Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

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