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v3.20.2

Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Consolidated Statements of Operations | Consolidated Statement of Operations
|  | Three Months Ended June 30, 2019 |
|  | Partnership as Previously Reported |  |  | Acquisition of HIP |  |  | Consolidated Results |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |
Affiliate services |  | $ | 172.7 |  |  | $ | 17.5 |  |  | $ | 190.2 |
Other income |  |  | 0.1 |  |  |  | - |  |  |  | 0.1 |
Total revenues and other income |  |  | 172.8 |  |  |  | 17.5 |  |  |  | 190.3 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 43.6 |  |  |  | 14.3 |  |  |  | 57.9 |
Depreciation expense |  |  | 34.0 |  |  |  | 1.4 |  |  |  | 35.4 |
General and administrative expenses |  |  | 3.7 |  |  |  | 2.1 |  |  |  | 5.8 |
Total costs and expenses |  |  | 81.3 |  |  |  | 17.8 |  |  |  | 99.1 |
Income from operations |  |  | 91.5 |  |  |  | (0.3 | ) |  |  | 91.2 |
Interest expense, net |  |  | 0.6 |  |  |  | 16.2 |  |  |  | 16.8 |
Net income |  |  | 90.9 |  |  |  | (16.5 | ) |  |  | 74.4 |
Less: Net income (loss) attributable to net parent investment |  |  | - |  |  |  | (16.5 | ) |  |  | (16.5 | )
Less: Net income attributable to noncontrolling interest |  |  | 74.1 |  |  |  | - |  |  |  | 74.1 |
Net income attributable to Hess Midstream Partners LP |  |  | 16.8 |  |  |  | - |  |  |  | 16.8 |
Less: General partner's interest in net income attributable to Hess Midstream Partners LP |  |  | 1.0 |  |  |  | - |  |  |  | 1.0 |
Limited partners' interest in net income attributable to Hess Midstream Partners LP |  | $ | 15.8 |  |  | $ | - |  |  | $ | 15.8 |
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted): |  |  |  |  |  |  |  |  |  |  |  |
Common |  | $ | 0.29 |  |  | $ | - |  |  | $ | 0.29 |
Subordinated |  | $ | 0.29 |  |  | $ | - |  |  | $ | 0.29 |
Weighted average limited partner units outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
Subordinated |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 27.5 |  |  |  | - |  |  |  | 27.5 |
Subordinated |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
|  | Six Months Ended June 30, 2019 |
|  | Partnership as Previously Reported |  |  | Acquisition of HIP |  |  | Consolidated Results |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |
Affiliate services |  | $ | 346.7 |  |  | $ | 32.9 |  |  | $ | 379.6 |
Other income |  |  | 0.3 |  |  |  | - |  |  |  | 0.3 |
Total revenues and other income |  |  | 347.0 |  |  |  | 32.9 |  |  |  | 379.9 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
Operating and maintenance expenses (exclusive of depreciation shown separately below) |  |  | 85.5 |  |  |  | 26.7 |  |  |  | 112.2 |
Depreciation expense |  |  | 66.6 |  |  |  | 2.4 |  |  |  | 69.0 |
General and administrative expenses |  |  | 7.7 |  |  |  | 4.0 |  |  |  | 11.7 |
Total costs and expenses |  |  | 159.8 |  |  |  | 33.1 |  |  |  | 192.9 |
Income from operations |  |  | 187.2 |  |  |  | (0.2 | ) |  |  | 187.0 |
Interest expense, net |  |  | 1.0 |  |  |  | 30.8 |  |  |  | 31.8 |
Net income |  |  | 186.2 |  |  |  | (31.0 | ) |  |  | 155.2 |
Less: Net income (loss) attributable to net parent investment |  |  | - |  |  |  | (31.0 | ) |  |  | (31.0 | )
Less: Net income attributable to noncontrolling interest |  |  | 151.3 |  |  |  | - |  |  |  | 151.3 |
Net income attributable to Hess Midstream Partners LP |  |  | 34.9 |  |  |  | - |  |  |  | 34.9 |
Less: General partner's interest in net income attributable to Hess Midstream Partners LP |  |  | 1.8 |  |  |  | - |  |  |  | 1.8 |
Limited partners' interest in net income attributable to Hess Midstream Partners LP |  | $ | 33.1 |  |  | $ | - |  |  | $ | 33.1 |
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted): |  |  |  |  |  |  |  |  |  |  |  |
Common |  | $ | 0.61 |  |  | $ | - |  |  | $ | 0.61 |
Subordinated |  | $ | 0.61 |  |  | $ | - |  |  | $ | 0.61 |
Weighted average limited partner units outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
Subordinated |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 27.5 |  |  |  | - |  |  |  | 27.5 |
Subordinated |  |  | 27.3 |  |  |  | - |  |  |  | 27.3 |
Consolidated Statements of Cash Flows | Consolidated Statement of Cash Flows
|  | Six Months Ended June 30, 2019 |
|  | Partnership as Previously Reported |  |  | Acquisition of HIP |  |  | Consolidated Results |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 186.2 |  |  | $ | (31.0 | ) |  | $ | 155.2 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  |  | 66.6 |  |  |  | 2.4 |  |  |  | 69.0 |
(Gain) loss on interest rate swaps |  |  | - |  |  |  | (0.4 | ) |  |  | (0.4 | )
Amortization of deferred financing costs |  |  | 0.6 |  |  |  | 1.9 |  |  |  | 2.5 |
Equity-based compensation |  |  | 0.6 |  |  |  | - |  |  |  | 0.6 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable—affiliate |  |  | 3.0 |  |  |  | (3.0 | ) |  |  | - |
Other current and noncurrent assets |  |  | 1.7 |  |  |  | 0.6 |  |  |  | 2.3 |
Accounts payable—trade |  |  | 10.9 |  |  |  | 1.2 |  |  |  | 12.1 |
Accounts payable—affiliate |  |  | 5.7 |  |  |  | 3.6 |  |  |  | 9.3 |
Accrued liabilities |  |  | 1.1 |  |  |  | 1.5 |  |  |  | 2.6 |
Other current and noncurrent liabilities |  |  | (2.0 | ) |  |  | (0.2 | ) |  |  | (2.2 | )
Net cash provided by (used in) operating activities |  |  | 274.4 |  |  |  | (23.4 | ) |  |  | 251.0 |
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 |  |  | (23.0 | ) |  |  | - |  |  |  | (23.0 | )
Additions to property, plant and equipment |  |  | (115.4 | ) |  |  | (4.8 | ) |  |  | (120.2 | )
Net cash provided by (used in) investing activities |  |  | (199.4 | ) |  |  | (101.9 | ) |  |  | (301.3 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less |  |  | - |  |  |  | 160.0 |  |  |  | 160.0 |
Repayments of bank borrowings with maturities of greater than 90 days |  |  | - |  |  |  | (5.0 | ) |  |  | (5.0 | )
Distributions to unitholders |  |  | (41.2 | ) |  |  | - |  |  |  | (41.2 | )
Distributions to general partner |  |  | (1.4 | ) |  |  | 1.4 |  |  |  | - |
Distributions to noncontrolling interest |  |  | (106.1 | ) |  |  | 106.1 |  |  |  | - |
Capital distribution to Hess associated with acquisitions |  |  | - |  |  |  | (156.1 | ) |  |  | (156.1 | )
Contributions from noncontrolling interest |  |  | 68.3 |  |  |  | (68.3 | ) |  |  | - |
Net cash provided by (used in) financing activities |  |  | (80.4 | ) |  |  | 38.1 |  |  |  | (42.3 | )
Net increase (decrease) in cash and cash equivalents |  |  | (5.4 | ) |  |  | (87.2 | ) |  |  | (92.6 | )
Cash and cash equivalents at beginning of period |  |  | 20.3 |  |  |  | 89.0 |  |  |  | 109.3 |
Cash and cash equivalents at end of period |  | $ | 14.9 |  |  | $ | 1.8 |  |  | $ | 16.7 |

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