Hess Midstream Q3 net income $164.8M, raises FY23 guidance, distribution up 2.7% to $0.6175

Hess Midstream LP

Q3 net income $164.8M ($0.57 basic EPS); Adjusted EBITDA $271.0M; DCF $224.1M (1.6x coverage).
Quarterly distribution raised to $0.6175/share (+2.7% QoQ), payable Nov 14, record Nov 2.
FY 2023 guidance raised: net income ~$615M, Adjusted EBITDA ~$1.03B; gas gathering ~380 MMcf/d.
Completed $100M accretive repurchase of Class B units in September, third such transaction in 2023.
Chevron to acquire Hess' 37.8% stake in HESM; contract structure unchanged; conference call postponed.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hess Midstream LP reported the third quarter of 2023 results: net income Net income was $164.8 million.. Guidance raised.

Period: the third quarter of 2023
Net income: Net income was $164.8 million.
Guidance: raised
Result: reported results

Exact text from the filing

On October 25, 2023, Hess Midstream LP issued a news release reporting estimated results for the first quarter of 2023. A copy of this news release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hess Midstream LP reported third quarter 2023 results: net income Net income was $164.8 million., EPS Net income attributable to Hess Midstream LP was $35.3 million, or $0.57 basic earnings per Class A share. Guidance raised.

Period: third quarter 2023
Net income: Net income was $164.8 million.
EPS: Net income attributable to Hess Midstream LP was $35.3 million, or $0.57 basic earnings per Class A share
Guidance: raised
Result: reported results

Exact text from the filing

Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported third quarter 2023 net income of $164.8 million compared with net income of $159.4 million for the third quarter of 2022. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $35.3 million, or $0.57 basic earnings per Class A share compared with $0.53 basic earnings per Class A share in the third quarter of 2022.

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Hess Midstream LP filing history →

Source: SEC EDGAR

accession 0000950170-23-055003

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