Hess Midstream Q2 net income $151.8M; reaffirms 2022 guidance and 5% annual distribution growth

Hess Midstream LP

Net income attributable to Hess Midstream LP $22.0M ($0.51/share) vs $0.44 year ago.
Adjusted EBITDA $242.6M, DCF $206.2M, distribution coverage ~1.5x.
Reaffirmed FY2022 guidance: Adj. EBITDA $970M–$1B; 5% annual distribution growth through 2024.
Completed $400M repurchase of 13.6M Class B units from Hess and GIP in Q2.
Q2 volumes down 12-21% YoY due to Bakken severe weather; MVC shortfall fees partially offset.

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