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Hess Midstream Partners LP Reports Estimated Results for the Third Quarter of 2019

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-- Announced proposed transaction including acquisition of Hess Infrastructure Partners LP, incentive distribution rights simplification and conversion to an Up-C corporate structure.

-- Net income was $100.4 million. Net cash provided by operating activities was $126.5 million.

-- Adjusted EBITDA1 was $136.0 million, of which $26.6 million was attributable to Hess Midstream Partners LP. DCF1 of Hess Midstream Partners LP was $25.7 million.

-- Increased quarterly cash distribution to $0.4112 per unit, an increase of 15% compared to the prior year quarter.

-- Compared with the prior-year quarter, throughput volumes increased 34% for crude oil gathering, 31% for crude oil terminaling, 8% for gas gathering, and 7% for gas processing driven by Hess Corporation’s growing production and ramp-up of the Little Missouri 4 gas processing plant.

-- Hess Midstream reaffirms its previously announced guidance for full year 2019.

Hess Midstream Partners reported third quarter 2019 net income of $100.4 million compared with net income of $96.8 million for the third quarter of 2018. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $19.1 million, or $0.33 per common unit. Hess Midstream generated Adjusted EBITDA of $26.6 million and DCF of $25.7 million for the third quarter of 2019. 

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