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v3.20.2

Segments | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segments | 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 transaction costs, 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 September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 142.9 |  |  | $ | 90.2 |  |  | $ | 31.7 |  |  | $ | - |  |  | $ | 264.8 |
Net income (loss) |  |  | 72.4 |  |  |  | 50.7 |  |  |  | 18.0 |  |  |  | (25.3 | ) |  |  | 115.8 |
Net income (loss) attributable to Hess Midstream LP |  |  | 4.5 |  |  |  | 3.2 |  |  |  | 1.1 |  |  |  | (3.2 | ) |  |  | 5.6 |
Depreciation expense |  |  | 24.2 |  |  |  | 11.2 |  |  |  | 4.1 |  |  |  | - |  |  |  | 39.5 |
Proportional share of equity affiliates' depreciation |  |  | - |  |  |  | 1.3 |  |  |  | - |  |  |  | - |  |  |  | 1.3 |
Income from equity investments |  |  | - |  |  |  | 3.6 |  |  |  | - |  |  |  | - |  |  |  | 3.6 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23.2 |  |  |  | 23.2 |
Income tax expense (benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1.8 |  |  |  | 1.8 |
Adjusted EBITDA |  |  | 96.6 |  |  |  | 63.2 |  |  |  | 22.1 |  |  |  | (0.3 | ) |  |  | 181.6 |
Capital expenditures* |  |  | 30.2 |  |  |  | 36.1 |  |  |  | 0.1 |  |  |  | - |  |  |  | 66.4 |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 105.9 |  |  | $ | 74.0 |  |  | $ | 35.0 |  |  | $ | - |  |  | $ | 214.9 |
Net income (loss) |  |  | 46.5 |  |  |  | 42.8 |  |  |  | 14.3 |  |  |  | (16.2 | ) |  |  | 87.4 |
Net income (loss) attributable to Hess Midstream LP |  |  | 9.1 |  |  |  | 8.8 |  |  |  | 2.8 |  |  |  | (1.6 | ) |  |  | 19.1 |
Depreciation expense |  |  | 20.8 |  |  |  | 11.2 |  |  |  | 4.0 |  |  |  | - |  |  |  | 36.0 |
Proportional share of equity affiliates' depreciation |  |  | - |  |  |  | 0.5 |  |  |  | - |  |  |  | - |  |  |  | 0.5 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12.4 |  |  |  | 12.4 |
Adjusted EBITDA |  |  | 67.3 |  |  |  | 54.5 |  |  |  | 18.3 |  |  |  | (3.8 | ) |  |  | 136.3 |
Capital expenditures* |  |  | 96.7 |  |  |  | 15.0 |  |  |  | 0.4 |  |  |  | - |  |  |  | 112.1 |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 420.9 |  |  | $ | 274.0 |  |  | $ | 130.5 |  |  | $ | - |  |  | $ | 825.4 |
Net income (loss) |  |  | 220.0 |  |  |  | 159.2 |  |  |  | 54.6 |  |  |  | (81.2 | ) |  |  | 352.6 |
Net income (loss) attributable to Hess Midstream LP |  |  | 13.9 |  |  |  | 10.0 |  |  |  | 3.4 |  |  |  | (9.9 | ) |  |  | 17.4 |
Depreciation expense |  |  | 71.2 |  |  |  | 33.6 |  |  |  | 12.1 |  |  |  | - |  |  |  | 116.9 |
Proportional share of equity affiliates' depreciation |  |  | - |  |  |  | 3.8 |  |  |  | - |  |  |  | - |  |  |  | 3.8 |
Income from equity investments |  |  | - |  |  |  | 7.2 |  |  |  | - |  |  |  | - |  |  |  | 7.2 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 71.3 |  |  |  | 71.3 |
Income tax expense (benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5.2 |  |  |  | 5.2 |
Gain on sale of property, plant and equipment |  |  | 0.1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.1 |
Adjusted EBITDA |  |  | 291.1 |  |  |  | 196.6 |  |  |  | 66.7 |  |  |  | (4.7 | ) |  |  | 549.7 |
Capital expenditures* |  |  | 71.9 |  |  |  | 129.9 |  |  |  | 0.4 |  |  |  | - |  |  |  | 202.2 |
|  | Gathering |  |  | Processing and Storage |  |  | Terminaling and Export |  |  | Interest and Other |  |  | Consolidated |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income |  | $ | 298.0 |  |  | $ | 208.0 |  |  | $ | 88.8 |  |  | $ | - |  |  | $ | 594.8 |
Net income (loss) |  |  | 132.5 |  |  |  | 124.2 |  |  |  | 38.8 |  |  |  | (52.9 | ) |  |  | 242.6 |
Net income (loss) attributable to Hess Midstream LP |  |  | 25.8 |  |  |  | 25.4 |  |  |  | 7.8 |  |  |  | (5.0 | ) |  |  | 54.0 |
Depreciation expense |  |  | 59.5 |  |  |  | 33.5 |  |  |  | 12.0 |  |  |  | - |  |  |  | 105.0 |
Proportional share of equity affiliates' depreciation |  |  | - |  |  |  | 0.5 |  |  |  | - |  |  |  | - |  |  |  | 0.5 |
Interest expense, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44.2 |  |  |  | 44.2 |
Adjusted EBITDA |  |  | 192.0 |  |  |  | 158.2 |  |  |  | 50.8 |  |  |  | (8.7 | ) |  |  | 392.3 |
Capital expenditures* |  |  | 284.2 |  |  |  | 23.7 |  |  |  | 0.1 |  |  |  | - |  |  |  | 308.0 |
*Includes acquisition, expansion and maintenance capital expenditures. Total assets for the reportable segments are as follows:
|  | September 30, 2020 |  |  | December 31, 2019 |
(in millions) |  |  |  |  |  |  |  |
Gathering |  | $ | 1,862.6 |  |  | $ | 1,844.9 |
Processing and Storage(1) |  |  | 1,153.7 |  |  |  | 1,055.1 |
Terminaling and Export |  |  | 296.1 |  |  |  | 310.7 |
Interest and Other |  |  | 59.3 |  |  |  | 67.0 |
Total assets |  | $ | 3,371.7 |  |  | $ | 3,277.7 |
(1) | Includes investment in equity investees of $108.2 million as of September 30, 2020 and $107.8 as of December 31, 2019.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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