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Segments (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

188.1

 

 

$

139.1

 

 

$

28.4

 

 

$

-

 

 

$

355.6

 

Net income (loss)

 

 

108.9

 

 

 

100.7

 

 

 

17.3

 

 

 

(65.0

)

 

 

161.9

 

Net income (loss) attributable to
   Hess Midstream LP

 

 

36.4

 

 

 

33.4

 

 

 

5.9

 

 

 

(31.1

)

 

 

44.6

 

Depreciation expense

 

 

30.8

 

 

 

14.7

 

 

 

4.3

 

 

 

-

 

 

 

49.8

 

Proportional share of equity affiliates'
   depreciation

 

 

-

 

 

 

1.3

 

 

 

-

 

 

 

-

 

 

 

1.3

 

Income from equity investments

 

 

-

 

 

 

2.7

 

 

 

-

 

 

 

-

 

 

 

2.7

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

48.5

 

 

 

48.5

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14.3

 

 

 

14.3

 

Adjusted EBITDA

 

 

139.7

 

 

 

116.7

 

 

 

21.6

 

 

 

(2.2

)

 

 

275.8

 

Capital expenditures

 

 

31.7

 

 

 

3.4

 

 

 

0.1

 

 

 

-

 

 

 

35.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

(in millions)

 

 

 

 

 

 

Gathering

 

$

2,139.0

 

 

$

2,138.6

 

Processing and Storage(1)

 

 

1,041.7

 

 

 

1,048.4

 

Terminaling and Export

 

 

259.9

 

 

 

264.4

 

Interest and Other

 

 

422.2

 

 

 

338.1

 

Total assets

 

$

3,862.8

 

 

$

3,789.5

 

(1) Includes investment in equity investees of $89.4 million as of March 31, 2024 and $90.2 million as of December 31, 2023.