UPDATE: Hess Midstream Partners LP (HESM) Misses Q2 EPS by 7c, Revenues Beat
(Updated - January 29, 2020 8:03 AM EST)
Hess Midstream Partners LP (NYSE: HESM) reported Q2 EPS of $0.28, $0.07 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $253.5 million versus the consensus estimate of $210.56 million.
Highlights:
- Completed previously announced acquisition of Hess Infrastructure Partners LP, incentive distribution rights simplification and conversion to an Up-C corporate structure.
- Net income was $75.1 million, or $0.28 per Class A share after deduction for noncontrolling interests. Net cash provided by operating activities was $136.3 million.
- Adjusted EBITDA1 was $158.4 million, excluding impacts from transaction costs of $26.2 million. DCF1 was $140.1 million.
- Increased quarterly cash distribution to $0.4258 per Class A share, an increase of 15% compared to the prior-year quarter and a 1.2x coverage ratio relative to distributions.
- Completed the ramp-up of processing volumes through the Little Missouri 4 gas processing plant.
- Compared with the prior‑year quarter, throughput volumes increased 29% for gas processing, 28% for gas gathering, 25% for crude oil gathering, 22% for crude oil terminaling and 72% for water gathering driven by Hess Corporation’s growing production and ramp-up of the Little Missouri 4 gas processing plant.
- Completed annual tariff rate redetermination process and established minimum volume commitments for 2022.
- Hess Midstream LP reaffirms its previously announced guidance for full year 2020 with net income and Adjusted EBITDA expected to increase more than 25% year over year.
For earnings history and earnings-related data on Hess Midstream Partners LP (HESM) click here.