Hess Midstream Partners LP Reports Estimated Results for the Third Quarter of 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.
Commenting on the third quarter 2019 results, John Gatling, Chief Operating Officer of Hess Midstream said, “Third quarter results continued our track record of execution and delivery. LM4 is ramping toward full capacity in line with our guidance and we are successfully backfilling the Tioga Gas Plant with additional third-party volumes. We remain focused on organic growth, driving increased Hess and third-party volumes across our system and building the foundation for growth in 2020 and beyond.”
Hess Midstream Partners LP Announces Increased Quarterly Distribution
Hess Midstream Partners LP today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.4112 per common unit for the quarter ended September 30, 2019. The distribution represents a 15% increase compared to the prior year quarter and a 3.6% increase compared to the second quarter of 2019.
Hess Midstream Partners LP Announces Early Tender Results of its Exchange Offer for Senior Notes of Hess Infrastructure Partners LP and Hess Infrastructure Partners Finance Corporation
Hess Midstream Partners announced that, as of 5:00 p.m. on October 18, 2019 (the “Consent Date”), $794.598 million aggregate principal amount of 5.625% Senior Notes due 2026 (the “Existing HIP Notes”) issued by Hess Infrastructure Partners LP and Hess Infrastructure Partners Finance Corporation (together with Hess Infrastructure Partners LP, “HIP”), representing 99.32% of the aggregate principal amount of Existing HIP Notes outstanding, have been validly tendered and not validly withdrawn pursuant to HESM’s previously announced offer to exchange (the “Exchange Offer”) any and all validly tendered and accepted Existing HIP Notes for new senior notes to be issued by HESM (the “Exchange Notes”) and cash, and HIP’s related solicitation of consents (the “Consent Solicitation”) from eligible holders of the Existing HIP Notes to amend (the “Proposed Amendments”) the indenture, dated November 22, 2017, governing the Existing HIP Notes (the “HIP Indenture”), upon the terms and subject to the conditions set forth in HESM’s offering memorandum and consent solicitation statement, dated as of October 4, 2019, to eliminate certain of the covenants, restrictive provisions and events of default included therein.
Hess Midstream Partners LP Schedules Q3 Earnings Release Conference Call
Hess Midstream Partners LP will hold a conference call on Wednesday, October 30, 2019 at 12:00 p.m. Eastern Time to discuss its third quarter 2019 earnings release.
Hess Midstream Partners LP Announces Acquisition of Hess Infrastructure Partners LP, IDR Simplification and Conversion to an Up-C Corporate Structure; Provides 2020 Guidance
Hess Midstream Partners LP today announced execution of a definitive agreement to acquire Hess Infrastructure Partners LP (“HIP”), including HIP’s outstanding economic general partner interest and incentive distribution rights (“IDRs”) in HESM. In addition, HESM’s organizational structure will be converted into an “Up-C” structure in which IDR payments to sponsors are eliminated.
Hess Midstream Partners LP Schedules Earnings Release Conference Call
HOUSTON -- Hess Midstream Partners LP (NYSE: HESM) announced today that it will hold a conference call on Wednesday, July 31, 2019 at 12:00 p.m. Eastern Time to discuss its second quarter 2019 earnings release.
To phone into the conference call, parties in the United States should dial 866-395-9624 and enter the passcode 1868222 after 11:45 a.m. Outside the United States, parties should dial 213-660-0871 and enter the passcode 1868222. This conference call will also be accessible by webcast (audio only) on Hess Midstream’s website at www.hessmidstream.com.