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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
Consolidated Statements of Operations

Consolidated Statement of Operations

 

 

Three Months Ended March 31, 2019

 

 

 

Partnership as

Previously Reported

 

 

Acquisition of HIP

 

 

Consolidated

Results

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate services

 

$

174.0

 

 

$

15.4

 

 

$

189.4

 

Other income

 

 

0.2

 

 

 

-

 

 

 

0.2

 

Total revenues and other income

 

 

174.2

 

 

 

15.4

 

 

 

189.6

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses (exclusive of

   depreciation shown separately below)

 

 

41.9

 

 

 

12.4

 

 

 

54.3

 

Depreciation expense

 

 

32.6

 

 

 

1.0

 

 

 

33.6

 

General and administrative expenses

 

 

4.0

 

 

 

1.9

 

 

 

5.9

 

Total costs and expenses

 

 

78.5

 

 

 

15.3

 

 

 

93.8

 

Income from operations

 

 

95.7

 

 

 

0.1

 

 

 

95.8

 

Interest expense, net

 

 

0.4

 

 

 

14.6

 

 

 

15.0

 

Net income

 

 

95.3

 

 

 

(14.5

)

 

 

80.8

 

Less: Net income (loss) attributable to net parent

   investment

 

 

-

 

 

 

(14.5

)

 

 

(14.5

)

Less: Net income attributable to noncontrolling interest

 

 

77.2

 

 

 

-

 

 

 

77.2

 

Net income attributable to Hess Midstream Partners LP

 

 

18.1

 

 

 

-

 

 

 

18.1

 

Less: General partner's interest in net income

   attributable to Hess Midstream Partners LP

 

 

0.8

 

 

 

-

 

 

 

0.8

 

Limited partners' interest in net income attributable to

   Hess Midstream Partners LP

 

$

17.3

 

 

$

-

 

 

$

17.3

 

Net income attributable to Hess Midstream Partners LP

   per limited partner unit (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

$

0.32

 

 

$

-

 

 

$

0.32

 

Subordinated

 

$

0.32

 

 

$

-

 

 

$

0.32

 

Weighted average limited partner units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

27.3

 

 

 

-

 

 

 

27.3

 

Subordinated

 

 

27.3

 

 

 

-

 

 

 

27.3

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

27.4

 

 

 

-

 

 

 

27.4

 

Subordinated

 

 

27.3

 

 

 

-

 

 

 

27.3

 
Consolidated Statements of Cash Flows

Consolidated Statement of Cash Flows

 

 

Three Months Ended March 31, 2019

 

 

 

Partnership as

Previously Reported

 

 

Acquisition of HIP

 

 

Consolidated

Results

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

95.3

 

 

$

(14.5

)

 

$

80.8

 

Adjustments to reconcile net income to net cash

   provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

 

32.6

 

 

 

1.0

 

 

 

33.6

 

(Gain) loss on interest rate swaps

 

 

-

 

 

 

(0.2

)

 

 

(0.2

)

Amortization of deferred financing costs

 

 

0.3

 

 

 

0.9

 

 

 

1.2

 

Unit-based compensation

 

 

0.3

 

 

 

-

 

 

 

0.3

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable—affiliate

 

 

2.6

 

 

 

(2.7

)

 

 

(0.1

)

Other current and noncurrent assets

 

 

(0.4

)

 

 

0.2

 

 

 

(0.2

)

Accounts payable—trade

 

 

(3.4

)

 

 

(0.7

)

 

 

(4.1

)

Accounts payable—affiliate

 

 

0.8

 

 

 

1.3

 

 

 

2.1

 

Accrued liabilities

 

 

1.6

 

 

 

(9.6

)

 

 

(8.0

)

Other current and noncurrent liabilities

 

 

(3.6

)

 

 

-

 

 

 

(3.6

)

Net cash provided by (used in) operating

   activities

 

 

126.1

 

 

 

(24.3

)

 

 

101.8

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisitions from third parties, net of cash acquired

 

 

(61.0

)

 

 

(28.2

)

 

 

(89.2

)

Acquisitions from Hess

 

 

-

 

 

 

(68.9

)

 

 

(68.9

)

Payments for equity investments

 

 

(7.0

)

 

 

-

 

 

 

(7.0

)

Additions to property, plant and equipment

 

 

(59.5

)

 

 

(0.8

)

 

 

(60.3

)

Net cash provided by (used in) investing

   activities

 

 

(127.5

)

 

 

(97.9

)

 

 

(225.4

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from (repayments of) bank borrowings - revolver

 

 

7.0

 

 

 

192.0

 

 

 

199.0

 

Repayments of bank borrowings - term loan

 

 

-

 

 

 

(2.5

)

 

 

(2.5

)

Distributions to unitholders

 

 

(20.2

)

 

 

-

 

 

 

(20.2

)

Distributions to general partner

 

 

(0.6

)

 

 

0.6

 

 

 

-

 

Distributions to noncontrolling interest

 

 

(57.1

)

 

 

57.1

 

 

 

-

 

Capital distribution to Hess associated with acquisitions

 

 

-

 

 

 

(156.1

)

 

 

(156.1

)

Contributions from noncontrolling interest

 

 

55.5

 

 

 

(55.5

)

 

 

-

 

Net cash provided by (used in) financing

   activities

 

 

(15.4

)

 

 

35.6

 

 

 

20.2

 

Net increase (decrease) in cash and cash equivalents

 

 

(16.8

)

 

 

(86.6

)

 

 

(103.4

)

Cash and cash equivalents at beginning of period

 

 

20.3

 

 

 

89.0

 

 

 

109.3

 

Cash and cash equivalents at end of period

 

$

3.5

 

 

$

2.4

 

 

$

5.9