Segments

3 Months Ended

Mar. 31, 2020

Note 13. Segments

Our operations are located in the United States and are organized into three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export. Our reportable segments comprise the structure used by our Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. These segments are strategic business units with differing products and services. Our CODM evaluates the segments’ operating performance based on multiple measures including Adjusted EBITDA, defined as net income (loss) before net interest expense, income tax expense (benefit), depreciation and amortization and our proportional share of depreciation of equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as other income and other non-cash, non‑recurring items, if applicable.

The following tables reflect certain financial data for each reportable segment:

	Gathering		Processing and Storage		Terminaling and Export			Interest and Other			Consolidated
(in millions)
For the Three Months Ended March 31, 2020
Revenues and other income	$	141.6	$	97.0	$	52.2		$	-		$	290.8
Net income (loss)		75.9		62.7		20.7			(30.3	)		129.0
Net income (loss) attributable to Hess Midstream LP		4.8		4.0		1.3			(3.6	)		6.5
Depreciation expense		23.3		11.2		4.0			-			38.5
Proportional share of equity affiliates' depreciation		-		1.3		-			-			1.3
Income from equity investments		-		2.7		-			-			2.7
Interest expense, net		-		-		-			24.8			24.8
Income tax expense		-		-		-			1.7			1.7
Adjusted EBITDA		99.2		75.2		24.7			(3.8	)		195.3
Capital expenditures		15.8		41.1		0.1			-			57.0

	Gathering		Processing and Storage		Terminaling and Export			Interest and Other			Consolidated
(in millions)
For the Three Months Ended March 31, 2019
Revenues and other income	$	94.4	$	66.5	$	28.7		$	-		$	189.6
Net income (loss)		44.2		41.1		12.8			(17.3	)		80.8
Net income (loss) attributable to Hess Midstream LP		8.6		8.6		2.5			(1.6	)		18.1
Depreciation expense		18.4		11.2		4.0			-			33.6
Interest expense, net		-		-		-			15.0			15.0
Adjusted EBITDA		62.6		52.3		16.8			(2.3	)		129.4
Capital expenditures		125.8		1.1		(0.3	)		-			126.6

Total assets for the reportable segments are as follows:


	March 31, 2020		December 31, 2019
(in millions)
Gathering	$	1,846.5	$	1,844.9
Processing and Storage⁽¹⁾		1,092.2		1,055.1
Terminaling and Export		311.7		310.7
Interest and Other		64.1		67.0
Total assets	$	3,314.5	$	3,277.7

(1)

Includes $110.5 million of investment in equity investees.