings per Class A Share are calculated using the “treasury stock method” or “if-converted method,” whichever is more dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income	$	151.8	$	162.0	$	311.4	$	321.6
Less: Net income attributable to noncontrolling interest		129.8		151.0		272.5		302.0
Net income attributable to Hess Midstream LP		22.0		11.0		38.9		19.6
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.51	$	0.44	$	1.01	$	0.89
Diluted:	$	0.50	$	0.44	$	0.99	$	0.87
Weighted average Class A shares outstanding:
Basic:		43.7		25.0		38.7		22.2
Diluted:		43.7		25.1		38.8		22.3

For the three and six months ended June 30, 2022 the weighted average number of Class A shares outstanding included 50,874 and 76,243 dilutive restricted shares, respectively, compared with 77,748 and 99,985 dilutive restricted shares for the three and six months ended June 30, 2021, respectively.

Note 11. Concentration of Credit Risk

Hess represented approximately 100% of our total revenues and accounts receivable for the three and six months ended June 30, 2022 and 2021.

Note 12. Commitments and Contingencies

Environmental Contingencies

The Company is subject to federal, state and local laws and regulations relating to the environment. As of June 30, 2022 our reserves for estimated remediation liabilities included in Accrued liabilities and Other noncurrent liabilities were $0.6 million and $4.5 million, respectively, compared with $0.8 million and $3.1 million, respectively, as of December 31, 2021.

Legal Proceedings

In the ordinary course of business, the Company is from time to time party to various judicial and administrative proceedings. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of a known contingency, we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued.

As of June 30, 2022 and December 31, 2021, we did not have material accrued liabilities for legal contingencies. Based on currently available information, we believe it is remote that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 13. Segments

Our operations are located in the United States and are organized into three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export. Our reportable segments comprise the structure used by our Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. These segments are strategic business units with differing products and services. Our CODM evaluates the segments’ operating performance based on multiple measures including Adjusted EBITDA, defined as net income (loss) before net interest expense, income tax expense (benefit), depreciation and amortization and our proportional share of depreciation of equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash, non‑recurring items, if applicable.

The following tables reflect certain financial data for each reportable segment:


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2022
Revenues and other income	$	166.2	$	116.5	$	30.7	$	-		$	313.4
Net income (loss)		95.2		81.3		21.3		(46.0	)		151.8
Net income (loss) attributable to Hess Midstream LP		17.6		15.0		3.8		(14.4	)		22.0
Depreciation expense		26.6		14.4		4.0		-			45.0
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		1.0		-		-			1.0
Interest expense, net		-		-		-		37.4			37.4
Income tax expense		-		-		-		7.1			7.1
Adjusted EBITDA		121.8		97.0		25.3		(1.5	)		242.6
Capital expenditures*		67.7		1.3		2.7		-			71.7

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2021
Revenues and other income	$	154.6	$	105.3	$	34.9	$	-		$	294.8
Net income (loss)		92.4		71.6		26.1		(28.1	)		162.0
Net income (loss) attributable to Hess Midstream LP		8.1		6.3		2.4		(5.8	)		11.0
Depreciation expense		25.2		11.2		4.0		-			40.4
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		2.9		-		-			2.9
Interest expense, net		-		-		-		22.9			22.9
Income tax expense		-		-		-		3.6			3.6
Adjusted EBITDA		117.6		84.1		30.1		(1.6	)		230.2
Capital expenditures*		38.2		8.1		0.1		-			46.4

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2022
Revenues and other income	$	329.8	$	230.3	$	65.7	$	-		$	625.8
Net income (loss)		193.4		159.4		43.2		(84.6	)		311.4
Net income (loss) attributable to Hess Midstream LP		30.6		25.4		6.7		(23.8	)		38.9
Depreciation expense		52.5		28.8		8.1		-			89.4
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		1.4		-		-			1.4
Interest expense, net		-		-		-		68.7			68.7
Income tax expense		-		-		-		12.1			12.1
Adjusted EBITDA		245.9		190.8		51.3		(3.8	)		484.2
Capital expenditures*		103.4		2.2		3.2		-			108.8

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2021
Revenues and other income	$	307.3	$	208.8	$	67.5	$	-		$	583.6
Net income (loss)		184.8		142.5		50.1		(55.8	)		321.6
Net income (loss) attributable to Hess Midstream LP		14.5		11.1		4.0		(10.0	)		19.6
Depreciation expense		50.1		22.4		8.1		-			80.6
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		5.6		-		-			5.6
Interest expense, net		-		-		-		46.0			46.0
Income tax expense (benefit)		-		-		-		6.1			6.1
Adjusted EBITDA		234.9		167.5		58.2		(3.7	)		456.9
Capital expenditures*		57.6		11.8		0.1		-			69.5

*Includes acquisition, expansion and maintenance capital expenditures, as applicable.

Total assets for the reportable segments are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Gathering	$	1,988.0	$	1,927.0
Processing and Storage(1)		1,133.1		1,149.5
Terminaling and Export		277.1		281.4
Interest and Other		200.5		127.7
Total assets	$	3,598.7	$	3,485.6

(1) Includes investment in equity investees of $96.9 million as of June 30, 2022 and $101.6 million as of December 31, 2021.

PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 14. Subsequent Events

On July 14, 2022, the Partnership amended and restated its existing credit agreement for its $1.4 billion Credit Facilities. The amended and restated credit agreement, among other things, (a) extended the maturity date from December 2024 to July 2027, (b) increased the accordion feature to up to an additional $750.0 million, which does not represent a lending commitment from the lenders, and (c) replaced the London Interbank Offered Rate, or LIBOR, with Secured Overnight Financing Rate, or SOFR, as the benchmark rate. In connection with the amendment and restatement of the credit facilities, the Partnership retired its existing senior secured Term Loan A facility, which had borrowings of $380.0 million excluding deferred issuance costs at June 30, 2022, and entered into a fully drawn $400.0 million 5-year Term Loan A facility, receiving cash of $20.0 million at closing. As a result of this refinance, $25.0 million of current maturities of long-term debt have been reclassified to long-term debt as of June 30, 2022. The amended and restated credit agreement has substantially similar terms to the prior agreement, including commitment amounts, guarantees, secured collateral and covenants.

On July 25, 2022, the board of directors of our general partner declared a quarterly cash distribution of $0.5559 per Class A share for the quarter ended June 30, 2022, an approximate 1.2% increase compared to the distribution on the Class A shares for the quarter ended March 31, 2022. The distribution will be payable on August 12, 2022, to shareholders of record as of the close of business on August 4, 2022. Simultaneously, the Partnership will make a distribution of $0.5559 per Class B unit of the Partnership to the Sponsors.

PART I – FINANCIAL INFORMATION (CONT’D)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the unaudited financial statements and accompanying footnotes included under Item 1. Financial Statements and in conjunction with the audited consolidated financial statements and accompanying footnotes in our Annual Report on Form 10‑K for the year ended December 31, 2021 (our “2021 Annual Report”).

Unless otherwise stated or the context otherwise indicates, references in this report to “Hess Midstream LP,” “the Company,” “us,” “our,” “we” or similar terms refer to Hess Midstream LP, including its consolidated subsidiaries.

This discussion contains forward‑looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in our 2021 Annual Report.

Overview

We are a fee-based, growth-oriented, limited partnership that owns, operates, develops and acquires a diverse set of midstream assets and provides fee-based services to Hess Corporation (“Hess”) and third-party customers. We are managed and controlled by Hess Midstream GP LLC, the general partner of our general partner that is owned 50/50 by Hess and GIP II Blue Holding, L.P. (“GIP” and together with Hess, the “Sponsors”). Our assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota, which we collectively refer to as the Bakken.

In March 2022, we brought online one of two new greenfield compressor stations planned for 2022. We recently completed construction and commenced commissioning of the second compressor station, which we expect to bring online in the third quarter of 2022. In aggregate, the new stations are expected to provide an additional 85 MMcf/d of installed capacity in 2022 and can be expanded up to 130 MMcf/d in the future.

On April 4, 2022, the Sponsors sold an aggregate of 10,235,000 of our Class A shares, inclusive of the underwriters’ option to purchase up to 1,335,000 of additional shares, which was fully exercised, in an underwritten public offering at a price of $29.50 per Class A share, less underwriting discounts. The Sponsors received net proceeds from the offering of approximately $291.7 million, after deducting underwriting discounts. The Company did not receive any proceeds in the offering. The offering was conducted pursuant to a registration rights agreement among us and the Sponsors.

On April 4, 2022, the Partnership purchased directly from the Sponsors 13,559,322 Class B units representing limited partner interests in the Partnership for an aggregate purchase price of $400.0 million (the “Repurchase Transaction”). The purchase price per Class B unit was $29.50, which is equal to the public offering price per Class A share in the secondary offering described above. The Repurchase Transaction was funded using borrowings under the Partnership’s revolving credit facility, which were subsequently repaid with proceeds from a $400.0 million aggregate principal amount of 5.500% senior unsecured notes due 2030.

In addition, we utilized the excess free cash flow beyond our growing distributions to provide increased return of capital to our shareholders through a 5% increase in our quarterly distribution level for the first quarter of 2022 in addition to the quarterly increase consistent with our targeted 5% growth in annual distributions per Class A share.

Our assets and operations are organized into the following three reportable segments: (1) gathering (2) processing and storage and (3) terminaling and export.

PART I – FINANCIAL INFORMATION (CONT’D)

Second Quarter Results

Significant financial and operating highlights for the second quarter of 2022 included:

•

Consolidated net income of $151.8 million;

•

Net income attributable to Hess Midstream LP after deduction for noncontrolling interest of $22.0 million, or $0.51 basic earnings per Class A share;

•

Net cash provided by operating activities of $213.2 million;

•

Adjusted EBITDA of $242.6 million;

•

Distributable cash flow of $206.2 million;

•

Cash distribution of $0.5559 per Class A share declared on July 25, 2022, an approximate 1.2% increase compared with the first quarter of 2022, consistent with the Company’s targeted 5% growth in annual distributions per Class A share.

Revenues and other income in the second quarter of 2022 were $313.4 million compared with $294.8 million in the prior-year quarter. Second quarter 2022 revenues and other income were up $18.6 million compared to the prior-year quarter primarily due to higher minimum volume commitment (“MVC”) levels and slightly higher tariff rates of $17.3 million, as well as higher pass-through revenues, including electricity, produced water trucking and disposal costs, rail transportation and certain other fees of $1.3 million. In the second quarter of 2022, we earned $57.7 million of shortfall fee payments related to MVCs compared with $18.7 million in the prior-year quarter, which were higher as a result of reduced throughput volumes due to severe weather in the Bakken. Total costs and expenses in the second quarter of 2022 were $118.1 million, up from $109.2 million in the prior-year quarter. The increase was primarily attributable to higher depreciation expense for additional assets placed in service of $4.6 million, higher operating and other expenses primarily related to our expanding gathering infrastructure of $3.0 million and higher pass-through expenses of $1.3 million, for which we recognize revenues in the same amount, as described above. Interest expense increased $14.5 million primarily attributable to the $750.0 million 4.25% fixed-rate senior notes issued in August of 2021 and the $400.0 million 5.500% fixed-rate senior notes issued in April of 2022. Income tax expense increased $3.5 million driven by increased ownership of the Partnership by Hess Midstream LP following the equity offering and unit repurchase transactions in 2021 and 2022. Income from equity investments decreased $1.9 million. As a result, consolidated net income decreased $10.2 million, but Adjusted EBITDA increased $12.4 million for the second quarter of 2022 compared with the second quarter of 2021.

Throughput volumes decreased 21% for crude oil gathering, 20% for terminaling, 12% for water gathering, 5% for gas gathering and 4% for gas processing in the second quarter of 2022 compared with the second quarter of 2021 due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken. The impact of the reduction in physical volumes in the second quarter of 2022 compared to the second quarter of 2021 was partially offset by MVC shortfall fee payments and higher tariff rates.

For additional discussion of the results of operations at the segment level, see “Results of Operations” below. For additional information regarding Adjusted EBITDA and distributable cash flow, our non‑GAAP financial measures, see “How We Evaluate Our Operations” and “Reconciliation of Non‑GAAP Financial Measures” below.

PART I – FINANCIAL INFORMATION (CONT’D)

How We Generate Revenues

We generate substantially all of our revenues by charging fees for gathering, compressing and processing natural gas and fractionating NGLs; gathering, terminaling, loading and transporting crude oil and NGLs; storing and terminaling propane; and gathering and disposing of produced water. We have entered into long‑term, fee‑based commercial agreements with Hess effective January 1, 2014, for oil and gas services agreements, and effective January 1, 2019, for water services agreements.

Except for the water services agreements and except for a certain gathering sub-system, as described below, each of our commercial agreements with Hess has an initial 10-year term (“Initial Term”) and we have the unilateral right to renew each of these agreements for one additional 10-year term (“Secondary Term”). In September 2018, we amended our gas gathering and gas processing and fractionation agreements to enable us to provide certain services to Hess in respect of volumes to be delivered to and processed at the LM4 plant. The amended and restated gas gathering agreement also extends the Initial Term of the gathering agreement with respect to a certain gathering sub-system by 5 years to provide for a 15-year Initial Term and decreases the secondary term for that gathering sub-system by 5 years to provide for a 5-year Secondary Term. Initial Term for the water services agreements is 14 years and the Secondary Term is 10 years. On December 30, 2020, we exercised our renewal options to extend the terms of certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess for the Secondary Term through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options. For the remaining water gathering and disposal agreements as well as the remaining gas gathering agreement, we have the sole option to renew these agreements for an additional term that is exercisable at a later date.

These agreements include dedications covering substantially all of Hess’ existing and future owned or controlled production in the Bakken, minimum volume commitments, inflation escalators and fee recalculation mechanisms, all of which are intended to provide us with cash flow stability and growth, as well as downside risk protection. In particular, Hess’ minimum volume commitments under our commercial agreements provide minimum levels of cash flows and the fee recalculation mechanisms under the agreements allow fees to be adjusted annually to provide us with cash flow stability during the initial term of the agreements. During the Secondary Term of the agreements, the fee recalculation model will be replaced by an inflation-based fee structure. See Note 4, Related Party Transactions for additional description of our commercial agreements.

Our revenues also include revenues from third-party volumes contracted with Hess and delivered to us under these commercial agreements with Hess, as well as pass-through third-party rail transportation costs, third-party produced water trucking and disposal costs, electricity fees and certain other third-party fees, for which we recognize revenues in an amount equal to the costs. Together with Hess, we are pursuing strategic relationships with third-party producers and other midstream companies with operations in the Bakken in order to maximize our utilization rates.

How We Evaluate Our Operations

Our management uses a variety of financial and operating metrics to analyze our operating results and profitability. These metrics include (i) volumes, (ii) operating and maintenance expenses, (iii) Adjusted EBITDA, and (iv) distributable cash flow.

Volumes. The amount of revenues we generate primarily depends on the volumes of crude oil, natural gas, NGLs and produced water that we handle at our gathering, processing, terminaling, storage facilities and disposal facilities. These volumes are affected primarily by the supply of and demand for crude oil, natural gas and NGLs in the markets served directly or indirectly by our assets, including changes in crude oil prices, which may further affect volumes delivered by Hess. Although Hess has committed to minimum volumes under our commercial agreements described above, our results of operations will be impacted by our ability to:

•

utilize the remaining uncommitted capacity on, or add additional capacity to, our existing assets, and optimize our existing assets;

•

identify and execute expansion projects, and capture incremental throughput volumes from Hess and third parties for these expanded facilities;

•

increase throughput volumes at our Ramberg Terminal Facility, Tioga Rail Terminal and the Johnson’s Corner Header System by interconnecting with new or existing third‑party gathering pipelines; and

•

increase gas throughput volumes by interconnecting with new or existing third‑party gathering pipelines.

PART I – FINANCIAL INFORMATION (CONT’D)

Operating and Maintenance Expenses. Our management seeks to maximize the profitability of our operations by effectively managing operating and maintenance expenses. These expenses are comprised primarily of costs charged to us under our omnibus agreement and employee secondment agreement, third‑party contractor costs, utility costs, insurance premiums, third‑party service provider costs, related property taxes and other non‑income taxes and maintenance expenses, such as expenditures to repair, refurbish and replace storage facilities and to maintain equipment reliability, integrity and safety. These expenses generally remain relatively stable across broad ranges of throughput volumes but can fluctuate from period to period depending on the mix of activities performed during that period and the timing of substantial expenses, such as gas plant turnarounds. We seek to manage our maintenance expenditures by scheduling periodic maintenance on our assets in order to minimize significant variability in these expenditures and minimize their impact on our cash flow.

Adjusted EBITDA and Distributable Cash Flow. We define Adjusted EBITDA as net income (loss) before net interest expense, income tax expense (benefit), depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash, non‑recurring items, if applicable. We define distributable cash flow as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. Distributable cash flow does not reflect changes in working capital balances. We use Adjusted EBITDA and distributable cash flow to analyze our liquidity and performance.

Adjusted EBITDA and distributable cash flow are non‑GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

•

our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;

•

the ability of our assets to generate sufficient cash flow to make distributions to our shareholders;

•

our ability to incur and service debt and fund capital expenditures; and

•

the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of Adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA and distributable cash flow are net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA and distributable cash flow should not be considered as alternatives to GAAP net income (loss), income (loss) from operations, net cash provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. You should not consider Adjusted EBITDA or distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP. Additionally, because Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, our definition of Adjusted EBITDA and distributable cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

PART I – FINANCIAL INFORMATION (CONT’D)

Results of Operations

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Results of operations for the three months ended June 30, 2022 and 2021 are presented below (in millions, unless otherwise noted).


For the Three Months Ended June 30, 2022	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated Hess Midstream LP
Revenues
Affiliate services	$	166.2	$	116.5	$	30.3	$	-		$	313.0
Other income		-		-		0.4		-			0.4
Total revenues		166.2		116.5		30.7		-			313.4
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		41.8		20.8		5.2		-			67.8
Depreciation expense		26.6		14.4		4.0		-			45.0
General and administrative expenses		2.6		1.0		0.2		1.5			5.3
Total costs and expenses		71.0		36.2		9.4		1.5			118.1
Income (loss) from operations		95.2		80.3		21.3		(1.5	)		195.3
Income from equity investments		-		1.0		-		-			1.0
Interest expense, net		-		-		-		37.4			37.4
Income (loss) before income tax expense (benefit)		95.2		81.3		21.3		(38.9	)		158.9
Income tax expense		-		-		-		7.1			7.1
Net income (loss)		95.2		81.3		21.3		(46.0	)		151.8
Less: Net income (loss) attributable to noncontrolling interest		77.6		66.3		17.5		(31.6	)		129.8
Net income (loss) attributable to Hess Midstream LP	$	17.6	$	15.0	$	3.8	$	(14.4	)	$	22.0

Throughput volumes
Gas gathering (MMcf/d)(1)		309									309
Crude oil gathering (MBbl/d)(2)		88									88
Gas processing (MMcf/d)(1)				292							292
Crude oil terminaling (MBbl/d)(2)						93					93
NGL loading (MBbl/d)(2)						9					9
Water gathering (MBbl/d)(2)		65									65

(1) Million cubic feet per day

(2) Thousand barrels per day

PART I – FINANCIAL INFORMATION (CONT’D)


For the Three Months Ended June 30, 2021	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated Hess Midstream LP

Revenues
Affiliate services	$	154.6	$	105.3	$	34.9	$	-		$	294.8
Total revenues		154.6		105.3		34.9		-			294.8
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		34.8		24.2		4.6		-			63.6
Depreciation expense		25.2		11.2		4.0		-			40.4
General and administrative expenses		2.2		1.2		0.2		1.6			5.2
Total costs and expenses		62.2		36.6		8.8		1.6			109.2
Income (loss) from operations		92.4		68.7		26.1		(1.6	)		185.6
Income from equity investments		-		2.9		-		-			2.9
Interest expense, net		-		-		-		22.9			22.9
Income (loss) before income tax expense (benefit)		92.4		71.6		26.1		(24.5	)		165.6
Income tax expense		-		-		-		3.6			3.6
Net Income (loss)		92.4		71.6		26.1		(28.1	)		162.0
Less: Net income (loss) attributable to noncontrolling interest		84.3		65.3		23.7		(22.3	)		151.0
Net income (loss) attributable to Hess Midstream Partners LP	$	8.1	$	6.3	$	2.4	$	(5.8	)	$	11.0

Throughput volumes
Gas gathering (MMcf/d)(1)		325									325
Crude oil gathering (MBbl/d)(2)		111									111
Gas processing (MMcf/d)(1)				304							304
Crude oil terminaling (MBbl/d)(2)						116					116
NGL loading (MBbl/d)(2)						17					17
Water gathering (MBbl/d)(2)		74									74

(1) Million cubic feet per day

(2) Thousand barrels per day

Gathering

Revenues and other income increased $11.6 million in the second quarter of 2022 compared to the second quarter of 2021, of which $13.8 million is attributable to higher gas gathering MVC levels while physical volumes were lower due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken. In addition, $2.6 million of the increase is attributable to higher tariff rates and $1.0 million is attributable to higher pass-through revenues. This increase is partially offset by $3.2 million attributable to lower crude oil gathering volumes and $2.6 million lower water gathering and disposal revenue due to unplanned production shut-ins during the same period as a result of power outages caused by severe weather in the Bakken, partially offset by MVC shortfall fees.

Operating and maintenance expenses increased $7.0 million, of which $5.0 million is attributable to higher operating expenses on our expanding gathering infrastructure, $1.0 million is attributable to higher pass-through costs, including produced water trucking and disposal and electricity fees, and $1.0 million is attributable to higher employee costs allocated to us under our omnibus and employee secondment agreements. Depreciation expense increased $1.4 million due to new compressors and other new gathering assets being brought into service.

PART I – FINANCIAL INFORMATION (CONT’D)

Processing and Storage

Revenues and other income increased $11.2 million in the second quarter of 2022 compared to the second quarter of 2021, of which $12.0 million is attributable to higher MVC levels while physical volumes were lower due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken, and $0.3 million is attributable to higher electricity pass-through revenue. This increase is partially offset by $1.1 million attributable to lower tariff rates.

Operating and maintenance expenses decreased $3.4 million, of which $2.4 million is attributable to lower third-party processing fees due to lower volumes processed at the LM4 plant and $1.0 million is attributable to lower employee costs allocated to us under our omnibus and employee secondment agreements. Depreciation expense increased $3.2 million primarily due to the TGP expansion and turnaround assets placed in service.

Income from equity investments decreased $1.9 million in the second quarter of 2022 compared to the second quarter of 2021, primarily due to lower volumes processed at the LM4 plant.

Terminaling and Export

Revenues and other income decreased $4.2 million in the second quarter of 2022 compared to the second quarter of 2021, which is attributable to lower volumes due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken, partially offset by MVC shortfall fees.

Interest and Other

Interest expense, net of interest income, increased $14.5 million in the second quarter of 2022 compared to the second quarter of 2021, primarily attributable to the $750.0 million 4.25% fixed-rate senior notes issued in August 2021 and the $400.0 million 5.50% fixed-rate senior notes issued in April 2022. Income tax expense increased $3.5 million driven by increased ownership of the Partnership by Hess Midstream LP following equity offering and unit repurchase transactions in 2021 and 2022.

PART I – FINANCIAL INFORMATION (CONT’D)

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Results of operations for the six months ended June 30, 2022 and 2021 are presented below (in millions, unless otherwise noted).


For the Six Months Ended June 30, 2022	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated Hess Midstream LP
Revenues
Affiliate services	$	329.8	$	230.3	$	65.0	$	-		$	625.1
Other income		-		-		0.7		-			0.7
Total revenues		329.8		230.3		65.7		-			625.8
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		78.8		41.5		14.0		-			134.3
Depreciation expense		52.5		28.8		8.1		-			89.4
General and administrative expenses		5.1		2.0		0.4		3.8			11.3
Total costs and expenses		136.4		72.3		22.5		3.8			235.0
Income (loss) from operations		193.4		158.0		43.2		(3.8	)		390.8
Income from equity investments		-		1.4		-		-			1.4
Interest expense, net		-		-		-		68.7			68.7
Income (loss) before income tax expense (benefit)		193.4		159.4		43.2		(72.5	)		323.5
Income tax expense (benefit)		-		-		-		12.1			12.1
Net income (loss)		193.4		159.4		43.2		(84.6	)		311.4
Less: Net income (loss) attributable to noncontrolling interest		162.8		134.0		36.5		(60.8	)		272.5
Net income (loss) attributable to Hess Midstream LP	$	30.6	$	25.4	$	6.7	$	(23.8	)	$	38.9

Throughput volumes
Gas gathering (MMcf/d)(1)		318									318
Crude oil gathering (MBbl/d)(2)		95									95
Gas processing (MMcf/d)(1)				304							304
Crude oil terminaling (MBbl/d)(2)						100					100
NGL loading (MBbl/d)(2)						12					12
Water gathering (MBbl/d)(2)		68									68

(1) Million cubic feet per day

(2) Thousand barrels per day

PART I – FINANCIAL INFORMATION (CONT’D)


For the Six Months Ended June 30, 2021	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated Hess Midstream LP
Revenues
Affiliate services	$	307.3	$	208.8	$	67.5	$	-		$	583.6
Total revenues		307.3		208.8		67.5		-			583.6
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		67.8		46.7		8.9		-			123.4
Depreciation expense		50.1		22.4		8.1		-			80.6
General and administrative expenses		4.6		2.8		0.4		3.7			11.5
Total costs and expenses		122.5		71.9		17.4		3.7			215.5
Income (loss) from operations		184.8		136.9		50.1		(3.7	)		368.1
Income from equity investments		-		5.6		-		-			5.6
Interest expense, net		-		-		-		46.0			46.0
Income (loss) before income tax expense (benefit)		184.8		142.5		50.1		(49.7	)		327.7
Income tax expense (benefit)		-		-		-		6.1			6.1
Net Income (loss)		184.8		142.5		50.1		(55.8	)		321.6
Less: Net income (loss) attributable to noncontrolling interest		170.3		131.4		46.1		(45.8	)		302.0
Net income (loss) attributable to Hess Midstream LP	$	14.5	$	11.1	$	4.0	$	(10.0	)	$	19.6

Throughput volumes
Gas gathering (MMcf/d)(1)		321									321
Crude oil gathering (MBbl/d)(2)		114									114
Gas processing (MMcf/d)(1)				303							303
Crude oil terminaling (MBbl/d)(2)						121					121
NGL loading (MBbl/d)(2)						15					15
Water gathering (MBbl/d)(2)		72									72

(1) Million cubic feet per day

(2) Thousand barrels per day

Gathering

Revenues and other income increased $22.5 million in the first six months of 2022 compared to the first six months of 2021, of which $29.0 million is attributable to higher gas gathering MVC levels while physical volumes were lower due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken, and $5.4 million is attributable to higher tariff rates. The remaining increase of $0.4 million is attributable to higher pass-through revenues. This increase is partially offset by $6.8 million attributable to lower water gathering and disposal revenue and $5.5 million attributable to lower crude oil gathering volumes due to unplanned production shut-ins during the same period as a result of power outages caused by severe weather in the Bakken, partially offset by MVC shortfall fees.

Operating and maintenance expenses increased $11.0 million, of which $8.0 million is attributable to higher operating expenses on our expanding gathering infrastructure, $2.6 million is attributable to higher employee costs allocated to us under our omnibus and employee secondment agreements and $0.4 million is attributable to higher pass-through costs, including produced water trucking and disposal and electricity fees. Depreciation expense increased $2.4 million due to new compressors, produced water disposal facilities and other new gathering assets being brought into service.

PART I – FINANCIAL INFORMATION (CONT’D)

Processing and Storage

Revenues and other income increased $21.5 million in the first six months of 2022 compared to the first six months of 2021, of which $23.1 million is attributable to higher MVC levels and $0.6 million is attributable to higher pass-through revenue. This increase is partially offset by $2.2 million attributable to lower tariff rates.

Operating and maintenance expenses decreased $5.2 million, of which $4.5 million is attributable to lower third-party processing fees due to lower volumes processed at the LM4 plant and $2.1 million is attributable to lower employee costs allocated to us under our omnibus and employee secondment agreements. This decrease is partially offset by $0.9 million attributable to higher other operating costs and property taxes and $0.6 million is attributable to higher pass-through costs. Depreciation expense increased $6.4 million due to the TGP expansion and turnaround assets placed in service.

Income from equity investments decreased $4.2 million in the first six months of 2022 compared to the first six months of 2021, primarily due to lower volumes processed and higher maintenance expenses at the LM4 plant.

Terminaling and Export

Revenues and other income decreased $1.8 million in the first six months of 2022 compared to the first six months of 2021, of which $6.7 million is attributable to lower volumes due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken, partially offset by MVC shortfall fees. This decrease was also partially offset by $4.2 million attributable to higher rail transportation pass-through revenues and $0.7 million attributable to other income.

Operating and maintenance expenses increased $5.1 million, of which $4.2 million is attributable to higher rail transportation pass-through costs and $0.9 million attributable to other operating costs.

Interest and Other

Interest expense, net of interest income, increased $22.7 million in the first six months of 2022 compared to the first six months of 2021, primarily attributable to the $750.0 million 4.25% fixed-rate senior notes issued in August 2021 and the $400.0 million 5.50% fixed-rate senior notes issued in April 2022. Income tax expense increased $6.0 million in the same periods driven by increased ownership of the Partnership by Hess Midstream LP following equity offering and unit repurchase transactions in 2021 and 2022.

Other Factors Expected to Significantly Affect Our Future Results

We currently generate substantially all of our revenues under fee‑based commercial agreements with Hess, including third parties contracted with affiliates of Hess. These contracts provide cash flow stability and minimize our direct exposure to commodity price fluctuations, since we generally do not own any of the crude oil, natural gas, or NGLs that we handle and do not engage in the trading of crude oil, natural gas, or NGLs. However, commodity price fluctuations indirectly influence our activities and results of operations over the long-term, since they can affect production rates and investments by Hess and third parties in the development of new crude oil and natural gas reserves. The markets for oil and natural gas are volatile and will likely continue to be volatile in the future. In the second quarter of 2020, as a result of the sharp decline in crude oil prices, Hess reduced its rig count from six rigs to one rig in the Bakken. In addition, third parties in the Bakken also curtailed production and reduced drilling activity. Our contract structure has largely offset and is expected to continue to offset potential impact of the reduction in volumes on our financial performance metrics through the Initial Term of our commercial agreements, as our minimum volume commitments provide minimum levels of cash flows and the fee recalculation mechanisms under our agreements support our cash flow stability. Subsequently, Hess increased its rig count in the Bakken to three operated rigs in 2021 and announced an addition of a fourth operated drilling rig in July 2022, and we expect to be above MVC levels in 2023 and 2024. To the extent our plans include revenues for volumes above currently established MVC levels, such revenues could decline to the MVC levels as a result of market volatility.

The throughput volumes at our facilities depend primarily on the volumes of crude oil and natural gas produced by Hess in the Bakken, which, in turn, is ultimately dependent on Hess’ exploration and production margins. Exploration and production margins depend on the price of crude oil, natural gas, and NGLs. These prices are volatile and influenced by numerous factors beyond our or Hess’ control, including the domestic and global supply of and demand for crude oil, natural gas and NGLs. During the first quarter of 2020, worldwide crude oil prices declined significantly due in part to reduced global demand stemming from the COVID-19 global pandemic. Sustained periods of low prices for oil and natural gas could materially and adversely affect the quantities of oil and natural gas that Hess can economically produce. The commodities trading markets, as well as global and regional supply and demand factors, may also influence the selling prices of crude oil, natural gas and NGLs.

PART I – FINANCIAL INFORMATION (CONT’D)

The Secondary Term of our commercial agreements includes continuing MVCs while the fees change to a fixed fee structure based on the average fees paid by Hess during the last three years of the Initial Term of the commercial agreements adjusted annually for inflation up to 3% a year. Such a fee structure may provide less downside risk protection in the future. Furthermore, our ability to execute our growth strategy in the Bakken, including attracting third-party volumes, will depend on crude oil and natural gas production in that area, which is also affected by the supply of and demand for crude oil and natural gas.

Reconciliation of Non‑GAAP Financial Measures

The following table presents a reconciliation of Adjusted EBITDA and distributable cash flow to net income and net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2022			2021			2022			2021
Reconciliation of Adjusted EBITDA and Distributable Cash Flow to net income:
Net income	$	151.8		$	162.0		$	311.4		$	321.6
Plus:
Depreciation expense		45.0			40.4			89.4			80.6
Proportional share of equity affiliates' depreciation		1.3			1.3			2.6			2.6
Interest expense, net		37.4			22.9			68.7			46.0
Income tax expense (benefit)		7.1			3.6			12.1			6.1
Adjusted EBITDA	$	242.6		$	230.2		$	484.2		$	456.9
Less:
Interest, net(1)		35.2			21.2			64.5		$	42.6
Maintenance capital expenditures		1.2			1.5			1.9			2.2
Distributable cash flow	$	206.2		$	207.5		$	417.8		$	412.1

Reconciliation of Adjusted EBITDA and Distributable Cash Flow to net cash provided by operating activities:
Net cash provided by operating activities	$	213.2		$	224.6		$	403.8		$	390.0
Changes in assets and liabilities		(6.3	)		(15.5	)		18.9			28.3
Amortization of deferred financing costs		(2.2	)		(1.7	)		(4.2	)		(3.4	)
Proportional share of equity affiliates' depreciation		1.3			1.3			2.6			2.6
Interest expense, net		37.4			22.9			68.7			46.0
Distribution from equity investments		(1.4	)		(4.0	)		(6.1	)		(11.5	)
Earnings from equity investments		1.0			2.9			1.4			5.6
Other		(0.4	)		(0.3	)		(0.9	)		(0.7	)
Adjusted EBITDA	$	242.6		$	230.2		$	484.2		$	456.9
Less:
Interest, net(1)		35.2			21.2			64.5			42.6
Maintenance capital expenditures		1.2			1.5			1.9			2.2
Distributable cash flow	$	206.2		$	207.5		$	417.8		$	412.1

(1)

Excludes amortization of deferred financing costs.

PART I – FINANCIAL INFORMATION (CONT’D)

Capital Resources and Liquidity

We expect our ongoing sources of liquidity to include:

•

cash on hand;

•

cash generated from operations;

•

borrowings under our revolving credit facility;

•

issuances of additional debt securities; and

•

issuances of additional equity securities.

We believe that cash generated from these sources will be sufficient to meet our operating requirements, our planned short‑term capital expenditures, debt service requirements, our quarterly cash distribution requirements, future internal growth projects or potential acquisitions.

Our partnership agreement requires that we distribute all of our available cash, as defined in the agreement, to our shareholders. On July 25, 2022, we declared a quarterly cash distribution of $0.5559 per Class A share, to be paid on August 12, 2022 to shareholders of record on August 4, 2022. Simultaneously, the Partnership will make a distribution of $0.5559 per Class B unit of the Partnership to the Sponsors.

On April 4, 2022, we repurchased 13,559,322 Class B units of the Partnership from our Sponsors for an aggregate purchase price of $400.0 million, which was funded using borrowings under the Partnership’s revolving credit facility, which were subsequently repaid with proceeds from $400.0 million aggregate principal amount of 5.500% unsecured senior notes due 2030.

Fixed‑Rate Senior Notes

The notes described above are guaranteed by certain subsidiaries of the Partnership. Each of the indentures for the senior notes described above contains customary covenants that restrict our ability and the ability of our restricted subsidiaries to (i) declare or pay any dividend or make any other restricted payments; (ii) transfer or sell assets or subsidiary stock; (iii) incur additional debt; or (iv) make restricted investments, unless, at the time of and immediately after giving pro forma effect to such restricted payments and any related incurrence of indebtedness or other transactions, no default has occurred and is continuing or would occur as a consequence of such restricted payment and if the leverage ratio does not exceed 4.25 to 1.00. As of June 30, 2022, we were in compliance with all debt covenants under the indentures.

In addition, the covenants included in the indentures governing the senior notes contain provisions that allow the Company to satisfy the Partnership’s reporting obligations under the indenture, as long as any such financial information of the Company contains information reasonably sufficient to identify the material differences, if any, between the financial information of the Company, on the one hand, and the Partnership and its subsidiaries on a stand-alone basis, on the other hand and the Company does not directly own capital stock of any person other than the Partnership and its subsidiaries, or material business operations that would not be consolidated with the financial results of the Partnership and its subsidiaries. The Company is a holding company and has no independent assets or operations. Other than the interest in the Partnership and the effect of federal and state income taxes that are recognized at the Company level, there are no material differences between the consolidated financial statements of the Partnership and the consolidated financial statements of the Company.

PART I – FINANCIAL INFORMATION (CONT’D)

Credit Facilities

As of June 30, 2022, the Partnership had senior secured credit facilities (the “Credit Facilities”) consisting of a $1,000.0 million 5-year revolving credit facility and a $400.0 million 5-year Term Loan A facility, which was initially fully drawn, maturing in 2024. Facility fees accrue on the total capacity of the revolving credit facility. Borrowings under the 5-year Term Loan A facility will generally bear interest at LIBOR plus an applicable margin ranging from 1.55% to 2.50%, while the applicable margin for the 5-year syndicated revolving credit facility ranges from 1.275% to 2.000%. Pricing levels for the facility fee and interest rate margins are based on the Partnership’s ratio of total debt to EBITDA (as defined in the Credit Facilities). If the Partnership obtains an investment grade credit rating, the pricing levels will be based on the Partnership’s credit ratings in effect from time to time. At June 30, 2022, borrowings of $91.0 million were drawn and outstanding under the Partnership’s revolving credit facility, and borrowings of $380.0 million, excluding deferred issuance costs, were drawn and outstanding under the Partnership’s Term Loan A facility.

The Credit Facilities can be used for borrowings and letters of credit for general corporate purposes. The Credit Facilities are guaranteed by each direct and indirect wholly owned material domestic subsidiary of the Partnership, and are secured by first priority perfected liens on substantially all of the presently owned and after-acquired assets of the Partnership and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to the Partnership obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter. As of June 30, 2022, we were in compliance with these financial covenants.

On July 14, 2022, the Partnership amended and restated its Credit Facilities. See Note 14, Subsequent Events.

Cash Flows

Operating Activities. Net cash provided by operating activities increased $13.8 million for the six months ended June 30, 2022 compared to the same period in 2021. The change in operating cash flows resulted primarily from an increase in revenues and other income of $42.2 million, an increase in cash provided by changes in working capital of $9.4 million, partially offset by an increase in cash operating expenses of $32.4 million and a decrease in distributions received from equity investments of $5.4 million.

Investing Activities. Net cash used in investing activities increased $58.0 million for the six months ended June 30, 2022 compared to the same period in 2021 driven by higher payments for additions to property, plant, and equipment.

Financing Activities. Net cash used in financing activities decreased $43.2 million for the six months ended June 30, 2022 compared to the same period in 2021. In the first six months of 2022, we issued $400.0 million aggregate principal amount of unsecured senior notes that we used to fund the $400.0 million Class B Unit Repurchase Transaction. In the first six months of 2022, we also had lower repayments of our debt of $51.1 million, net of any changes in financing costs, partially offset by higher distributions to shareholders and noncontrolling interest of $6.7 million and $1.2 million of transaction costs related to the Repurchase Transaction compared to the same period last year.

PART I – FINANCIAL INFORMATION (CONT’D)

Capital Expenditures

Our operations can be capital intensive, requiring investments to expand, upgrade, maintain or enhance existing operations and to meet environmental and operational regulations. Our partnership agreement requires that we distinguish between maintenance capital expenditures and expansion capital expenditures. Maintenance capital expenditures are capital expenditures made to maintain, over the long term, our operating capacity, operating income or revenue. Examples of maintenance capital expenditures are expenditures to repair, refurbish or replace existing assets, to maintain equipment reliability, integrity and safety and to address environmental laws and regulations. In contrast, expansion capital expenditures are expenditures incurred for acquisitions or capital improvements that we expect will increase our operating capacity, operating income or revenue over the long term. Examples of expansion capital expenditures include the acquisition of equipment, construction, development or acquisition of additional capacity, or expenditures for connecting additional wells to our gathering systems, to the extent such capital expenditures are expected to expand our long‑term operating capacity, operating income or revenue.

The following table sets forth a summary of maintenance and expansion capital expenditures and reconciles capital expenditures on an accrual basis to additions to property, plant and equipment on a cash basis:


	Six Months Ended June 30,
	2022			2021
(in millions)
Expansion capital expenditures	$	106.9		$	67.3
Maintenance capital expenditures		1.9			2.2
Total capital expenditures		108.8			69.5
(Increase) decrease in accrued capital expenditures		(1.5	)		(14.5	)
(Increase) decrease in capital expenditures included in accounts payable - affiliate		3.4			(2.3	)
Additions to property, plant and equipment	$	110.7		$	52.7

Capital expenditures in 2022 are primarily attributable to continued expansion of our compression capacity and gas capture capabilities to meet Hess’ and third parties’ current and future production growth and gas capture targets. The activities focus on the construction of two new greenfield compressor stations and associated pipeline infrastructure, one of which was placed in service in March 2022. In aggregate, the new stations are expected to provide an additional 85 MMcf/d of installed capacity in 2022 and can be expanded up to 130 MMcf/d in the future. Capital expenditures in 2021 were also attributable to continued expansion of our compression capacity.

PART I – FINANCIAL INFORMATION (CONT’D)

Cautionary Note Regarding Forward-looking Information

This Quarterly Report on Form 10‑Q, including information incorporated by reference herein, contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; our industry; our expected revenues; our future profitability; our maintenance or expansion projects; our projected budget and capital expenditures and the impact of such expenditures on our performance; and future economic and market conditions in the oil and gas industry.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements:

•

the direct and indirect effects of the COVID-19 global pandemic and other public health developments on our business and those of our business partners, suppliers and customers, including Hess;

•

the ability of Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control;

•

our ability to generate sufficient cash flow to pay current and expected levels of distributions;

•

reductions in the volumes of crude oil, natural gas, NGLs and produced water we gather, process, terminal or store;

•

the actual volumes we gather, process, terminal and store for Hess in excess of our MVCs and relative to Hess' nominations;

•

fluctuations in the prices and demand for crude oil, natural gas and NGLs, including as a result of the COVID-19 global pandemic;

•

changes in global economic conditions and the effects of a global economic downturn on our business and the business of our suppliers, customers, business partners and lenders;

•

our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits;

•

our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions;

•

costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions;

•

our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay;

•

reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations;

•

potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks;

•

any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets;

•

liability resulting from litigation; and

•

other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K, as well as any additional risks described in our other filings with the Securities and Exchange Commission.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

PART I – FINANCIAL INFORMATION (CONT’D)

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices. We generally do not take ownership of the crude oil, natural gas or NGLs that we currently gather, process, terminal, store or transport for our customers. Because we generate substantially all of our revenues by charging fees under long-term commercial agreements with Hess with minimum volume commitments, Hess bears the risks associated with fluctuating commodity prices and we have minimal direct exposure to commodity prices.

In the normal course of our business, we are exposed to market risks related to changes in interest rates. Our financial risk management activities may include transactions designed to reduce risk by reducing our exposure to interest rate movements. Interest rate swaps may be used to convert interest payments on certain long‑term debt. At June 30, 2022, we did not have in place any derivative instruments to hedge any exposure to changes in interest rates.

At June 30, 2022, our total debt had a carrying value of $2,937.4 million and a fair value of approximately $2,691.7 million, based on Level 2 inputs in the fair value measurement hierarchy. A 15% increase or decrease in interest rates would decrease or increase the fair value of our fixed rate debt by approximately $92.7 million or $145.3 million, respectively. The carrying value of the amounts under our Term Loan A facility and revolving credit facility at the quarter-end approximated their fair value. Any changes in interest rates do not impact cash outflows associated with fixed rate interest payments or settlement of debt principal, unless a debt instrument is repurchased prior to maturity.

Item 4. Controls and Procedures

Based upon their evaluation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) as of June 30, 2022, John B. Hess, Chief Executive Officer, and Jonathan C. Stein, Chief Financial Officer, concluded that these disclosure controls and procedures were effective as of June 30, 2022.

There was no change in internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, in the quarter ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding legal proceedings is contained in Note 12, Commitments and Contingencies in the Notes to Consolidated Financial Statements and is incorporated herein by reference.

Item 1A. Risk Factors

Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021 includes certain risk factors that could materially affect our business, financial condition, or future results. Those risk factors have not materially changed.

PART II – OTHER INFORMATION (CONT'D)

Item 6. Exhibits


a.	Exhibits
	4.1	Indenture, dated as of April 8, 2022, by and among Hess Midstream Operations LP, certain guarantors party thereto and Computershare Trust Company, N.A., as trustee (incorporated by reference herein to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on April 8, 2022)
	4.2	Amendment and Restatement Agreement dated as of July 14, 2022, among Hess Midstream LP, Hess Midstream Operations LP, JPMorgan Chase Bank, N.A. and the other parties thereto (incorporated by reference herein to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 15, 2022)
	31.1	Certification required by Rule 13a‑14(a) (17 CFR 240.13a‑14(a)) or Rule 15d‑14(a) (17 CFR 240.15d‑14(a))
	31.2	Certification required by Rule 13a‑14(a) (17 CFR 240.13a‑14(a)) or Rule 15d‑14(a) (17 CFR 240.15d‑14(a))
	32.1	Certification required by Rule 13a‑14(b) (17 CFR 240.13a‑14(b)) or Rule 15d‑14(b) (17 CFR 240.15d‑14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350)
	32.2	Certification required by Rule 13a‑14(b) (17 CFR 240.13a‑14(b)) or Rule 15d‑14(b) (17 CFR 240.15d‑14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350)
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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


HESS MIDSTREAM LP (Registrant)

By: HESS MIDSTREAM GP LP, its General Partner

By: HESS MIDSTREAM GP LLC, its General Partner

By		/s/ John B. Hess
		John B. Hess
		Chairman of the Board of Directors and Chief Executive Officer

By		/s/ Jonathan C. Stein
		Jonathan C. Stein
		Chief Financial Officer

Date: August 4, 2022

EX-31.1 2 hesm-ex31_1.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, John B. Hess, certify that:

1. I have reviewed this quarterly report on Form 10‑Q of Hess Midstream LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2022


By		/s/ John B. Hess
		John B. Hess
		Chairman of the Board of Directors and
		Chief Executive Officer
		HESS MIDSTREAM GP LP, its General Partner
		HESS MIDSTREAM GP LLC, its General Partner

EX-31.2 3 hesm-ex31_2.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Jonathan C. Stein, certify that:

1. I have reviewed this quarterly report on Form 10‑Q of Hess Midstream LP;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2022


By		/s/ Jonathan C. Stein
		Jonathan C. Stein
		Chief Financial Officer
		HESS MIDSTREAM GP LP, its General Partner
		HESS MIDSTREAM GP LLC, its General Partner

EX-32.1 4 hesm-ex32_1.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hess Midstream LP (the “Partnership”) on Form 10‑Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John B. Hess, Chairman of the Board of Directors and Chief Executive Officer of Hess Midstream GP LLC, the general partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 4, 2022


By		/s/ John B. Hess
		John B. Hess
		Chairman of the Board of Directors and Chief Executive Officer
		HESS MIDSTREAM GP LP, its General Partner
		HESS MIDSTREAM GP LLC, its General Partner

A signed original of this written statement required by Section 906 has been provided to the Partnership and will be retained by the Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 hesm-ex32_2.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hess Midstream LP (the “Partnership”) on Form 10‑Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan C. Stein, Chief Financial Officer of Hess Midstream GP LLC, the general partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 4, 2022


By		/s/ Jonathan C. Stein
		Jonathan C. Stein
		Chief Financial Officer
		HESS MIDSTREAM GP LP, its General Partner
		HESS MIDSTREAM GP LLC, its General Partner

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	HESM
Entity Registrant Name	Hess Midstream LP
Entity Central Index Key	0001789832
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-39163
Entity Tax Identification Number	84-3211812
Entity Address, Address Line One	1501 McKinney Street
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77010
City Area Code	713
Local Phone Number	496-4200
Entity Common Stock, Shares Outstanding		44,002,846
Document Quarterly Report	true
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Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Class A shares representing limited partner interests
Security Exchange Name	NYSE
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 2.4	$ 2.2
Accounts receivable—affiliate:
From contracts with customers	153.6	120.3
Other current assets	2.4	10.6
Total current assets	158.4	133.1
Equity investments	96.9	101.6
Property, plant and equipment, net	3,144.6	3,125.0
Long-term receivable—affiliate	0.7	0.8
Deferred tax asset	191.6	117.3
Other noncurrent assets	6.5	7.8
Total assets	3,598.7	3,485.6
Liabilities
Accounts payable—trade	32.3	26.9
Accounts payable—affiliate	28.2	37.6
Accrued liabilities	85.1	76.2
Current maturities of long-term debt		20.0
Other current liabilities	6.9	10.2
Total current liabilities	152.5	170.9
Long-term debt	2,937.4	2,543.5
Deferred tax liability	0.4	0.4
Other noncurrent liabilities	20.9	17.7
Total liabilities	3,111.2	2,732.5
Partners' capital
Total partners' capital	248.7	204.1
Noncontrolling interest	238.8	549.0
Total partners' capital	487.5	753.1
Total liabilities and partners' capital	3,598.7	3,485.6
Class A Shares
Partners' capital
Common unitholders	$ 248.7	$ 204.1

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2022	Dec. 31, 2021
Class A Shares
Common units issued	44,002,846	33,672,068
Common units outstanding	44,002,846	33,672,068
Class B Shares
Common units issued	195,847,606	219,641,928
Common units outstanding	195,847,606	219,641,928

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Affiliate services	$ 313.0	$ 294.8	$ 625.1	$ 583.6
Type of Revenue [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Other income	$ 0.4		$ 0.7
Total revenues	313.4	$ 294.8	625.8	$ 583.6
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)	67.8	63.6	134.3	123.4
Depreciation expense	45.0	40.4	89.4	80.6
General and administrative expenses	5.3	5.2	11.3	11.5
Total costs and expenses	118.1	109.2	235.0	215.5
Income from operations	195.3	185.6	390.8	368.1
Income from equity investments	1.0	2.9	1.4	5.6
Interest expense, net	37.4	22.9	68.7	46.0
Income before income tax expense	158.9	165.6	323.5	327.7
Income tax expense	7.1	3.6	12.1	6.1
Net income	151.8	162.0	311.4	321.6
Less: Net income attributable to noncontrolling interest	129.8	151.0	272.5	302.0
Net income attributable to Hess Midstream LP	$ 22.0	$ 11.0	$ 38.9	$ 19.6
Class A Shares
Net income attributable to Hess Midstream LP per Class A share:
Net income attributable to Hess Midstream LP per Class A share, Basic	$ 0.51	$ 0.44	$ 1.01	$ 0.89
Net income attributable to Hess Midstream LP per Class A share, Diluted	$ 0.50	$ 0.44	$ 0.99	$ 0.87
Weighted average Class A shares outstanding
Weighted average Class A shares outstanding subsequent to the restructuring, Basic	43.7	25.0	38.7	22.2
Weighted average Class A shares outstanding subsequent to the restructuring, Diluted	43.7	25.1	38.8	22.3

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CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED) - USD ($) $ in Millions	Total	Limited Partner Class A Shares	Noncontrolling Interest
Balance, beginning of period at Dec. 31, 2020	$ 1,326.0	$ 125.0	$ 1,201.0
Net income	159.6	8.6	151.0
Equity-based compensation	0.4	0.4
Distributions to unitholders	(127.3)	(8.2)	(119.1)
Recognition of deferred tax asset	26.4	26.4
Sales of shares held by Sponsors		31.8	(31.8)
Balance, end of period at Mar. 31, 2021	1,385.1	184.0	1,201.1
Balance, beginning of period at Dec. 31, 2020	1,326.0	125.0	1,201.0
Net income	321.6
Balance, end of period at Jun. 30, 2021	1,418.6	184.0	1,234.6
Balance, beginning of period at Mar. 31, 2021	1,385.1	184.0	1,201.1
Net income	162.0	11.0	151.0
Equity-based compensation	0.3	0.3
Distributions to unitholders	(128.8)	(11.3)	(117.5)
Balance, end of period at Jun. 30, 2021	1,418.6	184.0	1,234.6
Balance, beginning of period at Dec. 31, 2021	753.1	204.1	549.0
Net income	159.6	16.9	142.7
Equity-based compensation	0.5	0.5
Distributions to unitholders	(131.0)	(17.5)	(113.5)
Transaction costs	(0.4)	(0.1)	(0.3)
Balance, end of period at Mar. 31, 2022	781.8	203.9	577.9
Balance, beginning of period at Dec. 31, 2021	753.1	204.1	549.0
Net income	311.4
Balance, end of period at Jun. 30, 2022	487.5	248.7	238.8
Balance, beginning of period at Mar. 31, 2022	781.8	203.9	577.9
Net income	151.8	22.0	129.8
Equity-based compensation	0.4	0.4
Distributions to unitholders	(131.8)	(24.2)	(107.6)
Recognition of deferred tax asset	86.4	86.4
Sales of shares held by Sponsors		27.0	(27.0)
Class B unit repurchase	(400.0)	(66.6)	(333.4)
Transaction costs	(1.1)	(0.2)	(0.9)
Balance, end of period at Jun. 30, 2022	$ 487.5	$ 248.7	$ 238.8

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Related Party Transactions

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Partners' Capital [Abstract]
Distributions to unitholders - per share	$ 0.5492	$ 0.5167	$ 0.4526	$ 0.4471

XML 17 R7.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 311.4	$ 321.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense	89.4	80.6
(Income) loss from equity investments	(1.4)	(5.6)
Distributions from equity investments	6.1	11.5
Amortization of deferred financing costs	4.2	3.4
Equity-based compensation expense	0.9	0.7
Deferred income tax expense (benefit)	12.1	6.1
Changes in assets and liabilities:
Accounts receivable – affiliate	(33.2)	(12.0)
Other current and noncurrent assets	8.4	3.9
Accounts payable – trade	5.4	(8.5)
Accounts payable – affiliate	(5.7)	(1.0)
Accrued liabilities	6.8	(5.9)
Other current and noncurrent liabilities	(0.6)	(4.8)
Net cash provided by (used in) operating activities	403.8	390.0
Cash flows from investing activities
Additions to property, plant and equipment	(110.7)	(52.7)
Net cash provided by (used in) investing activities	(110.7)	(52.7)
Cash flows from financing activities
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less	(13.0)	(75.0)
Bank borrowings with maturities of greater than 90 days
Repayments	(10.0)	(5.0)
Proceeds from issuance of bonds	400.0
Deferred financing costs	(5.9)
Transaction costs	(1.2)
Class B unit repurchase	(400.0)
Distributions to shareholders/unitholders	(41.7)	(19.5)
Distributions to noncontrolling interest	(221.1)	(236.6)
Net cash provided by (used in) financing activities	(292.9)	(336.1)
Increase (decrease) in cash and cash equivalents	0.2	1.2
Cash and cash equivalents, beginning of period	2.2	2.6
Cash and cash equivalents, end of period	2.4	3.8
Supplemental disclosure of non-cash investing and financing activities:
(Increase) decrease in accrued capital expenditures and related liabilities	1.9	(16.8)
Recognition of deferred tax asset	$ 86.4	$ 26.4

XML 18 R8.htm IDEA: XBRL DOCUMENT

Description of Business

6 Months Ended

Jun. 30, 2022

Description Of Business [Abstract]

Description of Business

Note 1. Description of Business

Unless the context otherwise requires, references in this report to the “Company,” “we,” “our,” “us” or like terms, refer to Hess Midstream LP and its subsidiaries.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 2. Basis of Presentation The consolidated financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at June 30, 2022 and December 31, 2021, the consolidated results of operations for the three and six months ended June 30, 2022 and 2021, and the consolidated cash flows for the six months ended June 30, 2022 and 2021. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to comprehensive income (loss). The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These financial statements, therefore, should be read in conjunction with the financial statements and related notes included in the Company’s annual report on Form 10‑K for the year ended December 31, 2021. We consolidate the activities of Hess Midstream Operations LP (“the Partnership”), as a variable interest entity (“VIE”) under U.S. GAAP. We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our ownership, to direct those activities that most significantly impact the economic performance of the Partnership. This conclusion was based on a qualitative analysis that considered the Partnership’s governance structure and the delegation of control provisions, which provide us the ability to control the operations of the Partnership. All financial statement activities associated with the VIE are captured within gathering, processing and storage, and terminaling and export segments (see Note 13, Segments). We currently do not have any independent assets or operations other than our interest in the Partnership. Our noncontrolling interest represents the approximate 81.7% interest in the Partnership retained by Hess and GIP at June 30, 2022 (86.7% at December 31, 2021). See Note 3, Equity Transactions for a description of changes in noncontrolling interest related to the equity transactions.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Equity Transactions

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity Transactions

Note 3. Equity Transactions

Equity Offering Transactions

Class B Unit Repurchase

XML 21 R11.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Note 4. Related Party Transactions

In addition to the Repurchase Transaction and distributions to the Sponsors disclosed elsewhere in the Notes to consolidated financial statements, we had the following related party transactions:

Commercial Agreements

Revenues from contracts with customers on a disaggregated basis are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	148.4	$	133.4	$	293.7	$	262.1
Processing and storage services		116.5		105.3		230.3		208.8
Terminaling and export services		30.3		34.9		65.0		67.5
Water gathering and disposal services		17.8		21.2		36.1		45.2
Total revenues from contracts with customers	$	313.0	$	294.8	$	625.1	$	583.6
Other income		0.4		-		0.7		-
Total revenues	$	313.4	$	294.8	$	625.8	$	583.6

The following table presents MVC shortfall fees earned during each period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	30.5	$	9.4	$	51.8	$	16.9
Processing and storage services		16.5		-		22.8		-
Terminaling and export services		10.3		7.7		16.6		12.7
Water gathering and disposal services		0.4		1.6		0.4		2.5
Total	$	57.7	$	18.7	$	91.6	$	32.1


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Electricity and other related fees	$	12.0	$	9.9	$	22.5	$	19.2
Produced water trucking and disposal costs		7.9		8.7		15.8		18.1
Rail transportation costs		-		-		4.3		0.1
Total	$	19.9	$	18.6	$	42.6	$	37.4

Omnibus and Employee Secondment Agreements


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Operating and maintenance expenses	$	16.7	$	15.8	$	33.6	$	31.5
General and administrative expenses		3.8		3.6		7.5		7.8
Total	$	20.5	$	19.4	$	41.1	$	39.3

LM4 Agreements


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Processing fee incurred	$	4.7	$	7.1	$	9.2	$	14.0
Earnings from equity investments		1.0		2.9		1.4		5.6
Distributions received from equity investments		1.4		4.0		6.1		11.5

XML 22 R12.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 5. Property, Plant and Equipment

Property, plant and equipment, at cost, is as follows:


	Estimated useful lives	June 30, 2022			December 31, 2021
(in millions, except for number of years)
Gathering assets
Pipelines	22 years	$	1,526.0		$	1,489.7
Compressors, pumping stations and terminals	22 to 25 years		859.8			809.0
Gas plant assets
Pipelines, pipes and valves	22 to 25 years		460.0			460.0
Equipment	12 to 30 years		428.2			428.3
Processing and fractionation facilities	25 years		413.2			408.7
Buildings	35 years		182.3			182.3
Logistics facilities and railcars	20 to 25 years		386.7			386.5
Storage facilities	20 to 25 years		19.5			19.5
Other	20 to 25 years		25.8			25.8
Construction-in-progress	N/A		148.7			131.6
Total property, plant and equipment, at cost			4,450.2			4,341.4
Accumulated depreciation			(1,305.6	)		(1,216.4	)
Property, plant and equipment, net		$	3,144.6		$	3,125.0

XML 23 R13.htm IDEA: XBRL DOCUMENT

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 6. Accrued Liabilities

Accrued liabilities are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Accrued interest	$	35.1	$	30.9
Accrued capital expenditures		28.0		26.5
Other accruals		22.0		18.8
Total	$	85.1	$	76.2

XML 24 R14.htm IDEA: XBRL DOCUMENT

Debt and Interest Expense

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and Interest Expense

Note 7. Debt and Interest Expense

Fixed‑Rate Senior Notes

Credit Facilities

On July 14, 2022, the Partnership amended and restated its Credit Facilities. See Note 14, Subsequent Events.

Fair Value Measurement

XML 25 R15.htm IDEA: XBRL DOCUMENT

Partners' Capital and Distributions

6 Months Ended

Jun. 30, 2022

Partners' Capital Notes [Abstract]

Partners' Capital and Distributions

Note 8. Partners’ Capital and Distributions


Period	Record Date	Distribution Date	Distribution per Class A share
First Quarter 2021	May 3, 2021	May 13, 2021	$	0.4526
Second Quarter 2021	August 9, 2021	August 13, 2021	$	0.5042
Third Quarter 2021	November 4, 2021	November 12, 2021	$	0.5104
Fourth Quarter 2021	February 3, 2022	February 14, 2022	$	0.5167
First Quarter 2022	May 5, 2022	May 13, 2022	$	0.5492
Second Quarter 2022(1)	August 4, 2022	August 12, 2022	$	0.5559

(1) For more information, see Note 14, Subsequent Events.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

Note 9. Equity‑Based Compensation

Equity‑based award activity for the six months ended June 30, 2022 is as follows:


				Weighted Average
				Award Date
	Number of Shares			Fair Value
Outstanding and unvested shares at December 31, 2021		187,931		$	16.75
Granted		53,548			33.52
Vested		(95,778	)		16.89
Outstanding and unvested shares at June 30, 2022		145,701		$	22.82

XML 27 R17.htm IDEA: XBRL DOCUMENT

Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

Note 10. Earnings per Share


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income	$	151.8	$	162.0	$	311.4	$	321.6
Less: Net income attributable to noncontrolling interest		129.8		151.0		272.5		302.0
Net income attributable to Hess Midstream LP		22.0		11.0		38.9		19.6
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.51	$	0.44	$	1.01	$	0.89
Diluted:	$	0.50	$	0.44	$	0.99	$	0.87
Weighted average Class A shares outstanding:
Basic:		43.7		25.0		38.7		22.2
Diluted:		43.7		25.1		38.8		22.3

XML 28 R18.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk

6 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Note 11. Concentration of Credit Risk

Hess represented approximately 100% of our total revenues and accounts receivable for the three and six months ended June 30, 2022 and 2021.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Environmental Contingencies

Legal Proceedings

XML 30 R20.htm IDEA: XBRL DOCUMENT

Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

Note 13. Segments

The following tables reflect certain financial data for each reportable segment:


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2022
Revenues and other income	$	166.2	$	116.5	$	30.7	$	-		$	313.4
Net income (loss)		95.2		81.3		21.3		(46.0	)		151.8
Net income (loss) attributable to Hess Midstream LP		17.6		15.0		3.8		(14.4	)		22.0
Depreciation expense		26.6		14.4		4.0		-			45.0
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		1.0		-		-			1.0
Interest expense, net		-		-		-		37.4			37.4
Income tax expense		-		-		-		7.1			7.1
Adjusted EBITDA		121.8		97.0		25.3		(1.5	)		242.6
Capital expenditures*		67.7		1.3		2.7		-			71.7

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2021
Revenues and other income	$	154.6	$	105.3	$	34.9	$	-		$	294.8
Net income (loss)		92.4		71.6		26.1		(28.1	)		162.0
Net income (loss) attributable to Hess Midstream LP		8.1		6.3		2.4		(5.8	)		11.0
Depreciation expense		25.2		11.2		4.0		-			40.4
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		2.9		-		-			2.9
Interest expense, net		-		-		-		22.9			22.9
Income tax expense		-		-		-		3.6			3.6
Adjusted EBITDA		117.6		84.1		30.1		(1.6	)		230.2
Capital expenditures*		38.2		8.1		0.1		-			46.4


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2022
Revenues and other income	$	329.8	$	230.3	$	65.7	$	-		$	625.8
Net income (loss)		193.4		159.4		43.2		(84.6	)		311.4
Net income (loss) attributable to Hess Midstream LP		30.6		25.4		6.7		(23.8	)		38.9
Depreciation expense		52.5		28.8		8.1		-			89.4
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		1.4		-		-			1.4
Interest expense, net		-		-		-		68.7			68.7
Income tax expense		-		-		-		12.1			12.1
Adjusted EBITDA		245.9		190.8		51.3		(3.8	)		484.2
Capital expenditures*		103.4		2.2		3.2		-			108.8

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2021
Revenues and other income	$	307.3	$	208.8	$	67.5	$	-		$	583.6
Net income (loss)		184.8		142.5		50.1		(55.8	)		321.6
Net income (loss) attributable to Hess Midstream LP		14.5		11.1		4.0		(10.0	)		19.6
Depreciation expense		50.1		22.4		8.1		-			80.6
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		5.6		-		-			5.6
Interest expense, net		-		-		-		46.0			46.0
Income tax expense (benefit)		-		-		-		6.1			6.1
Adjusted EBITDA		234.9		167.5		58.2		(3.7	)		456.9
Capital expenditures*		57.6		11.8		0.1		-			69.5

*Includes acquisition, expansion and maintenance capital expenditures, as applicable.

Total assets for the reportable segments are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Gathering	$	1,988.0	$	1,927.0
Processing and Storage(1)		1,133.1		1,149.5
Terminaling and Export		277.1		281.4
Interest and Other		200.5		127.7
Total assets	$	3,598.7	$	3,485.6

(1) Includes investment in equity investees of $96.9 million as of June 30, 2022 and $101.6 million as of December 31, 2021.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Revenues From Contracts With Customers on Disaggregated Basis

XML 31 R21.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

XML 32 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Presentation

XML 33 R23.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Revenues from contracts with customers on a disaggregated basis are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	148.4	$	133.4	$	293.7	$	262.1
Processing and storage services		116.5		105.3		230.3		208.8
Terminaling and export services		30.3		34.9		65.0		67.5
Water gathering and disposal services		17.8		21.2		36.1		45.2
Total revenues from contracts with customers	$	313.0	$	294.8	$	625.1	$	583.6
Other income		0.4		-		0.7		-
Total revenues	$	313.4	$	294.8	$	625.8	$	583.6

Summary of MVC Shortfall Fees Earned

The following table presents MVC shortfall fees earned during each period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Oil and gas gathering services	$	30.5	$	9.4	$	51.8	$	16.9
Processing and storage services		16.5		-		22.8		-
Terminaling and export services		10.3		7.7		16.6		12.7
Water gathering and disposal services		0.4		1.6		0.4		2.5
Total	$	57.7	$	18.7	$	91.6	$	32.1

Summary of Third-party Pass-through Costs for Which Revenues in Amount Equal to Costs are Recognized and Classification of Charges between Operating and Maintenance Expenses and General and Administrative Expenses


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Electricity and other related fees	$	12.0	$	9.9	$	22.5	$	19.2
Produced water trucking and disposal costs		7.9		8.7		15.8		18.1
Rail transportation costs		-		-		4.3		0.1
Total	$	19.9	$	18.6	$	42.6	$	37.4

For the three and six months ended June 30, 2022 and 2021, we had the following charges from Hess. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the fundamental nature of the services being performed for our operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Operating and maintenance expenses	$	16.7	$	15.8	$	33.6	$	31.5
General and administrative expenses		3.8		3.6		7.5		7.8
Total	$	20.5	$	19.4	$	41.1	$	39.3

Summary of Activity Related to Agreements with Related Party

For the three and six months ended June 30, 2022 and 2021, we had the following activity related to our agreements with LM4:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(in millions)
Processing fee incurred	$	4.7	$	7.1	$	9.2	$	14.0
Earnings from equity investments		1.0		2.9		1.4		5.6
Distributions received from equity investments		1.4		4.0		6.1		11.5

XML 34 R24.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

Property, plant and equipment, at cost, is as follows:


	Estimated useful lives	June 30, 2022			December 31, 2021
(in millions, except for number of years)
Gathering assets
Pipelines	22 years	$	1,526.0		$	1,489.7
Compressors, pumping stations and terminals	22 to 25 years		859.8			809.0
Gas plant assets
Pipelines, pipes and valves	22 to 25 years		460.0			460.0
Equipment	12 to 30 years		428.2			428.3
Processing and fractionation facilities	25 years		413.2			408.7
Buildings	35 years		182.3			182.3
Logistics facilities and railcars	20 to 25 years		386.7			386.5
Storage facilities	20 to 25 years		19.5			19.5
Other	20 to 25 years		25.8			25.8
Construction-in-progress	N/A		148.7			131.6
Total property, plant and equipment, at cost			4,450.2			4,341.4
Accumulated depreciation			(1,305.6	)		(1,216.4	)
Property, plant and equipment, net		$	3,144.6		$	3,125.0

XML 35 R25.htm IDEA: XBRL DOCUMENT

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Accrued interest	$	35.1	$	30.9
Accrued capital expenditures		28.0		26.5
Other accruals		22.0		18.8
Total	$	85.1	$	76.2

XML 36 R26.htm IDEA: XBRL DOCUMENT

Partners' Capital and Distributions (Tables)

6 Months Ended

Jun. 30, 2022

Partners' Capital Notes [Abstract]

Schedule of Distributions Declared and Paid

The following table details the distributions declared and/or paid for the periods presented:


Period	Record Date	Distribution Date	Distribution per Class A share
First Quarter 2021	May 3, 2021	May 13, 2021	$	0.4526
Second Quarter 2021	August 9, 2021	August 13, 2021	$	0.5042
Third Quarter 2021	November 4, 2021	November 12, 2021	$	0.5104
Fourth Quarter 2021	February 3, 2022	February 14, 2022	$	0.5167
First Quarter 2022	May 5, 2022	May 13, 2022	$	0.5492
Second Quarter 2022(1)	August 4, 2022	August 12, 2022	$	0.5559

(1) For more information, see Note 14, Subsequent Events.

XML 37 R27.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Equity-based Award Activity

Equity‑based award activity for the six months ended June 30, 2022 is as follows:


				Weighted Average
				Award Date
	Number of Shares			Fair Value
Outstanding and unvested shares at December 31, 2021		187,931		$	16.75
Granted		53,548			33.52
Vested		(95,778	)		16.89
Outstanding and unvested shares at June 30, 2022		145,701		$	22.82

XML 38 R28.htm IDEA: XBRL DOCUMENT

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings per Share


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income	$	151.8	$	162.0	$	311.4	$	321.6
Less: Net income attributable to noncontrolling interest		129.8		151.0		272.5		302.0
Net income attributable to Hess Midstream LP		22.0		11.0		38.9		19.6
Net income attributable to Hess Midstream LP per Class A share:
Basic:	$	0.51	$	0.44	$	1.01	$	0.89
Diluted:	$	0.50	$	0.44	$	0.99	$	0.87
Weighted average Class A shares outstanding:
Basic:		43.7		25.0		38.7		22.2
Diluted:		43.7		25.1		38.8		22.3

XML 39 R29.htm IDEA: XBRL DOCUMENT

Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Financial Data for Each Reportable Segment

The following tables reflect certain financial data for each reportable segment:


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2022
Revenues and other income	$	166.2	$	116.5	$	30.7	$	-		$	313.4
Net income (loss)		95.2		81.3		21.3		(46.0	)		151.8
Net income (loss) attributable to Hess Midstream LP		17.6		15.0		3.8		(14.4	)		22.0
Depreciation expense		26.6		14.4		4.0		-			45.0
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		1.0		-		-			1.0
Interest expense, net		-		-		-		37.4			37.4
Income tax expense		-		-		-		7.1			7.1
Adjusted EBITDA		121.8		97.0		25.3		(1.5	)		242.6
Capital expenditures*		67.7		1.3		2.7		-			71.7

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Three Months Ended June 30, 2021
Revenues and other income	$	154.6	$	105.3	$	34.9	$	-		$	294.8
Net income (loss)		92.4		71.6		26.1		(28.1	)		162.0
Net income (loss) attributable to Hess Midstream LP		8.1		6.3		2.4		(5.8	)		11.0
Depreciation expense		25.2		11.2		4.0		-			40.4
Proportional share of equity affiliates' depreciation		-		1.3		-		-			1.3
Income from equity investments		-		2.9		-		-			2.9
Interest expense, net		-		-		-		22.9			22.9
Income tax expense		-		-		-		3.6			3.6
Adjusted EBITDA		117.6		84.1		30.1		(1.6	)		230.2
Capital expenditures*		38.2		8.1		0.1		-			46.4


	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2022
Revenues and other income	$	329.8	$	230.3	$	65.7	$	-		$	625.8
Net income (loss)		193.4		159.4		43.2		(84.6	)		311.4
Net income (loss) attributable to Hess Midstream LP		30.6		25.4		6.7		(23.8	)		38.9
Depreciation expense		52.5		28.8		8.1		-			89.4
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		1.4		-		-			1.4
Interest expense, net		-		-		-		68.7			68.7
Income tax expense		-		-		-		12.1			12.1
Adjusted EBITDA		245.9		190.8		51.3		(3.8	)		484.2
Capital expenditures*		103.4		2.2		3.2		-			108.8

	Gathering		Processing and Storage		Terminaling and Export		Interest and Other			Consolidated
(in millions)
For the Six Months Ended June 30, 2021
Revenues and other income	$	307.3	$	208.8	$	67.5	$	-		$	583.6
Net income (loss)		184.8		142.5		50.1		(55.8	)		321.6
Net income (loss) attributable to Hess Midstream LP		14.5		11.1		4.0		(10.0	)		19.6
Depreciation expense		50.1		22.4		8.1		-			80.6
Proportional share of equity affiliates' depreciation		-		2.6		-		-			2.6
Income from equity investments		-		5.6		-		-			5.6
Interest expense, net		-		-		-		46.0			46.0
Income tax expense (benefit)		-		-		-		6.1			6.1
Adjusted EBITDA		234.9		167.5		58.2		(3.7	)		456.9
Capital expenditures*		57.6		11.8		0.1		-			69.5

*Includes acquisition, expansion and maintenance capital expenditures, as applicable.

Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:


	June 30, 2022		December 31, 2021
(in millions)
Gathering	$	1,988.0	$	1,927.0
Processing and Storage(1)		1,133.1		1,149.5
Terminaling and Export		277.1		281.4
Interest and Other		200.5		127.7
Total assets	$	3,598.7	$	3,485.6

(1) Includes investment in equity investees of $96.9 million as of June 30, 2022 and $101.6 million as of December 31, 2021.

XML 40 R30.htm IDEA: XBRL DOCUMENT

Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Segment
Description Of Business [Line Items]
Number of reportable segments	3
Hess
Description Of Business [Line Items]
Percentage of ownership in joint venture	50.00%
GIP II Blue Holding, L.P
Description Of Business [Line Items]
Percentage of ownership in joint venture	50.00%

XML 41 R31.htm IDEA: XBRL DOCUMENT

Basis of Presentation - Additional Information (Detail)	6 Months Ended	12 Months Ended
Basis of Presentation - Additional Information (Detail)	Jun. 30, 2022	Dec. 31, 2021
Hess and GIP
Accounting Policies [Line Items]
Noncontrolling interest percentage	81.70%	86.70%

XML 42 R32.htm IDEA: XBRL DOCUMENT

Equity Transactions - Additional Information (Detail) - USD ($)				6 Months Ended
	Apr. 04, 2022	Mar. 29, 2022	Mar. 15, 2021	Jun. 30, 2022	Apr. 08, 2022	Dec. 31, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Costs incurred to repurchase shares were charged to equity				$ 1,500,000
5.500% Fixed Rate Senior Unsecured Notes due 2030
Class of Stock [Line Items]
Fixed-rate senior notes					$ 400,000,000.0
Class A Shares
Class of Stock [Line Items]
Equity offering transaction	10,235,000		6,900,000
Shares issued, price per share	$ 29.50		$ 21.00
Proceeds from Issuance of public equity offering	$ 0
Net proceeds received by sponsors from public equity offering	291,700,000		$ 139,900,000
Increase (decrease) common unitholders	$ 27,000,000.0		$ (31,800,000)	248,700,000		$ 204,100,000
Additions to deferred tax asset				$ 86,400,000			$ 26,400,000
Class A Shares \| Maximum
Class of Stock [Line Items]
Underwriters’ option to purchase additional shares	1,335,000		900,000
Class B Shares
Class of Stock [Line Items]
Repurchase of shares	13,559,322
Value of shares repurchased		$ 400,000,000.0
Stock purchased price per share	$ 29.50

XML 43 R33.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LM4
Related Party Transaction [Line Items]
Percentage of ownership in joint venture	50.00%		50.00%
Customer Concentration Risk \| Revenue
Related Party Transaction [Line Items]
Revenues attributable to fee based commercial agreements			100.00%	100.00%
Hess
Related Party Transaction [Line Items]
Percentage of ownership in joint venture	50.00%		50.00%
Hess \| Customer Concentration Risk \| Revenue
Related Party Transaction [Line Items]
Revenues attributable to fee based commercial agreements	100.00%	100.00%	100.00%	100.00%
Hess \| Amended and Restated Commercial Agreement
Related Party Transaction [Line Items]
Minimum volume commitments, Description			Minimum volume commitments (“MVCs”) are equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis such that MVCs are set for the three years following the most recent nomination. Without our consent, the MVCs resulting from the nominated volumes for any quarter or year contained in any prior development plan shall not be reduced by any updated development plan unless dedicated production is released by us. The applicable MVCs may, however, be increased as a result of the nominations contained in any such updated development plan.
Minimum volume commitments expressed as percentage of related party nominations in development plans			80.00%
Initial term of agreement			10 years
Agreement description			each of our commercial agreements with Hess has an initial 10-year term effective January 1, 2014 (“Initial Term”).
Number of rights to extend the term of agreement			one
Advance period to call for extension of term of agreement			3 years
Secondary term of agreement			10 years
Hess \| Amended and Restated Agreement for Certain Gas Gathering Sub-system
Related Party Transaction [Line Items]
Initial term of agreement			15 years
Agreement description			For this gathering sub-system, the Initial Term is 15 years effective January 1, 2014 and for the water services agreements the Initial Term is 14 years effective January 1, 2019.
Secondary term of agreement			5 years
Hess \| Amended and Restated Water Services Agreements
Related Party Transaction [Line Items]
Initial term of agreement			14 years
Secondary term of agreement			10 years
Hess \| Terminal and Export Services Agreement
Related Party Transaction [Line Items]
Commercial agreement period			20 years
Hess \| Commercial Agreements Other Than Storage Services Agreement and Terminal and Export Services Agreement
Related Party Transaction [Line Items]
Minimum volume commitments, Description			During the Secondary Term of our commercial agreements, Hess will continue to have MVCs equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis through the Secondary Term.
Minimum volume commitments expressed as percentage of related party nominations in development plans			80.00%
Maximum consumer price index percentage			3.00%
Fee recalculation model description			the fee recalculation model under each applicable agreement will be replaced by an inflation-based fee structure. The initial fee for the first year of the Secondary Term will be determined based on the average fees paid by Hess under the applicable agreement during the last three years of the Initial Term (with such fees adjusted for inflation through the first year of the Secondary Term). For each year following the first year of the Secondary Term, the applicable fee will be adjusted annually based on the percentage change in the consumer price index, provided that we may not increase any fee by more than 3% in any calendar year solely by reason of an increase in the consumer price index, and no fee will ever be reduced below the amount of the applicable fee payable by Hess in the prior year as a result of a decrease in the consumer price index.
Targa Resources Corp. \| LM4
Related Party Transaction [Line Items]
Percentage of ownership in joint venture	50.00%		50.00%

XML 44 R34.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Revenues From Contracts With Customers on Disaggregated Basis (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenue from contract with customer including assessed tax	$ 313.0	$ 294.8	$ 625.1	$ 583.6
Other income	0.4		0.7
Total revenues	313.4	294.8	625.8	583.6
Oil and Gas Gathering Services
Disaggregation Of Revenue [Line Items]
Revenue from contract with customer including assessed tax	148.4	133.4	293.7	262.1
Processing and Storage Services
Disaggregation Of Revenue [Line Items]
Revenue from contract with customer including assessed tax	116.5	105.3	230.3	208.8
Terminaling and Export Services
Disaggregation Of Revenue [Line Items]
Revenue from contract with customer including assessed tax	30.3	34.9	65.0	67.5
Water Gathering and Disposal Services
Disaggregation Of Revenue [Line Items]
Revenue from contract with customer including assessed tax	$ 17.8	$ 21.2	$ 36.1	$ 45.2

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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XML 45 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of MVC Shortfall Fees Earned (Detail) - Hess - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Total MVC shortfall fees	$ 57.7	$ 18.7	$ 91.6	$ 32.1
Oil and Gas Gathering Services
Related Party Transaction [Line Items]
Total MVC shortfall fees	30.5	9.4	51.8	16.9
Processing and Storage Services
Related Party Transaction [Line Items]
Total MVC shortfall fees	16.5		22.8
Terminaling and Export Services
Related Party Transaction [Line Items]
Total MVC shortfall fees	10.3	7.7	16.6	12.7
Water Gathering and Disposal Services
Related Party Transaction [Line Items]
Total MVC shortfall fees	$ 0.4	$ 1.6	$ 0.4	$ 2.5

XML 46 R36.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Third-party Pass-through Costs for Which Revenues in Amount Equal to Costs are Recognized (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Reimbursement revenue	$ 313.0	$ 294.8	$ 625.1	$ 583.6
Hess
Related Party Transaction [Line Items]
Total	19.9	18.6	42.6	37.4
Hess \| Electricity and Other Related Fees
Related Party Transaction [Line Items]
Reimbursement revenue	12.0	9.9	22.5	19.2
Hess \| Produced Water Trucking and Disposal Costs
Related Party Transaction [Line Items]
Reimbursement revenue	$ 7.9	$ 8.7	15.8	18.1
Hess \| Rail Transportation Costs
Related Party Transaction [Line Items]
Reimbursement revenue			$ 4.3	$ 0.1

Distribution Made To Limited Partner [Line Items]

XML 47 R37.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Classification of Charges between Operating and Maintenance Expenses and General and Administrative Expenses (Detail) - Hess - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Operating and maintenance expenses	$ 16.7	$ 15.8	$ 33.6	$ 31.5
General and administrative expenses	3.8	3.6	7.5	7.8
Total	$ 20.5	$ 19.4	$ 41.1	$ 39.3

XML 48 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Summary of Activity Related to Agreements with Related Party (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Earnings from equity investments	$ 1.0	$ 2.9	$ 1.4	$ 5.6
Distributions received from equity investments			6.1	11.5
LM4
Related Party Transaction [Line Items]
Processing fee incurred	4.7	7.1	9.2	14.0
Earnings from equity investments	1.0	2.9	1.4	5.6
Distributions received from equity investments	$ 1.4	$ 4.0	$ 6.1	$ 11.5

XML 49 R39.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 4,450.2	$ 4,341.4
Accumulated depreciation	(1,305.6)	(1,216.4)
Property, plant and equipment, net	3,144.6	3,125.0
Logistics Facilities and Railcars
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 386.7	386.5
Logistics Facilities and Railcars \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	20 years
Logistics Facilities and Railcars \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Storage Facilities
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 19.5	19.5
Storage Facilities \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	20 years
Storage Facilities \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Other
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 25.8	25.8
Other \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	20 years
Other \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Construction-In-Progress
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 148.7	131.6
Gathering Assets \| Pipelines
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	22 years
Total property, plant and equipment, at cost	$ 1,526.0	1,489.7
Gathering Assets \| Compressors, Pumping Stations and Terminals
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 859.8	809.0
Gathering Assets \| Compressors, Pumping Stations and Terminals \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	22 years
Gathering Assets \| Compressors, Pumping Stations and Terminals \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Gas Plant Assets \| Pipelines, Pipes and Valves
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 460.0	460.0
Gas Plant Assets \| Pipelines, Pipes and Valves \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	22 years
Gas Plant Assets \| Pipelines, Pipes and Valves \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Gas Plant Assets \| Equipment
Property Plant And Equipment [Line Items]
Total property, plant and equipment, at cost	$ 428.2	428.3
Gas Plant Assets \| Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	12 years
Gas Plant Assets \| Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	30 years
Gas Plant Assets \| Processing and Fractionation Facilities
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	25 years
Total property, plant and equipment, at cost	$ 413.2	408.7
Gas Plant Assets \| Buildings
Property Plant And Equipment [Line Items]
Property, plant and equipment, Estimated useful life	35 years
Total property, plant and equipment, at cost	$ 182.3	$ 182.3

XML 50 R40.htm IDEA: XBRL DOCUMENT

Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued interest	$ 35.1	$ 30.9
Accrued capital expenditures	28.0	26.5
Other accruals	22.0	18.8
Total	$ 85.1	$ 76.2

XML 51 R41.htm IDEA: XBRL DOCUMENT

Debt and Interest Expense - Additional Information (Detail) - USD ($)		6 Months Ended
	Apr. 08, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Debt covenant, leverage ratio		550.00%
Ratio of debt to EBITDA		500.00%
Secured leverage ratio - Maximum		400.00%
Debt instrument covenant, description		The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to the Partnership obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter.
Carrying Value
Debt Instrument [Line Items]
Total debt		$ 2,937,400,000
Level 2
Debt Instrument [Line Items]
Total debt fair value		$ 2,691,700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility - Term		5 years
Maximum borrowing capacity		$ 1,000,000,000.0
Borrowings		$ 91,000,000.0
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Interest rate applicable margin		1.55%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Interest rate applicable margin		2.50%
Term Loan A Facility
Debt Instrument [Line Items]
Credit facility - Term		5 years
Credit facility - maturity year		2024
Maximum borrowing capacity		$ 400,000,000.0
Borrowings		$ 380,000,000.0
Syndicated Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility - Term		5 years
Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Interest rate applicable margin		1.275%
Syndicated Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Interest rate applicable margin		2.00%
Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Debt covenant, leverage ratio		425.00%
5.500% Fixed Rate Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Aggregate principal amount of fixed-rate senior notes	$ 400,000,000.0
5.500% Fixed Rate Senior Unsecured Notes due 2030 \| Fixed-Rate Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.50%
Debt instrument due year	2030
Frequency of periodic interest payment		semi‑annually
Interest payment terms		Interest is payable semi‑annually on April 15 and October 15, commencing October 15, 2022.
4.250% Fixed Rate Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Aggregate principal amount of fixed-rate senior notes		$ 750,000,000.0
4.250% Fixed Rate Senior Unsecured Notes due 2030 \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate		4.25%
Debt instrument due year		2030
Frequency of periodic interest payment		semi‑annually
Interest payment terms		Interest is payable semi‑annually on February 15 and August 15.
5.625% Fixed Rate Senior Unsecured Notes due 2026
Debt Instrument [Line Items]
Aggregate principal amount of fixed-rate senior notes		$ 800,000,000.0
5.625% Fixed Rate Senior Unsecured Notes due 2026 \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate		5.625%
Debt instrument due year		2026
Frequency of periodic interest payment		semi‑annually
Interest payment terms		Interest is payable semi‑annually on February 15 and August 15.
5.125% Fixed Rate Senior Unsecured Notes due 2028
Debt Instrument [Line Items]
Aggregate principal amount of fixed-rate senior notes		$ 550,000,000.0
5.125% Fixed Rate Senior Unsecured Notes due 2028 \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate		5.125%
Debt instrument due year		2028
Frequency of periodic interest payment		semi‑annually
Interest payment terms		Interest is payable semi‑annually on June 15 and December 15.

XML 52 R42.htm IDEA: XBRL DOCUMENT

Partners' Capital and Distributions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022
Partners' Capital Notes [Abstract]
Period of cash distribution to shareholders	45 days

XML 53 R43.htm IDEA: XBRL DOCUMENT

Partners' Capital and Distributions - Schedule of Distributions Declared and Paid (Detail)

6 Months Ended

Jun. 30, 2022

$ / shares

First Quarter 2021

May 03, 2021

May 13, 2021

Distribution Made To Limited Partner [Line Items]

$ 0.4526

Second Quarter 2021

Aug. 09, 2021

Aug. 13, 2021

Distribution Made To Limited Partner [Line Items]

$ 0.5042

Third Quarter 2021

Nov. 04, 2021

Nov. 12, 2021

Distribution Made To Limited Partner [Line Items]

$ 0.5104

Fourth Quarter 2021

Feb. 03, 2022

Feb. 14, 2022

Distribution Made To Limited Partner [Line Items]

$ 0.5167

First Quarter 2022

May 05, 2022

May 13, 2022

Distribution Made To Limited Partner [Line Items]

$ 0.5492

Second Quarter 2022

Aug. 04, 2022

^[1]

Aug. 12, 2022

^[1]

$ 0.5559

^[1]

[1]	For more information, see Note 14, Subsequent Events.

XML 54 R44.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation - Schedule of Equity-based Award Activity (Detail) - Restricted Share	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding and unvested shares at December 31, 2021, Number of Shares \| shares	187,931
Granted, Number of Shares \| shares	53,548
Vested, Number of Shares \| shares	(95,778)
Outstanding and unvested shares at March 31, 2022, Number of Shares \| shares	145,701
Outstanding and unvested shares at December 31, 2021, Weighted Average Award Date Fair Value \| $ / shares	$ 16.75
Granted, Weighted Average Award Date Fair Value \| $ / shares	33.52
Vested, Weighted Average Award Date Fair Value \| $ / shares	16.89
Outstanding and unvested shares at March 31, 2022, Weighted Average Award Date Fair Value \| $ / shares	$ 22.82

XML 55 R45.htm IDEA: XBRL DOCUMENT

Equity-Based Compensation - Additional Information (Detail) - 2017 Long-Term Incentive Plan $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cost related to restricted shares to be recognized	$ 2.7
Cost related to unvested restricted shares to be recognized, over an expected weighted-average period	2 years 1 month 6 days

XML 56 R46.htm IDEA: XBRL DOCUMENT

Earnings per Share - Additional Information (Detail) - Class A Shares - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dilutive Restricted Shares
Limited Partners Capital Account [Line Items]
Weighted average number shares	50,874	77,748	76,243	99,985
Hess and GIP
Limited Partners Capital Account [Line Items]
Conversion of Class B units and Class B shares into Class A shares			100.00%

XML 57 R47.htm IDEA: XBRL DOCUMENT

Earnings per Share - Schedule of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Limited Partners Capital Account [Line Items]
Net income	$ 151.8	$ 159.6	$ 162.0	$ 159.6	$ 311.4	$ 321.6
Less: Net income attributable to noncontrolling interest	129.8		151.0		272.5	302.0
Net income attributable to Hess Midstream LP	$ 22.0		$ 11.0		$ 38.9	$ 19.6
Class A Shares
Net income attributable to Hess Midstream LP per Class A share:
Net income attributable to Hess Midstream LP per Class A share, Basic	$ 0.51		$ 0.44		$ 1.01	$ 0.89
Net income attributable to Hess Midstream LP per Class A share, Diluted	$ 0.50		$ 0.44		$ 0.99	$ 0.87
Weighted average Class A shares outstanding
Weighted average Class A shares outstanding, Basic	43.7		25.0		38.7	22.2
Weighted average Class A shares outstanding, Diluted	43.7		25.1		38.8	22.3

XML 58 R48.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk - Additional Information (Detail) - Customer Concentration Risk	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%

XML 59 R49.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Estimated remediation liabilities included in accrued liabilities	$ 600,000	$ 800,000
Estimated remediation liabilities included in other noncurrent liabilities	4,500,000	3,100,000
Accrued liabilities for legal contingencies	$ 0	$ 0

XML 60 R50.htm IDEA: XBRL DOCUMENT

Segments - Additional Information (Detail)	6 Months Ended
Segments - Additional Information (Detail)	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

XML 61 R51.htm IDEA: XBRL DOCUMENT

Segments - Financial Data for Each Reportable Segment (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

$ 313.4

$ 294.8

$ 625.8

$ 583.6

Net income (loss) attributable to Hess Midstream LP

151.8

$ 159.6

162.0

$ 159.6

311.4

321.6

22.0

11.0

38.9

19.6

Proportional share of equity affiliates' depreciation

45.0

40.4

89.4

80.6

1.3

2.6

Income from equity investments

1.0

2.9

1.4

5.6

Interest expense, net

37.4

22.9

68.7

46.0

Income tax expense (benefit)

7.1

3.6

12.1

6.1

242.6

230.2

484.2

456.9

^[1]

71.7

46.4

108.8

69.5

Interest and Other

Net income (loss) attributable to Hess Midstream LP

(46.0)

(28.1)

(84.6)

(55.8)

(14.4)

(5.8)

(23.8)

(10.0)

Interest expense, net

37.4

22.9

68.7

46.0

Income tax expense (benefit)

7.1

3.6

12.1

6.1

Gathering Opco | Operating Segments

(1.5)

(1.6)

(3.8)

(3.7)

166.2

154.6

329.8

307.3

Net income (loss) attributable to Hess Midstream LP

95.2

92.4

193.4

184.8

17.6

8.1

30.6

14.5

26.6

25.2

52.5

50.1

(121.8)

117.6

245.9

234.9

Processing and Storage | Operating Segments

^[1]

67.7

38.2

103.4

57.6

116.5

105.3

230.3

208.8

Net income (loss) attributable to Hess Midstream LP

81.3

71.6

159.4

142.5

15.0

6.3

25.4

11.1

Proportional share of equity affiliates' depreciation

14.4

11.2

28.8

22.4

1.3

2.6

Income from equity investments

1.0

2.9

1.4

5.6

97.0

84.1

190.8

167.5

Terminaling and Export | Operating Segments

^[1]

1.3

8.1

2.2

11.8

30.7

34.9

65.7

67.5

Net income (loss) attributable to Hess Midstream LP

21.3

26.1

43.2

50.1

3.8

2.4

6.7

4.0

4.0

8.1

25.3

30.1

51.3

58.2

^[1]

$ 2.7

$ 0.1

$ 3.2

$ 0.1

[1]	Includes acquisition, expansion and maintenance capital expenditures, as applicable.

XML 62 R52.htm IDEA: XBRL DOCUMENT

Segments - Total Assets for Reportable Segments (Detail) - USD ($)
$ in Millions

Jun. 30, 2022

Dec. 31, 2021

$ 3,598.7

$ 3,485.6

Interest and Other

Gathering Opco | Operating Segments

200.5

127.7

Processing and Storage | Operating Segments

1,988.0

1,927.0

Terminaling and Export | Operating Segments

^[1]

1,133.1

1,149.5

$ 277.1

$ 281.4

[1]	Includes investment in equity investees of $96.9 million as of June 30, 2022 and $101.6 million as of December 31, 2021.

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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