$HESM

Hess Midstream LP

CIK:0001789832|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 397.7	$ 413.5	$ 786.4	$ 794.5
Type of Revenue [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Other income	$ 1.3	$ 0.7	$ 2.7	$ 1.7
Total revenues	399.0	414.2	789.1	796.2
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)	85.9	94.1	171.5	179.7
Depreciation expense	54.4	51.8	112.9	103.3
General and administrative expenses	5.5	8.1	13.4	15.6
Total operating costs and expenses	145.8	154.0	297.8	298.6
Income from operations	253.2	260.2	491.3	497.6
Income from equity investments	6.1	4.0	9.3	7.4
Interest expense, net	54.5	55.4	109.9	111.8
Income before income tax expense	204.8	208.8	390.7	393.2
Income tax expense	31.1	29.1	59.3	52.1
Net income	173.7	179.7	331.4	341.1
Less: Net income attributable to noncontrolling interest	77.3	89.4	147.4	179.2
Net income attributable to Hess Midstream LP	96.4	90.3	184.0	161.9
Affiliate services
Revenues
Revenues	379.8	405.3	752.9	779.6
Third-party services
Revenues
Revenues	$ 17.9	$ 8.2	$ 33.5	$ 14.9
Class A Shares
Net income attributable to Hess Midstream LP per Class A share:
Net income attributable to Hess Midstream LP per Class A share, Basic	$ 0.75	$ 0.74	$ 1.43	$ 1.39
Net income attributable to Hess Midstream LP per Class A share, Diluted	$ 0.75	$ 0.74	$ 1.43	$ 1.39
Weighted average Class A shares outstanding
Weighted average Class A shares outstanding, Basic	128.4	121.8	128.8	116.3
Weighted average Class A shares outstanding, Diluted	128.4	121.8	128.8	116.3

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 331.4	$ 341.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	112.9	103.3
Income from equity investments	(9.3)	(7.4)
Distributions from equity investments	7.6	9.6
Amortization of deferred financing costs	6.0	8.1
Equity-based compensation expense	0.3	0.6
Deferred income tax expense	59.3	52.0
Changes in assets and liabilities:
Accounts receivable - trade	(1.7)	(2.0)
Accounts receivable – affiliate	0.6	(2.9)
Other current and noncurrent assets	5.1	3.7
Accounts payable – trade	6.8	(23.5)
Accounts payable – affiliate	2.8	(1.2)
Accrued liabilities	18.3	8.6
Other current and noncurrent liabilities	(8.2)	(10.7)
Net cash provided by operating activities	531.9	479.3
Cash flows from investing activities
Additions to property, plant and equipment	(51.9)	(108.9)
Net cash used in investing activities	(51.9)	(108.9)
Cash flows from financing activities
Net proceeds from (repayments of) borrowings with maturities of 90 days or less	(82.0)	258.0
Borrowings with maturities of greater than 90 days:
Proceeds	0.0	800.0
Repayments	(15.0)	(810.0)
Deferred financing costs	0.0	(12.5)
Transaction costs	(0.6)	(1.6)
Share and unit repurchases	(60.0)	(300.0)
Distributions to shareholders/unitholders	(198.8)	(155.9)
Distributions to noncontrolling interest	(120.5)	(148.2)
Net cash used in financing activities	(476.9)	(370.2)
Increase in cash and cash equivalents	3.1	0.2
Cash and cash equivalents, beginning of period	1.9	4.3
Cash and cash equivalents, end of period	5.0	4.5
Supplemental disclosure of non-cash investing and financing activities:
(Increase) decrease in accrued capital expenditures and related liabilities	10.9	(11.2)
Recognition of deferred tax asset	$ (1.1)	$ 306.7

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 5.0	$ 1.9
Accounts receivable from contracts with customers:
Accounts receivable-trade	8.4	6.7
Accounts receivable-affiliate	$ 142.9	$ 143.5
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party, Name [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Other current assets	$ 0.9	$ 6.9
Total current assets	157.2	159.0
Equity investments	83.2	81.5
Property, plant and equipment, at cost	5,415.8	5,374.6
Accumulated depreciation	(2,117.1)	(2,004.8)
Property, plant and equipment, net	3,298.7	3,369.8
Deferred tax asset	713.5	773.9
Other noncurrent assets	4.0	4.1
Total assets	4,256.6	4,388.3
Liabilities
Accounts payable—trade	31.7	24.9
Accounts payable-affiliate	$ 29.2	$ 26.9
Accounts Payable, Current, Related Party, Name [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued liabilities	$ 97.5	$ 89.4
Current maturities of long-term debt	37.5	32.5
Other current liabilities	8.1	14.1
Total current liabilities	204.0	187.8
Long-term debt	3,642.5	3,739.5
Deferred tax liability	0.5	0.5
Other noncurrent liabilities	21.6	22.6
Total liabilities	3,868.6	3,950.4
Partners' capital
Total Class A and Class B partners' capital	514.6	568.3
Noncontrolling interest	(126.6)	(130.4)
Total partners' capital	388.0	437.9
Total liabilities and partners' capital	4,256.6	4,388.3
Class A Shares
Partners' capital
Common unitholders	$ 514.6	$ 568.3