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Segments (Tables)
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

154.6

 

 

$

105.3

 

 

$

34.9

 

 

$

-

 

 

$

294.8

 

Net income (loss)

 

 

92.4

 

 

 

71.6

 

 

 

26.1

 

 

 

(28.1

)

 

 

162.0

 

Net income (loss) attributable to

   Hess Midstream LP

 

 

8.1

 

 

 

6.3

 

 

 

2.4

 

 

 

(5.8

)

 

 

11.0

 

Depreciation expense

 

 

25.2

 

 

 

11.2

 

 

 

4.0

 

 

 

-

 

 

 

40.4

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

1.3

 

 

 

-

 

 

 

-

 

 

 

1.3

 

Income from equity investments

 

 

-

 

 

 

2.9

 

 

 

-

 

 

 

-

 

 

 

2.9

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22.9

 

 

 

22.9

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3.6

 

 

 

3.6

 

Adjusted EBITDA

 

 

117.6

 

 

 

84.1

 

 

 

30.1

 

 

 

(1.6

)

 

 

230.2

 

Capital expenditures*

 

 

38.2

 

 

 

8.1

 

 

 

0.1

 

 

 

-

 

 

 

46.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

136.4

 

 

$

86.8

 

 

$

46.6

 

 

$

-

 

 

$

269.8

 

Net income (loss)

 

 

71.7

 

 

 

45.8

 

 

 

15.9

 

 

 

(25.6

)

 

 

107.8

 

Net income (loss) attributable to

   Hess Midstream LP

 

 

4.6

 

 

 

2.8

 

 

 

1.0

 

 

 

(3.1

)

 

 

5.3

 

Depreciation expense

 

 

23.7

 

 

 

11.2

 

 

 

4.0

 

 

 

-

 

 

 

38.9

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

1.2

 

 

 

-

 

 

 

-

 

 

 

1.2

 

Income from equity investments

 

 

-

 

 

 

0.9

 

 

 

-

 

 

 

-

 

 

 

0.9

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23.3

 

 

 

23.3

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1.7

 

 

 

1.7

 

Gain on sale of plant, property and equipment

 

 

0.1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

0.1

 

Adjusted EBITDA

 

 

95.3

 

 

 

58.2

 

 

 

19.9

 

 

 

(0.6

)

 

 

172.8

 

Capital expenditures*

 

 

25.9

 

 

 

52.7

 

 

 

0.2

 

 

 

-

 

 

 

78.8

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

307.3

 

 

$

208.8

 

 

$

67.5

 

 

$

-

 

 

$

583.6

 

Net income (loss)

 

 

184.8

 

 

 

142.5

 

 

 

50.1

 

 

 

(55.8

)

 

 

321.6

 

Net income (loss) attributable to

   Hess Midstream LP

 

 

14.5

 

 

 

11.1

 

 

 

4.0

 

 

 

(10.0

)

 

 

19.6

 

Depreciation expense

 

 

50.1

 

 

 

22.4

 

 

 

8.1

 

 

 

-

 

 

 

80.6

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

2.6

 

 

 

-

 

 

 

-

 

 

 

2.6

 

Income from equity investments

 

 

-

 

 

 

5.6

 

 

 

-

 

 

 

-

 

 

 

5.6

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46.0

 

 

 

46.0

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6.1

 

 

 

6.1

 

Adjusted EBITDA

 

 

234.9

 

 

 

167.5

 

 

 

58.2

 

 

 

(3.7

)

 

 

456.9

 

Capital expenditures*

 

 

57.6

 

 

 

11.8

 

 

 

0.1

 

 

 

-

 

 

 

69.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering

 

 

Processing and Storage

 

 

Terminaling and Export

 

 

Interest and Other

 

 

Consolidated

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

$

278.0

 

 

$

183.8

 

 

$

98.8

 

 

$

-

 

 

$

560.6

 

Net income (loss)

 

 

147.6

 

 

 

108.5

 

 

 

36.6

 

 

 

(55.9

)

 

 

236.8

 

Net income (loss) attributable to

   Hess Midstream LP

 

 

9.4

 

 

 

6.8

 

 

 

2.3

 

 

 

(6.7

)

 

 

11.8

 

Depreciation expense

 

 

47.0

 

 

 

22.4

 

 

 

8.0

 

 

 

-

 

 

 

77.4

 

Proportional share of equity affiliates' depreciation

 

 

-

 

 

 

2.5

 

 

 

-

 

 

 

-

 

 

 

2.5

 

Income from equity investments

 

 

-

 

 

 

3.6

 

 

 

-

 

 

 

-

 

 

 

3.6

 

Interest expense, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

48.1

 

 

 

48.1

 

Income tax expense (benefit)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3.4

 

 

 

3.4

 

Gain on sale of property, plant and equipment

 

 

0.1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

0.1

 

Adjusted EBITDA

 

 

194.5

 

 

 

133.4

 

 

 

44.6

 

 

 

(4.4

)

 

 

368.1

 

Capital expenditures*

 

 

41.7

 

 

 

93.8

 

 

 

0.3

 

 

 

-

 

 

 

135.8

 

*Includes acquisition, expansion and maintenance capital expenditures, as applicable.
Total Assets for Reportable Segments

Total assets for the reportable segments are as follows:

 

 

 

 

 

 

June 30, 2021

 

 

December 31, 2020

 

(in millions)

 

 

 

 

 

 

 

 

Gathering

 

$

1,869.3

 

 

$

1,856.2

 

Processing and Storage(1)

 

 

1,153.6

 

 

 

1,170.3

 

Terminaling and Export

 

 

287.9

 

 

 

292.3

 

Interest and Other

 

 

75.6

 

 

 

55.7

 

Total assets

 

$

3,386.4

 

 

$

3,374.5

 

(1)

Includes investment in equity investees of $102.5 million as of June 30, 2021 and $108.4 million as of December 31, 2020.