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Segments
 9 Months Ended
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.