Hess Midstream Partners LP (HESM) Tops Q1 EPS by 2c, Miss on Revenues

Hess Midstream Partners LP (NYSE: HESM) reported Q1 EPS of $0.30, $0.02 better than the analyst estimate of $0.28. Revenue for the quarter came in at $157 million versus the consensus estimate of $158.43 million.

First Quarter Highlights:

• Net income was $89.0 million. Net cash provided by operating activities was $110.5 million.
• Adjusted EBITDA1 was $119.3 million, of which $23.3 million was attributable to Hess Midstream Partners LP.
• DCF1 of Hess Midstream Partners LP was $23.2 million resulting in 1.25x DCF coverage of distributions for the period.
• Increased quarterly cash distribution to $0.3333 per unit, an increase of 3.6% compared with the prior quarter or 15% on an annualized basis, consistent with targeted long-term annual distribution growth per unit.
• Executed strategic 50/50 joint venture with Targa Resources Corp. to build a new gas processing plant located south of the Missouri River near Watford City, North Dakota.
• Compared with the prior-year quarter, throughput volumes increased 27% for each of gas gathering, crude oil gathering and gas processing, respectively, and 70% for crude oil terminaling, driven by strong operating performance of our assets and completion of key gathering and terminaling projects during the second half of 2017.
• Revolver remains undrawn with capacity of $300 million available to fund future growth.

For earnings history and earnings-related data on Hess Midstream Partners LP (HESM) click here.

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