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Segments (Tables)
12 Months Ended
Dec. 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 Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

730.0

 

 

$

501.7

 

 

$

116.9

 

 

$

-

 

 

$

1,348.6

 

Net income (loss)

 

 

418.2

 

 

 

345.2

 

 

 

69.9

 

 

 

(225.6

)

 

 

607.7

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

101.6

 

 

 

83.5

 

 

 

16.8

 

 

 

(83.3

)

 

 

118.6

 

Depreciation expense

 

 

115.6

 

 

 

59.9

 

 

 

17.0

 

 

 

-

 

 

 

192.5

 

Proportional share of equity affiliates'
   depreciation

 

 

-

 

 

 

5.1

 

 

 

-

 

 

 

-

 

 

 

5.1

 

Income from equity investments

 

 

-

 

 

 

7.7

 

 

 

-

 

 

 

-

 

 

 

7.7

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

179.0

 

 

 

179.0

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37.9

 

 

 

37.9

 

Adjusted EBITDA

 

 

533.8

 

 

 

410.2

 

 

 

86.9

 

 

 

(8.7

)

 

 

1,022.2

 

Capital expenditures

 

 

224.5

 

 

 

11.2

 

 

 

10.0

 

 

 

-

 

 

 

245.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

677.9

 

 

$

470.8

 

 

$

126.5

 

 

$

-

 

 

$

1,275.2

 

Net income (loss)

 

 

389.6

 

 

 

329.1

 

 

 

85.0

 

 

 

(183.1

)

 

 

620.6

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

66.4

 

 

 

56.6

 

 

 

14.4

 

 

 

(53.5

)

 

 

83.9

 

Depreciation expense

 

 

107.4

 

 

 

57.7

 

 

 

16.2

 

 

 

-

 

 

 

181.3

 

Proportional share of equity affiliates'
   depreciation

 

 

-

 

 

 

5.1

 

 

 

-

 

 

 

-

 

 

 

5.1

 

Income from equity investments

 

 

-

 

 

 

5.3

 

 

 

-

 

 

 

-

 

 

 

5.3

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

149.3

 

 

 

149.3

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26.6

 

 

 

26.6

 

Adjusted EBITDA

 

 

497.0

 

 

 

391.9

 

 

 

101.2

 

 

 

(7.2

)

 

 

982.9

 

Capital expenditures

 

 

210.2

 

 

 

8.8

 

 

 

12.8

 

 

 

-

 

 

 

231.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

630.6

 

 

$

435.7

 

 

$

137.5

 

 

$

-

 

 

$

1,203.8

 

Net income (loss)

 

 

377.6

 

 

 

263.8

 

 

 

103.7

 

 

 

(127.3

)

 

 

617.8

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

36.3

 

 

 

25.5

 

 

 

10.1

 

 

 

(25.5

)

 

 

46.4

 

Depreciation expense

 

 

101.0

 

 

 

48.4

 

 

 

16.2

 

 

 

-

 

 

 

165.6

 

Proportional share of equity affiliates'
   depreciation

 

 

-

 

 

 

5.1

 

 

 

-

 

 

 

-

 

 

 

5.1

 

Income from equity investments

 

 

-

 

 

 

10.6

 

 

 

-

 

 

 

-

 

 

 

10.6

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

105.4

 

 

 

105.4

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14.6

 

 

 

14.6

 

Adjusted EBITDA

 

 

478.6

 

 

 

317.3

 

 

 

119.9

 

 

 

(7.3

)

 

 

908.5

 

Capital expenditures

 

 

154.0

 

 

 

28.8

 

 

 

0.2

 

 

 

-

 

 

 

183.0

 

Total Assets for Reportable Segments

Total assets for reportable segments are as follows:

 

 

 

 

 

 

 

December 31, 2023

 

 

December 31, 2022

 

(in millions)

 

 

 

 

 

 

Gathering

 

$

2,138.6

 

 

$

2,022.0

 

Processing and Storage(1)

 

 

1,048.4

 

 

 

1,099.2

 

Terminaling and Export

 

 

264.4

 

 

 

275.8

 

Interest and Other

 

 

338.1

 

 

 

191.2

 

Total assets

 

$

3,789.5

 

 

$

3,588.2

 

(1)
Includes investment in equity investees of $90.2 million as of December 31, 2023 and $93.9 million as of December 31, 2022.