10-Q 1 hesm-20220630.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39163

Hess Midstream LP

(Exact name of Registrant as specified in its charter)

 

DELAWARE

84-3211812

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

 

 

1501 McKinney Street

77010

Houston, TX
(Address of principal executive offices)

(Zip Code)

 

(Registrant’s telephone number, including area code, is (713) 496-4200)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A shares representing limited partner interests

HESM

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No

44,002,846 Class A shares representing limited partner interests (“Class A Shares”) in the registrant were outstanding as of July 29, 2022.

 

 


 

HESS MIDSTREAM LP

FORM 10-Q

TABLE OF CONTENTS

 

Item

 

 

 

Page

No.

 

 

 

Number

 

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

1.

 

Financial Statements (unaudited)

 

 

 

 

Consolidated Balance Sheets at June 30, 2022 and December 31, 2021

 

2

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021

 

3

 

 

Consolidated Statements of Changes in Partners’ Capital for the three and six months ended June 30, 2022 and 2021

 

4

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

 

5

 

 

Notes to Consolidated Financial Statements

 

6

 

 

 

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

17

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

32

4.

 

Controls and Procedures

 

32

 

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

1.

 

Legal Proceedings

 

33

1A.

 

Risk Factors

 

33

6.

 

Exhibits

 

34

 

 

 

 

 

 

 

Signatures

 

35

 

 

Certifications

 

 

 

 

 

 

 

 

 

1

 


PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Item 1. Financial Statements

 

June 30,

 

 

December 31,

 

 

2022

 

 

2021

 

(in millions, except share amounts)

 

 

 

 

 

Assets

 

 

 

 

 

Cash and cash equivalents

$

2.4

 

 

$

2.2

 

Accounts receivable—affiliate:

 

 

 

 

 

From contracts with customers

 

153.6

 

 

 

120.3

 

Other current assets

 

2.4

 

 

 

10.6

 

Total current assets

 

158.4

 

 

 

133.1

 

Equity investments

 

96.9

 

 

 

101.6

 

Property, plant and equipment, net

 

3,144.6

 

 

 

3,125.0

 

Long-term receivable—affiliate

 

0.7

 

 

 

0.8

 

Deferred tax asset

 

191.6

 

 

 

117.3

 

Other noncurrent assets

 

6.5

 

 

 

7.8

 

Total assets

$

3,598.7

 

 

$

3,485.6

 

Liabilities

 

 

 

 

 

Accounts payable—trade

$

32.3

 

 

$

26.9

 

Accounts payable—affiliate

 

28.2

 

 

 

37.6

 

Accrued liabilities

 

85.1

 

 

 

76.2

 

Current maturities of long-term debt

 

-

 

 

 

20.0

 

Other current liabilities

 

6.9

 

 

 

10.2

 

Total current liabilities

 

152.5

 

 

 

170.9

 

Long-term debt

 

2,937.4

 

 

 

2,543.5

 

Deferred tax liability

 

0.4

 

 

 

0.4

 

Other noncurrent liabilities

 

20.9

 

 

 

17.7

 

Total liabilities

 

3,111.2

 

 

 

2,732.5

 

Partners' capital

 

 

 

 

 

Class A shares (44,002,846 shares issued and outstanding as of
   June 30, 2022;
33,672,068 shares issued and outstanding
   as of December 31, 2021)

 

248.7

 

 

 

204.1

 

Class B shares (195,847,606 shares issued and outstanding as of
June 30, 2022;
219,641,928 shares issued and outstanding
as of December 31, 2021)

 

-

 

 

 

-

 

Total partners' capital

 

248.7

 

 

 

204.1

 

Noncontrolling interest

 

238.8

 

 

 

549.0

 

Total partners' capital

 

487.5

 

 

 

753.1

 

Total liabilities and partners' capital

$

3,598.7

 

 

$

3,485.6

 

See accompanying notes to unaudited consolidated financial statements.

2

 


PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate services

 

$

313.0

 

 

$

294.8

 

 

$

625.1

 

 

$

583.6

 

Other income

 

 

0.4

 

 

 

-

 

 

 

0.7

 

 

 

-

 

Total revenues

 

 

313.4

 

 

 

294.8

 

 

 

625.8

 

 

 

583.6

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses (exclusive of
   depreciation shown separately below)

 

 

67.8

 

 

 

63.6

 

 

 

134.3

 

 

 

123.4

 

Depreciation expense

 

 

45.0

 

 

 

40.4

 

 

 

89.4

 

 

 

80.6

 

General and administrative expenses

 

 

5.3

 

 

 

5.2

 

 

 

11.3

 

 

 

11.5

 

Total costs and expenses

 

 

118.1

 

 

 

109.2

 

 

 

235.0

 

 

 

215.5

 

Income from operations

 

 

195.3

 

 

 

185.6

 

 

 

390.8

 

 

 

368.1

 

Income from equity investments

 

 

1.0

 

 

 

2.9

 

 

 

1.4

 

 

 

5.6

 

Interest expense, net

 

 

37.4

 

 

 

22.9

 

 

 

68.7

 

 

 

46.0

 

Income before income tax expense

 

 

158.9

 

 

 

165.6

 

 

 

323.5

 

 

 

327.7

 

Income tax expense

 

 

7.1

 

 

 

3.6

 

 

 

12.1

 

 

 

6.1

 

Net income

 

 

151.8

 

 

 

162.0

 

 

 

311.4

 

 

 

321.6

 

Less: Net income attributable to noncontrolling interest

 

 

129.8

 

 

 

151.0

 

 

 

272.5

 

 

 

302.0

 

Net income attributable to Hess Midstream LP

 

$

22.0

 

 

$

11.0

 

 

$

38.9

 

 

$

19.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Hess Midstream LP
   per Class A share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

0.51

 

 

$

0.44

 

 

$

1.01

 

 

$

0.89

 

Diluted:

 

$

0.50

 

 

$

0.44

 

 

$

0.99

 

 

$

0.87

 

Weighted average Class A shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

43.7

 

 

 

25.0

 

 

 

38.7

 

 

 

22.2

 

Diluted:

 

 

43.7

 

 

 

25.1

 

 

 

38.8

 

 

 

22.3

 

 

 

See accompanying notes to unaudited consolidated financial statements.

3

 


PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

(UNAUDITED)

 

Partners' Capital

 

 

 

 

 

 

 

 

Class A
Shares

 

 

Class B
Shares

 

 

Noncontrolling
Interest

 

 

Total

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

$

204.1

 

 

$

-

 

 

$

549.0

 

 

$

753.1

 

Net income

 

16.9

 

 

 

-

 

 

 

142.7

 

 

 

159.6

 

Equity-based compensation

 

0.5

 

 

 

-

 

 

 

-

 

 

 

0.5

 

Distributions - $0.5167 per share

 

(17.5

)

 

 

-

 

 

 

(113.5

)

 

 

(131.0

)

Transaction costs

 

(0.1

)

 

 

-

 

 

 

(0.3

)

 

 

(0.4

)

Balance at March 31, 2022

$

203.9

 

 

$

-

 

 

$

577.9

 

 

$

781.8

 

Net income

 

22.0

 

 

 

-

 

 

 

129.8

 

 

 

151.8

 

Equity-based compensation

 

0.4

 

 

 

-

 

 

 

-

 

 

 

0.4

 

Distributions - $0.5492 per share

 

(24.2

)

 

 

-

 

 

 

(107.6

)

 

 

(131.8

)

Recognition of deferred tax asset

 

86.4

 

 

 

-

 

 

 

-

 

 

 

86.4

 

Sale of shares held by Sponsors

 

27.0

 

 

 

-

 

 

 

(27.0

)

 

 

-

 

Class B unit repurchase

 

(66.6

)

 

 

-

 

 

 

(333.4

)

 

 

(400.0

)

Transaction costs

 

(0.2

)

 

 

-

 

 

 

(0.9

)

 

 

(1.1

)

Balance at June 30, 2022

$

248.7

 

 

$

-

 

 

$

238.8

 

 

$

487.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

$

125.0

 

 

$

-

 

 

$

1,201.0

 

 

$

1,326.0

 

Net income

 

8.6

 

 

 

-

 

 

 

151.0

 

 

 

159.6

 

Equity-based compensation

 

0.4

 

 

 

-

 

 

 

-

 

 

 

0.4

 

Distributions - $0.4471 per share

 

(8.2

)

 

 

-

 

 

 

(119.1

)

 

 

(127.3

)

Recognition of deferred tax asset

 

26.4

 

 

 

 

 

 

-

 

 

 

26.4

 

Sales of shares held by Sponsors

 

31.8

 

 

 

-

 

 

 

(31.8

)

 

 

-

 

Balance at March 31, 2021

$

184.0

 

 

$

-

 

 

$

1,201.1

 

 

$

1,385.1

 

Net income

 

11.0

 

 

 

-

 

 

 

151.0

 

 

 

162.0

 

Equity-based compensation

 

0.3

 

 

 

-

 

 

 

-

 

 

 

0.3

 

Distributions - $0.4526 per share

 

(11.3

)

 

 

-

 

 

 

(117.5

)

 

 

(128.8

)

Balance at June 30, 2021

$

184.0

 

 

$

-

 

 

$

1,234.6

 

 

$

1,418.6

 

See accompanying notes to unaudited consolidated financial statements.

 

 

4

 


PART I—FINANCIAL INFORMATION (CONT'D)

HESS MIDSTREAM LP

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

(in millions)

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

311.4

 

 

$

321.6

 

Adjustments to reconcile net income to net cash provided by (used in)
   operating activities:

 

 

 

 

 

 

Depreciation expense

 

 

89.4

 

 

 

80.6

 

(Income) loss from equity investments

 

 

(1.4

)

 

 

(5.6

)

Distributions from equity investments

 

 

6.1

 

 

 

11.5

 

Amortization of deferred financing costs

 

 

4.2

 

 

 

3.4

 

Equity-based compensation expense

 

 

0.9

 

 

 

0.7

 

Deferred income tax expense (benefit)

 

 

12.1

 

 

 

6.1

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable – affiliate

 

 

(33.2

)

 

 

(12.0

)

Other current and noncurrent assets

 

 

8.4

 

 

 

3.9

 

Accounts payable – trade

 

 

5.4

 

 

 

(8.5

)

Accounts payable – affiliate

 

 

(5.7

)

 

 

(1.0

)

Accrued liabilities

 

 

6.8

 

 

 

(5.9

)

Other current and noncurrent liabilities

 

 

(0.6

)

 

 

(4.8

)

Net cash provided by (used in) operating activities

 

 

403.8

 

 

 

390.0

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(110.7

)

 

 

(52.7

)

Net cash provided by (used in) investing activities

 

 

(110.7

)

 

 

(52.7

)

Cash flows from financing activities

 

 

 

 

 

 

Net proceeds from (repayments of) bank borrowings with maturities of 90
   days or less

 

 

(13.0

)

 

 

(75.0

)

Bank borrowings with maturities of greater than 90 days

 

 

 

 

 

 

Repayments

 

 

(10.0

)

 

 

(5.0

)

Proceeds from issuance of bonds

 

 

400.0

 

 

 

-

 

Deferred financing costs

 

 

(5.9

)

 

 

-

 

Transaction costs

 

 

(1.2

)

 

 

-

 

Class B unit repurchase

 

 

(400.0

)

 

 

-

 

Distributions to shareholders

 

 

(41.7

)

 

 

(19.5

)

Distributions to noncontrolling interest

 

 

(221.1

)

 

 

(236.6

)

Net cash provided by (used in) financing activities

 

 

(292.9

)

 

 

(336.1

)

Increase (decrease) in cash and cash equivalents

 

 

0.2

 

 

 

1.2

 

Cash and cash equivalents, beginning of period

 

 

2.2

 

 

 

2.6

 

Cash and cash equivalents, end of period

 

$

2.4

 

 

$

3.8

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

(Increase) decrease in accrued capital expenditures and related liabilities

 

$

1.9

 

 

$

(16.8

)

Recognition of deferred tax asset

 

$

86.4

 

 

$

26.4

 

See accompanying notes to unaudited consolidated financial statements.

5

 


PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

 

Note 1. Description of Business

Hess Midstream LP (“the Company”) is a fee-based, growth-oriented, Delaware limited partnership that operates, develops and acquires a diverse set of midstream assets and provides fee-based services to Hess Corporation (“Hess”) and third-party customers. We are managed and controlled by Hess Midstream GP LLC, the general partner of our general partner that is owned 50/50 by Hess and GIP II Blue Holding, L.P. (“GIP” and together with Hess, the “Sponsors”).

Our assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota, which we collectively refer to as the Bakken. Our assets and operations are organized into the following three reportable segments: (1) gathering, (2) processing and storage and (3) terminaling and export (see Note 13, Segments).

Unless the context otherwise requires, references in this report to the “Company,” “we,” “our,” “us” or like terms, refer to Hess Midstream LP and its subsidiaries.

Note 2. Basis of Presentation

The consolidated financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at June 30, 2022 and December 31, 2021, the consolidated results of operations for the three and six months ended June 30, 2022 and 2021, and the consolidated cash flows for the six months ended June 30, 2022 and 2021. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to comprehensive income (loss). The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year.

The consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted from these interim consolidated financial statements. These financial statements, therefore, should be read in conjunction with the financial statements and related notes included in the Company’s annual report on Form 10‑K for the year ended December 31, 2021.

We consolidate the activities of Hess Midstream Operations LP (“the Partnership”), as a variable interest entity (“VIE”) under U.S. GAAP. We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our ownership, to direct those activities that most significantly impact the economic performance of the Partnership. This conclusion was based on a qualitative analysis that considered the Partnership’s governance structure and the delegation of control provisions, which provide us the ability to control the operations of the Partnership. All financial statement activities associated with the VIE are captured within gathering, processing and storage, and terminaling and export segments (see Note 13, Segments). We currently do not have any independent assets or operations other than our interest in the Partnership. Our noncontrolling interest represents the approximate 81.7% interest in the Partnership retained by Hess and GIP at June 30, 2022 (86.7% at December 31, 2021). See Note 3, Equity Transactions for a description of changes in noncontrolling interest related to the equity transactions.

Note 3. Equity Transactions

Equity Offering Transactions

On March 15, 2021, the Sponsors sold an aggregate of 6,900,000 of our Class A shares representing limited partner interests (“Class A Shares”), inclusive of the underwriters’ option to purchase up to 900,000 of additional shares, which was fully exercised, in an underwritten public offering at a price of $21.00 per Class A Share, less underwriting discounts. The Sponsors received net proceeds from the offering of approximately $139.9 million, after deducting underwriting discounts.

On April 4, 2022, the Sponsors sold an aggregate of 10,235,000 of our Class A Shares, inclusive of the underwriters’ option to purchase up to 1,335,000 of additional shares, which was fully exercised, in an underwritten public offering at a price of $29.50 per Class A Share, less underwriting discounts. The Sponsors received net proceeds from the offering of approximately $291.7 million, after deducting underwriting discounts.

 

6

 


PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

 

The Company did not receive any proceeds in the offerings. The above equity offering transactions were conducted pursuant to a registration rights agreement among us and the Sponsors. The Class A Shares sold in the offerings were obtained by the Sponsors by exchanging to us the respective number of their Class B Units in the Partnership, together with an equal number of our Class B Shares and, as a result, the total number of Class A and Class B Shares did not change. The Company retained control in the Partnership based on the delegation of control provisions, as described in Note 2, Basis of Presentation. As a result of the equity offering transactions described above, we recognized adjustments increasing the amount of the Class A shareholders’ capital balance by $27.0 million and decreasing the carrying amount of noncontrolling interest by an equal amount (six months ended June 30, 2021: $31.8 million) to reflect the change in ownership interest.

Class B Unit Repurchase

On March 29, 2022, the Company, the Partnership and our Sponsors entered into a unit repurchase agreement pursuant to which the Partnership agreed to purchase from the Sponsors, subject to the secondary equity offering transaction described above, an aggregate number of Class B Units representing limited partner interests in the Partnership to be determined by dividing (a) $400.0 million by (b) the public offering price of the Class A Shares to be set in the secondary offering (the “Repurchase Transaction”). On April 4, 2022, the Repurchase Transaction closed, and the Partnership purchased directly from the Sponsors 13,559,322 Class B Units at a purchase price per Class B Unit of $29.50, which is equal to the public offering price per Class A Share in the transaction described above. Pursuant to the terms of the repurchase agreement, immediately following the purchase of the Class B Units from the Sponsors, the Partnership cancelled those units, and the Company cancelled, for no consideration, an equal number of Class B Shares representing limited partner interests in the Company held by the Company’s general partner. The Repurchase Transaction was funded using borrowings under the Partnership’s revolving credit facility, which were subsequently repaid with proceeds from a $400.0 million senior unsecured notes offering (see Note 7, Debt and Interest Expense).

The Repurchase Transaction was accounted for in accordance with ASC 810 whereby changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions. The carrying amount of the noncontrolling interest was adjusted to reflect the change in the ownership interest with the difference between the amount of consideration paid and the amount by which the noncontrolling interest was adjusted recognized as a reduction in equity attributable to Class A shareholders. We incurred approximately $1.5 million of costs directly attributable to the Repurchase Transaction that were charged to equity.

As a result of the equity offering transactions and the Repurchase Transaction described above, we also recognized an additional deferred tax asset of $86.4 million (six months ended June 30, 2021: $26.4 million) related to the change in the temporary difference between carrying amount and tax basis of our investment in the Partnership. The effect of recognizing the additional deferred tax asset was included in Class A shareholders’ equity balance in the accompanying consolidated statement of changes in partners’ capital due to the transaction being characterized as a transaction among or with shareholders.

Note 4. Related Party Transactions

In addition to the Repurchase Transaction and distributions to the Sponsors disclosed elsewhere in the Notes to consolidated financial statements, we had the following related party transactions:

Commercial Agreements

Effective January 1, 2014, we entered into long-term fee-based (i) gas gathering, (ii) crude oil gathering, (iii) gas processing and fractionation, (iv) storage services, and (v) terminal and export services agreements with certain subsidiaries of Hess. Effective January 1, 2019, we entered into long-term fee-based water services agreements with a subsidiary of Hess. For the services performed under these commercial agreements, we receive a fee per barrel of crude oil, barrel of water, Mcf of natural gas, or Mcf equivalent of NGLs, as applicable, delivered during each month, and Hess is obligated to provide us with minimum volumes of crude oil, water, natural gas and NGLs. Minimum volume commitments (“MVCs”) are equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis such that MVCs are set for the three years following the most recent nomination. Without our consent, the MVCs resulting from the nominated volumes for any quarter or year contained in any prior development plan shall not be reduced by any updated development plan unless dedicated production is released by us. The applicable MVCs may, however, be increased as a result of the nominations contained in any such updated development plan.

 

7

 


PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

 

Except for the water services agreements and except for a certain gathering sub-system as described below, each of our commercial agreements with Hess has an initial 10-year term effective January 1, 2014 (“Initial Term”). For this gathering sub-system, the Initial Term is 15 years effective January 1, 2014 and for the water services agreements the Initial Term is 14 years effective January 1, 2019. Each of our commercial agreements other than our storage services agreement includes an inflation escalator and a fee recalculation mechanism that allows fees to be adjusted annually during the Initial Term for updated estimates of cumulative throughput volumes and our capital and operating expenditures in order to target a return on capital deployed over the Initial Term of the applicable commercial agreement (or, with respect to the crude oil services fee under our terminal and export services agreement, the 20-year period commencing on the effective date of the agreement).

We have the unilateral right, exercisable by the delivery of a written notice on or before the date that is three years prior to the expiration of the Initial Term, to extend each commercial agreement for one additional 10-year term (“Secondary Term”). For a certain gathering sub-system, the Secondary Term is 5-years and for the water services agreements the Secondary Term is 10 years. On December 30, 2020, we exercised our renewal options to extend the terms of certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess for the Secondary Term through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options. For the remaining water gathering and disposal agreements as well as the remaining gas gathering agreement, we have the sole option to renew these agreements for an additional term that is exercisable at a later date.

During the Secondary Term of each of our commercial agreements other than our storage services agreement and terminal and export services agreement (with respect to crude oil terminaling services), the fee recalculation model under each applicable agreement will be replaced by an inflation-based fee structure. The initial fee for the first year of the Secondary Term will be determined based on the average fees paid by Hess under the applicable agreement during the last three years of the Initial Term (with such fees adjusted for inflation through the first year of the Secondary Term). For each year following the first year of the Secondary Term, the applicable fee will be adjusted annually based on the percentage change in the consumer price index, provided that we may not increase any fee by more than 3% in any calendar year solely by reason of an increase in the consumer price index, and no fee will ever be reduced below the amount of the applicable fee payable by Hess in the prior year as a result of a decrease in the consumer price index. During the Secondary Term of our commercial agreements, Hess will continue to have MVCs equal to 80% of Hess’ nominations in each development plan that apply on a three-year rolling basis through the Secondary Term.

For the three and six months ended June 30, 2022 and 2021, approximately 100% of our revenues were attributable to our fee‑based commercial agreements with Hess, including revenues from third‑party volumes contracted with Hess and delivered to us under these agreements. We retain control of our assets and the flow of volumes based on available capacity within our integrated gathering, processing and terminaling systems. Together with Hess, we are pursuing strategic relationships with third‑party producers and other midstream companies with operations in the Bakken in order to maximize our utilization rates.

 

8

 


PART I – FINANCIAL INFORMATION (CONT’D)

HESS MIDSTREAM LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

 

Revenues from contracts with customers on a disaggregated basis are as follows:

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and gas gathering services

 

$

148.4

 

 

$

133.4

 

 

 

$

293.7

 

 

$

262.1

 

Processing and storage services