Hess Midstream LP Schedules Q4 2019 Earnings Release Conference Call
Hess Midstream LP announced today that it will hold a conference call on Wednesday, January 29, 2020 at 12:00 p.m. Eastern Time to discuss its fourth quarter 2019 earnings release.
Hess Midstream LP to Participate in Goldman Sachs Global Energy Conference
Hess Midstream LP announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on January 7, 2020 at the Goldman Sachs Global Energy Conference in Miami, Florida.
Hess Midstream Partners LP Completes Acquisition of Hess Infrastructure Partners LP, IDR Simplification and Conversion to An Up-C Corporate Structure
Hess Midstream Partners LP (HESM) today announced that the Company has completed its previously announced acquisition of Hess Infrastructure Partners LP (“HIP”), IDR simplification and conversion from a master limited partnership into an “Up-C” structure by merging with Hess Midstream LP (“Hess Midstream”), an entity taxed as a corporation for U.S. federal income tax purposes.
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.