Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Consolidated Statement of Operations

	Three Months Ended September 30, 2019
	Partnership as Previously Reported		Acquisition of HIP			Consolidated Results
(in millions)
Revenues and other income
Affiliate services	$	195.4	$	19.5		$	214.9
Total revenues and other income		195.4		19.5			214.9
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		56.5		15.4			71.9
Depreciation expense		34.5		1.5			36.0
General and administrative expenses		3.9		3.8			7.7
Total costs and expenses		94.9		20.7			115.6
Income from operations		100.5		(1.2	)		99.3
Earnings from equity investments		0.5		-			0.5
Interest expense, net		0.6		11.8			12.4
Net income		100.4		(13.0	)		87.4
Less: Net income (loss) attributable to net parent investment		-		(13.0	)		(13.0	)
Less: Net income attributable to noncontrolling interest		81.3		-			81.3
Net income attributable to Hess Midstream Partners LP		19.1		-			19.1
Less: General partner's interest in net income attributable to Hess Midstream Partners LP		1.3		-			1.3
Limited partners' interest in net income attributable to Hess Midstream Partners LP	$	17.8	$	-		$	17.8
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted):
Common	$	0.33	$	-		$	0.33
Subordinated	$	0.33	$	-		$	0.33
Weighted average limited partner units outstanding:
Basic:
Common		27.3		-			27.3
Subordinated		27.3		-			27.3
Diluted:
Common		27.5		-			27.5
Subordinated		27.3		-			27.3

	Nine Months Ended September 30, 2019
	Partnership as Previously Reported		Acquisition of HIP			Consolidated Results
(in millions)
Revenues and other income
Affiliate services	$	542.1	$	52.4		$	594.5
Other income		0.3		-			0.3
Total revenues and other income		542.4		52.4			594.8
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)		142.0		42.1			184.1
Depreciation expense		101.1		3.9			105.0
General and administrative expenses		11.6		7.8			19.4
Total costs and expenses		254.7		53.8			308.5
Income from operations		287.7		(1.4	)		286.3
Earnings from equity investments		0.5		-			0.5
Interest expense, net		1.6		42.6			44.2
Net income		286.6		(44.0	)		242.6
Less: Net income (loss) attributable to net parent investment		-		(44.0	)		(44.0	)
Less: Net income attributable to noncontrolling interest		232.6		-			232.6
Net income attributable to Hess Midstream Partners LP		54.0		-			54.0
Less: General partner's interest in net income attributable to Hess Midstream Partners LP		3.1		-			3.1
Limited partners' interest in net income attributable to Hess Midstream Partners LP	$	50.9	$	-		$	50.9
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted):
Common	$	0.93	$	-		$	0.93
Subordinated	$	0.93	$	-		$	0.93
Weighted average limited partner units outstanding:
Basic:
Common		27.3		-			27.3
Subordinated		27.3		-			27.3
Diluted:
Common		27.5		-			27.5
Subordinated		27.3		-			27.3

Consolidated Statements of Cash Flows

Consolidated Statement of Cash Flows

	Nine Months Ended September 30, 2019
	Partnership as Previously Reported			Acquisition of HIP			Consolidated Results
(in millions)
Cash flows from operating activities
Net income	$	286.6		$	(44.0	)	$	242.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense		101.1			3.9			105.0
(Gain) loss on interest rate swaps		-			(0.6	)		(0.6	)
Earnings from equity investments		(0.5	)		-			(0.5	)
(Increase) decrease in capitalized interest		-			(4.1	)		(4.1	)
Amortization of deferred financing costs		0.9			2.9			3.8
Equity-based compensation		1.1			-			1.1
Changes in assets and liabilities:
Accounts receivable—affiliate		(5.2	)		(2.4	)		(7.6	)
Other current and noncurrent assets		(5.0	)		0.3			(4.7	)
Accounts payable—trade		2.2			1.5			3.7
Accounts payable—affiliate		4.3			(5.8	)		(1.5	)
Accrued liabilities		9.2			(9.2	)		-
Other current and noncurrent liabilities		(2.5	)		(0.3	)		(2.8	)
Net cash provided by (used in) operating activities		392.2			(57.8	)		334.4
Cash flows from investing activities
Payments for equity investments		(33.0	)		-			(33.0	)
Acquisitions from Hess		-			(68.9	)		(68.9	)
Acquisitions from third parties, net of cash acquired		(61.0	)		(28.2	)		(89.2	)
Additions to property, plant and equipment		(184.4	)		(10.5	)		(194.9	)
Net cash provided by (used in) investing activities		(278.4	)		(107.6	)		(386.0	)
Cash flows from financing activities
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less		11.0			165.0			176.0
Repayments of bank borrowings with maturities of greater than 90 days		-			(7.5	)		(7.5	)
Capital distribution to Hess associated with acquisitions		-			(156.1	)		(156.1	)
Distributions to unitholders		(63.0	)		-			(63.0	)
Distributions to general partner		(2.5	)		2.5			-
Distributions to noncontrolling interest		(152.4	)		152.4			-
Contributions from noncontrolling interest		76.3			(76.3	)		-
Net cash provided by (used in) financing activities		(130.6	)		80.0			(50.6	)
Net increase (decrease) in cash and cash equivalents		(16.8	)		(85.4	)		(102.2	)
Cash and cash equivalents at beginning of period		20.3			89.0			109.3
Cash and cash equivalents at end of period	$	3.5		$	3.6		$	7.1