UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
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or
For the transition period from to
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No
HESS MIDSTREAM LP
FORM 10-Q
TABLE OF CONTENTS
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PART I—FINANCIAL INFORMATION |
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1. |
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Financial Statements (unaudited) |
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Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 |
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2 |
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Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 |
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3 |
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4 |
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Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 |
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6 |
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2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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3. |
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29 |
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4. |
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30 |
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PART II—OTHER INFORMATION |
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1. |
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31 |
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1A. |
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31 |
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5. |
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31 |
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6. |
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32 |
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33 |
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Certifications |
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1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Item 1. Financial Statements
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March 31, |
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December 31, |
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2024 |
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2023 |
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(in millions, except share amounts) |
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Assets |
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Cash and cash equivalents |
$ |
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$ |
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Accounts receivable from contracts with customers: |
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Accounts receivable—trade |
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Other current assets |
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Total current assets |
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Equity investments |
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Property, plant and equipment, net |
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Long-term receivable—affiliate |
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Deferred tax asset |
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Other noncurrent assets |
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Total assets |
$ |
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$ |
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Liabilities |
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Accounts payable—trade |
$ |
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$ |
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Accrued liabilities |
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Current maturities of long-term debt |
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Other current liabilities |
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Total current liabilities |
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Long-term debt |
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Deferred tax liability |
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Other noncurrent liabilities |
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Total liabilities |
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Partners' capital |
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Class A shares ( |
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Class B shares ( |
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Total Class A and Class B partners' capital |
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Noncontrolling interest |
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Total partners' capital |
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Total liabilities and partners' capital |
$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
2
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions, except per share data) |
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Revenues |
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$ |
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$ |
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Third-party services |
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Other income |
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Total revenues |
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Costs and expenses |
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Operating and maintenance expenses (exclusive of |
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Depreciation expense |
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General and administrative expenses |
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Total operating costs and expenses |
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Income from operations |
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Income from equity investments |
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Interest expense, net |
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Income before income tax expense |
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Income tax expense |
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Net income |
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Less: Net income attributable to noncontrolling interest |
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Net income attributable to Hess Midstream LP |
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$ |
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$ |
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Net income attributable to Hess Midstream LP |
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Basic |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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Weighted average Class A shares outstanding |
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Basic |
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Diluted |
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See accompanying notes to unaudited consolidated financial statements.
3
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
(UNAUDITED)
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Partners' Capital |
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Class A |
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Class B |
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Noncontrolling |
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Total |
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(in millions) |
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Balance at December 31, 2023 |
$ |
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$ |
- |
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$ |
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$ |
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Net income |
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- |
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Equity-based compensation |
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- |
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- |
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Distributions - $ |
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- |
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Recognition of deferred tax asset |
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- |
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- |
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Sale of shares held by Sponsors |
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- |
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( |
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- |
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Class B unit repurchase |
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( |
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- |
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( |
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( |
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Transaction costs |
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( |
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- |
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( |
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( |
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Balance at March 31, 2024 |
$ |
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$ |
- |
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$ |
( |
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$ |
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Balance at December 31, 2022 |
$ |
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$ |
- |
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$ |
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$ |
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Net income |
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- |
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Equity-based compensation |
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- |
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- |
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Distributions - $ |
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( |
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- |
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( |
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( |
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Recognition of deferred tax asset |
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- |
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- |
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Class B unit repurchase |
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( |
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- |
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( |
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( |
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Transaction costs |
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( |
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- |
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( |
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( |
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Balance at March 31, 2023 |
$ |
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$ |
- |
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$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
4
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions) |
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Cash flows from operating activities |
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Net income |
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$ |
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$ |
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Adjustments to reconcile net income to net cash provided by |
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Depreciation expense |
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Income from equity investments |
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( |
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( |
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Distributions from equity investments |
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Amortization of deferred financing costs |
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Equity-based compensation expense |
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Deferred income tax expense |
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Changes in assets and liabilities: |
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Accounts receivable – trade |
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( |
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Accounts receivable – affiliate |
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( |
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Other current and noncurrent assets |
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Accounts payable – trade |
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( |
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Accounts payable – affiliate |
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( |
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( |
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Accrued liabilities |
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( |
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( |
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Other current and noncurrent liabilities |
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( |
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( |
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Net cash provided by operating activities |
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Cash flows from investing activities |
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Additions to property, plant and equipment |
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( |
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( |
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Net cash used in investing activities |
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( |
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( |
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Cash flows from financing activities |
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Net proceeds from (repayments of) bank borrowings with maturities of 90 |
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Bank borrowings with maturities of greater than 90 days |
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Repayments |
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( |
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- |
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Transaction costs |
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( |
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( |
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Class B unit repurchase |
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( |
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( |
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Distributions to shareholders |
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( |
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( |
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Distributions to noncontrolling interest |
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( |
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( |
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Net cash used in financing activities |
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( |
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( |
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Increase (decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents, beginning of period |
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Cash and cash equivalents, end of period |
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$ |
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$ |
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Supplemental disclosure of non-cash investing and financing activities: |
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(Increase) decrease in accrued capital expenditures and related liabilities |
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$ |
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$ |
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Recognition of deferred tax asset |
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$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
5
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Basis of Presentation
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.
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 March 31, 2024 and December 31, 2023, the consolidated results of operations for the three months ended March 31, 2024 and 2023, and the consolidated cash flows for the three months ended March 31, 2024 and 2023. 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, 2023.
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 11, Segments). We currently do not have any independent assets or operations other than our interest in the Partnership. Our noncontrolling interest represents the approximate
New Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU adds required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help users of financial statements understand how the chief operating decision maker evaluates segment expenses and operating results. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We continue to assess the impact of this ASU on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires, among other disclosures, greater disaggregation of information, the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU is effective for public business entities for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. We continue to assess the impact of this ASU on our consolidated financial statements.
Note 2. Equity Transactions
Equity Offering Transaction
On February 8, 2024, GIP sold an aggregate of
6
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The Company did
Class B Unit Repurchases
On March 27, 2023, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement pursuant to which the Partnership agreed to purchase from the Sponsors
On March 11, 2024, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement pursuant to which the Partnership agreed to purchase from the Sponsors
The repurchase transactions described above were funded using borrowings under the Partnership’s existing revolving credit facility (see Note 6, Debt and Interest Expense). Pursuant to the terms of the repurchase agreements described above, immediately following each purchase of the Class B Units from the Sponsors, the Partnership cancelled the repurchased units, and the Company cancelled, for no consideration, an equal number of its Class B Shares.
The repurchase transactions were 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 amounts of the noncontrolling interest were adjusted to reflect the changes in the ownership interest with the difference between the amounts of consideration paid and the amounts by which the noncontrolling interest were adjusted recognized as a reduction in equity attributable to Class A shareholders. Distributions to noncontrolling interest holders related to the March 11, 2024 repurchase transaction exceeded the noncontrolling interest’s carrying value resulting in a deficit balance as shown in the accompanying consolidated statement of changes in partners’ capital (deficit).
We incurred approximately $
As a result of the equity offering and the unit repurchase transactions described above, we also recognized an additional deferred tax asset of $
Note 3. Related Party Transactions
In addition to the Class B Unit repurchase transactions and distributions to the Sponsors disclosed elsewhere in the Notes to consolidated financial statements, we had the following related party transactions:
Commercial Agreements
We have long-term fee based commercial agreements with certain subsidiaries of Hess to provide i) gas gathering, ii) crude oil gathering, iii) gas processing and fractionation, iv) storage services, v) terminaling and export services, and (vi) water handing services.
7
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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.
Except for the water services agreements and except for a certain gathering sub-system as described below,
For certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess, we exercised our renewal options to extend each of these commercial agreement for
Consistent with the existing terms of the commercial agreements, 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),
For the three months ended March 31, 2024 and 2023, approximately
8
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Revenues from contracts with customers, including affiliated services and third-party services, on a disaggregated basis are as follows:
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions) |
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Affiliate services |
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Oil and gas gathering services |
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$ |
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$ |
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Processing and storage services |
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Terminaling and export services |
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Water gathering and disposal services |
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Total affiliate services |
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$ |
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$ |
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Third-party services |
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Total revenues from contracts with customers |
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$ |
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$ |
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Other income |
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Total revenues |
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$ |
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$ |
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During the three months ended March 31, 2024, we earned $
The following table presents third-party pass-through costs for which we recognize revenues in an amount equal to the costs. These pass-through revenues are included in Affiliate services and the related pass-through costs are included in Operating and maintenance expenses in the accompanying unaudited consolidated statements of operations.
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions) |
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Electricity and other related fees |
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$ |
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$ |
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Produced water trucking and disposal costs |
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Rail transportation costs |
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- |
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( |
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Total |
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$ |
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$ |
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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.
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions) |
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$ |
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$ |
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Total |
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$ |
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$ |
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9
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
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in millions) |
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$ |
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$ |
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Earnings from equity investments |
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Distributions received from equity investments |
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Note 4. Property, Plant and Equipment
Property, plant and equipment, at cost, is as follows:
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Estimated useful lives |
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March 31, 2024 |
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December 31, 2023 |
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(in millions, except for number of years) |
|
|
|
|
|
|
|
|
||
Gathering assets |
|
|
|
|
|
|
|
|
||
Pipelines |
|
|
$ |
|
|
$ |
|
|||
Compressors, pumping stations and terminals |
|
|
|
|
|
|
|
|||
Gas plant assets |
|
|
|
|
|
|
|
|
||
Pipelines, pipes and valves |
|
|
|
|
|
|
|
|||
Equipment |
|
|
|
|
|
|
|
|||
Processing and fractionation facilities |
|
|
|
|
|
|
|
|||
Buildings |
|
|
|
|
|
|
|
|||
Logistics facilities and railcars |
|
|
|
|
|
|
|
|||
Storage facilities |
|
|
|
|
|
|
|
|||
Other |
|
|
|
|
|
|
|
|||
Construction-in-progress |
|
N/A |
|
|
|
|
|
|
||
Total property, plant and equipment, at cost |
|
|
|
|
|
|
|
|
||
Accumulated depreciation |
|
|
|
|
( |
) |
|
|
( |
) |
Property, plant and equipment, net |
|
|
|
$ |
|
|
$ |
|
||
Note 5. Accrued Liabilities
Accrued liabilities are as follows:
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
||
(in millions) |
|
|
|
|
|
|
||
Accrued interest |
|
$ |
|
|
$ |
|
||
Accrued capital expenditures |
|
|
|
|
|
|
||
Other accruals |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
||
10
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 6. Debt and Interest Expense
Fixed‑Rate Senior Notes
As of March 31, 2024, the Partnership had:
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
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 March 31, 2024, the Partnership had $
11
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.
Fair Value Measurement
At March 31, 2024, our total debt had a carrying value of $
Note 7. Partners’ Capital and Distributions
Our partnership agreement requires that, within
z
Period |
|
Record Date |
|
Distribution Date |
|
Distribution per Class A Share |
|
|
First Quarter 2023 |
|
|
|
$ |
|
|||
Second Quarter 2023 |
|
|
|
$ |
|
|||
Third Quarter 2023 |
|
|
|
$ |
|
|||
Fourth Quarter 2023 |
|
|
|
$ |
|
|||
First Quarter 2024(1) |
|
|
|
$ |
|
|||
(1)
Note 8. 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
|
|
Three Months Ended March 31, |
|
|||||
(in millions, except per share amounts) |
|
2024 |
|
|
2023 |
|
||
Net income |
|
$ |
|
|
$ |
|
||
Less: Net income attributable to noncontrolling interest |
|
|
|
|
|
|
||
Net income attributable to Hess Midstream LP |
|
|
|
|
|
|
||
Net income attributable to Hess Midstream LP |
|
|
|
|
|
|
||
Basic: |
|
$ |
|
|
$ |
|
||
Diluted: |
|
$ |
|
|
$ |
|
||
Weighted average Class A shares outstanding: |
|
|
|
|
|
|
||
Basic: |
|
|
|
|
|
|
||
Diluted: |
|
|
|
|
|
|
||
12
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three months ended March 31, 2024 and 2023 the weighted average number of Class A Shares outstanding included
Note 9. Concentration of Credit Risk
As of March 31, 2024 and 2023, Hess and its affiliates represented approximately
Note 10. Commitments and Contingencies
Environmental Contingencies
The Company is subject to federal, state and local laws and regulations relating to the environment. On August, 12, 2022, the Company became aware of a produced water release from an underground pipeline located approximately 8 miles north of Ray, North Dakota. It is estimated that approximately
As of March 31, 2024 our reserves for all estimated remediation liabilities, inclusive of the produced water release above, in and were $
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.
On or about March 14, 2023, the Company received a Notice of Violation (the “Notice”) from the North Dakota Department of Environmental Quality (“DEQ”) in connection with the produced water release described under Environmental Contingencies above. The Notice alerts the Company that it may have violated the State’s water pollution control laws, but neither imposes nor waives any enforcement action. On January 11, 2024, the DEQ proposed an Administrative Consent Agreement (“ACA”) that included an administrative penalty of $
Based on currently available information, we believe it is remote that the outcome of known matters, including the produced water release described above, would have a material adverse impact on our financial condition, results of operations or cash flows. Accordingly, as of March 31, 2024 and December 31, 2023, we did
13
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 11. Segments
Our operations are located in the United States and are organized into
|
|
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 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
||||
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Depreciation expense |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
||||
Proportional share of equity affiliates' |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Income from equity investments |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
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 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
||||
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Depreciation expense |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
||||
Proportional share of equity affiliates' |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Income from equity investments |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
||
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
||||
14
PART I – FINANCIAL INFORMATION (CONT’D)
HESS MIDSTREAM LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Total assets for the reportable segments are as follows:
|
|
|
|
|||||
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
||
(in millions) |
|
|
|
|
|
|
||
Gathering |
|
$ |
|
|
$ |
|
||
Processing and Storage(1) |
|
|
|
|
|
|
||
Terminaling and Export |
|
|
|
|
|
|
||
Interest and Other |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
||
(1)