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Segments (Tables)
3 Months Ended
Mar. 31, 2023
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 March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

164.7

 

 

$

114.4

 

 

$

25.9

 

 

$

-

 

 

$

305.0

 

Net income (loss)

 

 

95.1

 

 

 

80.1

 

 

 

17.6

 

 

 

(50.6

)

 

 

142.2

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

17.4

 

 

 

14.5

 

 

 

3.3

 

 

 

(14.5

)

 

 

20.7

 

Depreciation expense

 

 

28.8

 

 

 

14.5

 

 

 

4.1

 

 

 

-

 

 

 

47.4

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

1.3

 

 

 

-

 

 

 

-

 

 

 

1.3

 

Income from equity investments

 

 

-

 

 

 

1.6

 

 

 

-

 

 

 

-

 

 

 

1.6

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

41.6

 

 

 

41.6

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6.5

 

 

 

6.5

 

Adjusted EBITDA

 

 

123.9

 

 

 

95.9

 

 

 

21.7

 

 

 

(2.5

)

 

 

239.0

 

Capital expenditures*

 

 

49.4

 

 

 

0.9

 

 

 

7.0

 

 

 

-

 

 

 

57.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

163.6

 

 

$

113.8

 

 

$

35.0

 

 

$

-

 

 

$

312.4

 

Net income (loss)

 

 

98.2

 

 

 

78.1

 

 

 

21.9

 

 

 

(38.6

)

 

 

159.6

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

13.0

 

 

 

10.4

 

 

 

2.9

 

 

 

(9.4

)

 

 

16.9

 

Depreciation expense

 

 

25.9

 

 

 

14.4

 

 

 

4.1

 

 

 

-

 

 

 

44.4

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

1.3

 

 

 

-

 

 

 

-

 

 

 

1.3

 

Income from equity investments

 

 

-

 

 

 

0.4

 

 

 

-

 

 

 

-

 

 

 

0.4

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31.3

 

 

 

31.3

 

Income tax expense (benefit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5.0

 

 

 

5.0

 

Adjusted EBITDA

 

 

124.1

 

 

 

93.8

 

 

 

26.0

 

 

 

(2.3

)

 

 

241.6

 

Capital expenditures*

 

 

35.7

 

 

 

0.9

 

 

 

0.5

 

 

 

-

 

 

 

37.1

 

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

Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:

 

 

 

 

 

 

March 31, 2023

 

 

December 31, 2022

 

(in millions)

 

 

 

 

 

 

Gathering

 

$

2,036.1

 

 

$

2,022.0

 

Processing and Storage(1)

 

 

1,079.7

 

 

 

1,099.2

 

Terminaling and Export

 

 

273.9

 

 

 

275.8

 

Interest and Other

 

 

188.8

 

 

 

191.2

 

Total assets

 

$

3,578.5

 

 

$

3,588.2

 

(1) Includes investment in equity investees of $92.9 million as of March 31, 2023 and $93.9 million as of December 31, 2022.