HESM Q2 2023 Earnings Report — Hess Midstream LP Revenue & Financial Results | Market Cap Arena

Hess Midstream LPHESM

Q2 2023 Earnings

Reported August 3, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2023	Q1 2023	Q2 2022	QoQ Change	YoY Change
Revenue	$324M	—	$313M	—	3.4%
Op. Income	$198M	—	$195M	—	1.4%
Gross Margin	85.5%	—	85.6%	—	-0.2pp
Net Margin	7.8%	—	7.0%	—	0.7pp
EPS (Diluted)	$0.50	—	$0.50	—	0.0%
Free Cash Flow	$162M	—	$157M	—	2.7%

Revenue Flow

Item	Amount
REVENUE	$324M
Cost of Revenue	$47M
GROSS PROFIT	$277M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$6M
SG&A Expenses	$6M
Other Expenses	$73M
Operating Expenses	$78M
Cost & Expenses	$125M
OPERATING INCOME	$198M
Interest Income	$0
Interest Expense	$44M
Other Income/Expenses	-$42M
INCOME BEFORE TAX	$156M
Income Tax Expense	$8M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$47M
EBIT	$200M
EBITDA	$247M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$324M
Cost of Revenue	$47M
GROSS PROFIT	$277M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$6M
SG&A Expenses	$6M
Other Expenses	$73M
Operating Expenses	$78M
Cost & Expenses	$125M
OPERATING INCOME	$198M
Interest Income	$0
Interest Expense	$44M
Other Income/Expenses	-$42M
INCOME BEFORE TAX	$156M
Income Tax Expense	$8M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$47M
EBIT	$200M
EBITDA	$247M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$49M
Stock-Based Compensation	$400.0K
Deferred Income Tax	$0
Other Non-Cash Items	$118M
Change in Working Capital	$12M
OPERATING CASH FLOW	$205M
Capital Expenditure	-$43M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$43M
Net Debt Issuance	$0
Common Stock Repurchased	-$100M
Common Dividends Paid	-$26M
Other Financing Activities	-$36M
NET CASH FROM FINANCING	-$162M
FREE CASH FLOW	$162M
Net Change in Cash	-$600.0K

Balance Sheet

Item	Amount
Cash & Equivalents	$3M
Short-Term Investments	$0
Net Receivables	$110M
Inventory	$0
Other Current Assets	$800.0K
TOTAL CURRENT ASSETS	$114M
PP&E (Net)	$3.2B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$93M
Tax Assets	$0
Other Non-Current Assets	$265M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$3.7B
Account Payables	$28M
Short-Term Debt	$8M
Deferred Revenue	$0
Other Current Liabilities	$57M
TOTAL CURRENT LIABILITIES	$149M
Long-Term Debt	$3.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$15M
TOTAL NON-CURRENT LIABILITIES	$3.1B
TOTAL LIABILITIES	$3.2B
Common Stock	$302M
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$302M
Minority Interest	$133M
TOTAL EQUITY	$435M
TOTAL LIABILITIES & EQUITY	$3.7B
Total Debt	$3.1B
Net Debt	$3.1B