Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document And Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | HESM |
Entity Registrant Name | Hess Midstream Partners LP |
Entity Central Index Key | 0001619739 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity File Number | 001-38050 |
Entity Tax Identification Number | 364777695 |
Entity Address, Address Line One | 1501 McKinney Street |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77010 |
City Area Code | 713 |
Local Phone Number | 496-4200 |
Common Units | |
Document And Entity Information [Line Items] | |
Entity Units Outstanding | 27,345,309 |
Subordinated Units | |
Document And Entity Information [Line Items] | |
Entity Units Outstanding | 27,279,654 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 14.9 | $ 20.3 |
Accounts receivable—affiliate: | ||
From contracts with customers | 59.8 | 62.2 |
Other receivables | 0.3 | 0.8 |
Other current assets | 1.1 | 2.8 |
Total current assets | 76.1 | 86.1 |
Equity investments | 90.3 | 67.3 |
Property, plant and equipment, net | 2,757.4 | 2,664.1 |
Other noncurrent assets | 2.1 | 2.2 |
Total assets | 2,925.9 | 2,819.7 |
Liabilities | ||
Accounts payable—trade | 26.4 | 15.3 |
Accounts payable—affiliate | 21.5 | 15.8 |
Accrued liabilities | 41.6 | 64.5 |
Other current liabilities | 4.6 | 6.8 |
Total current liabilities | 94.1 | 102.4 |
Other noncurrent liabilities | 14.5 | 6.4 |
Total liabilities | 108.6 | 108.8 |
Partners' capital | ||
General partner | 15.3 | 14.9 |
Total Hess Midstream Partners LP partners' capital | 509.7 | 516.8 |
Noncontrolling interest | 2,307.6 | 2,194.1 |
Total partners' capital | 2,817.3 | 2,710.9 |
Total liabilities and partners' capital | 2,925.9 | 2,819.7 |
Common Unitholders - Public | ||
Partners' capital | ||
Common and subordinated unitholders | 355.1 | 357.1 |
Common Unitholders - Affiliate | ||
Partners' capital | ||
Common and subordinated unitholders | 38.1 | 39.5 |
Subordinated Unitholders - Affiliate | ||
Partners' capital | ||
Common and subordinated unitholders | $ 101.2 | $ 105.3 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common Unitholders - Public | ||
Common and subordinated units issued | 17,062,655 | 17,014,377 |
Common and subordinated units outstanding | 17,062,655 | 17,014,377 |
Common Unitholders - Affiliate | ||
Common and subordinated units issued | 10,282,654 | 10,282,654 |
Common and subordinated units outstanding | 10,282,654 | 10,282,654 |
Subordinated Unitholders - Affiliate | ||
Common and subordinated units issued | 27,279,654 | 27,279,654 |
Common and subordinated units outstanding | 27,279,654 | 27,279,654 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Affiliate services | $ 172.7 | $ 164.5 | $ 346.7 | $ 321.3 |
Type of Revenue [Extensible List] | hesm:AffiliateServicesMember | hesm:AffiliateServicesMember | hesm:AffiliateServicesMember | hesm:AffiliateServicesMember |
Other income | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.4 |
Total revenues | 172.8 | 164.7 | 347 | 321.7 |
Costs and expenses | ||||
Operating and maintenance expenses (exclusive of depreciation shown separately below) | 43.6 | 37.1 | 85.5 | 71.7 |
Depreciation expense | 34 | 30.2 | 66.6 | 60.2 |
General and administrative expenses | 3.7 | 2.4 | 7.7 | 5.5 |
Total costs and expenses | 81.3 | 69.7 | 159.8 | 137.4 |
Income from operations | 91.5 | 95 | 187.2 | 184.3 |
Interest expense, net | 0.6 | 0.4 | 1 | 0.7 |
Net income | 90.9 | 94.6 | 186.2 | 183.6 |
Less: Net income attributable to noncontrolling interest | 74.1 | 76.8 | 151.3 | 148.8 |
Net income attributable to Hess Midstream Partners LP | 16.8 | 17.8 | 34.9 | 34.8 |
Less: General partner's interest in net income attributable to Hess Midstream Partners LP | 1 | 0.4 | 1.8 | 0.7 |
Limited partners' interest in net income attributable to Hess Midstream Partners LP | $ 15.8 | $ 17.4 | $ 33.1 | $ 34.1 |
Common Units | ||||
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted): | ||||
Net income attributable to Hess Midstream Partners per limited partner unit | $ 0.29 | $ 0.32 | $ 0.61 | $ 0.63 |
Weighted average limited partner units outstanding, Basic: | ||||
Units outstanding, Basic | 27.3 | 27.3 | 27.3 | 27.3 |
Weighted average limited partner units outstanding, Diluted: | ||||
Units outstanding, Diluted | 27.5 | 27.4 | 27.5 | 27.4 |
Subordinated Units | ||||
Net income attributable to Hess Midstream Partners LP per limited partner unit (basic and diluted): | ||||
Net income attributable to Hess Midstream Partners per limited partner unit | $ 0.29 | $ 0.32 | $ 0.61 | $ 0.63 |
Weighted average limited partner units outstanding, Basic: | ||||
Units outstanding, Basic | 27.3 | 27.3 | 27.3 | 27.3 |
Weighted average limited partner units outstanding, Diluted: | ||||
Units outstanding, Diluted | 27.3 | 27.3 | 27.3 | 27.3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED) - USD ($) $ in Millions | Total | Limited PartnersCommon Unitholders Public | Limited PartnersCommon Unitholders Affiliate | Limited PartnersSubordinated Unitholders Affiliate | General Partner | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2017 | $ 2,555.3 | $ 357.7 | $ 40.5 | $ 107.8 | $ 14.8 | $ 2,034.5 |
Net income | 89 | 5.2 | 3.2 | 8.3 | 0.3 | 72 |
Unit-based compensation | 0.1 | 0.1 | ||||
Distributions to unitholders | (17.5) | (5.4) | (3.3) | (8.8) | ||
Distributions to general partner | (0.4) | (0.4) | ||||
Distributions to noncontrolling interest | (61.7) | (61.7) | ||||
Contributions from noncontrolling interest | 20.6 | 20.6 | ||||
Balance, end of period at Mar. 31, 2018 | 2,585.4 | 357.6 | 40.4 | 107.3 | 14.7 | 2,065.4 |
Balance, beginning of period at Dec. 31, 2017 | 2,555.3 | 357.7 | 40.5 | 107.8 | 14.8 | 2,034.5 |
Net income | 183.6 | |||||
Balance, end of period at Jun. 30, 2018 | 2,634.8 | 357.6 | 40.3 | 106.9 | 14.7 | 2,115.3 |
Balance, beginning of period at Mar. 31, 2018 | 2,585.4 | 357.6 | 40.4 | 107.3 | 14.7 | 2,065.4 |
Net income | 94.6 | 5.4 | 3.3 | 8.7 | 0.4 | 76.8 |
Unit-based compensation | 0.3 | 0.3 | ||||
Distributions to unitholders | (18.2) | (5.7) | (3.4) | (9.1) | ||
Distributions to general partner | (0.4) | (0.4) | ||||
Distributions to noncontrolling interest | (41.5) | (41.5) | ||||
Contributions from noncontrolling interest | 14.6 | 14.6 | ||||
Balance, end of period at Jun. 30, 2018 | 2,634.8 | 357.6 | 40.3 | 106.9 | 14.7 | 2,115.3 |
Balance, beginning of period at Dec. 31, 2018 | 2,710.9 | 357.1 | 39.5 | 105.3 | 14.9 | 2,194.1 |
Net income | 95.3 | 5.3 | 3.4 | 8.6 | 0.8 | 77.2 |
Unit-based compensation | 0.3 | 0.3 | ||||
Distributions to unitholders | (20.2) | (6.3) | (3.8) | (10.1) | ||
Distributions to general partner | (0.6) | (0.6) | ||||
Distributions to noncontrolling interest | (57.1) | (57.1) | ||||
Contributions from noncontrolling interest | 55.5 | 55.5 | ||||
Balance, end of period at Mar. 31, 2019 | 2,784.1 | 356.4 | 39.1 | 103.8 | 15.1 | 2,269.7 |
Balance, beginning of period at Dec. 31, 2018 | 2,710.9 | 357.1 | 39.5 | 105.3 | 14.9 | 2,194.1 |
Net income | 186.2 | |||||
Balance, end of period at Jun. 30, 2019 | 2,817.3 | 355.1 | 38.1 | 101.2 | 15.3 | 2,307.6 |
Balance, beginning of period at Mar. 31, 2019 | 2,784.1 | 356.4 | 39.1 | 103.8 | 15.1 | 2,269.7 |
Net income | 90.9 | 4.9 | 3 | 7.9 | 1 | 74.1 |
Unit-based compensation | 0.3 | 0.3 | ||||
Distributions to unitholders | (21) | (6.5) | (4) | (10.5) | ||
Distributions to general partner | (0.8) | (0.8) | ||||
Distributions to noncontrolling interest | (49) | (49) | ||||
Contributions from noncontrolling interest | 12.8 | 12.8 | ||||
Balance, end of period at Jun. 30, 2019 | $ 2,817.3 | $ 355.1 | $ 38.1 | $ 101.2 | $ 15.3 | $ 2,307.6 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Partners Capital [Abstract] | ||||
Distributions to unitholders - per unit | $ 0.3833 | $ 0.3701 | $ 0.3333 | $ 0.3218 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 186.2 | $ 183.6 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation expense | 66.6 | 60.2 |
Amortization of deferred financing costs | 0.6 | 0.5 |
Unit-based compensation expense | 0.6 | 0.4 |
Changes in assets and liabilities: | ||
Accounts receivable – affiliate | 3 | (2.7) |
Other current and noncurrent assets | 1.7 | 3.7 |
Accounts payable – trade | 10.9 | 5.8 |
Accounts payable – affiliate | 5.7 | 2 |
Accrued liabilities | 1.1 | 1.8 |
Other current and noncurrent liabilities | (2) | (3.3) |
Net cash provided by (used in) operating activities | 274.4 | 252 |
Cash flows from investing activities | ||
Acquisitions from third parties, net of cash acquired | (61) | |
Payments for equity investments | (23) | (41.3) |
Additions to property, plant and equipment | (115.4) | (96.9) |
Net cash provided by (used in) investing activities | (199.4) | (138.2) |
Cash flows from financing activities | ||
Distributions to unitholders | (41.2) | (35.7) |
Distributions to general partner | (1.4) | (0.8) |
Distributions to noncontrolling interest | (106.1) | (103.2) |
Contributions from noncontrolling interest | 68.3 | 35.2 |
Net cash provided by (used in) financing activities | (80.4) | (104.5) |
Increase (decrease) in cash and cash equivalents | (5.4) | 9.3 |
Cash and cash equivalents, beginning of period | 20.3 | 47.2 |
Cash and cash equivalents, end of period | $ 14.9 | $ 56.5 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
Description Of Business [Abstract] | |
Description of Business | Hess Midstream Partners LP (the “Partnership”) is a fee‑based, growth-oriented traditional master limited partnership formed by Hess Infrastructure Partners LP (“Hess Infrastructure Partners”), a midstream joint venture with a 50% ownership interest held by affiliates of Hess Corporation (collectively “Hess”) and a 50% ownership interest held by GIP II Blue Holding Partnership LP (“GIP”), to own, operate, develop and acquire a diverse set of midstream assets to provide services to Hess and third‑party customers. Our assets include a 20% controlling economic interest in each of (i) Hess North Dakota Pipelines Operations LP (“Gathering Opco”), which owns crude oil and natural gas gathering pipelines and compressor stations in North Dakota, (ii) Hess TGP Operations LP (“HTGP Opco”) which owns the Tioga Gas Plant (“TGP”), a natural gas processing and fractionation plant, including a residue gas pipeline in North Dakota, and (iii) Hess North Dakota Export Logistics Operations LP (“Logistics Opco”), which owns a crude oil and natural gas liquids (“NGL”) rail loading facility, crude oil rail cars and a crude oil pipeline and truck receipt terminal in North Dakota, and a 100% ownership interest in Hess Mentor Storage Holdings LLC (“Mentor Storage Terminal”), which owns a propane storage cavern and related rail and truck loading and unloading and storage terminal in Minnesota (collectively, the “Contributed Businesses”). Hess Infrastructure Partners owns the remaining 80% economic interest in the Contributed Businesses. On January 25, 2018, we entered into a 50/50 joint venture with Targa Resources Corp. to construct a new 200 million standard cubic feet per day gas processing plant called Little Missouri 4 (“LM4”). Our 50% interest in the joint venture is held through HTGP Opco, in which we own a 20% controlling economic interest and Hess Infrastructure Partners owns the remaining 80% economic interest. Targa Resources Corp. is managing the construction of LM4 and will operate the plant when completed. As of June 30, 2019, the plant was under construction. See Note 14, Subsequent Events. On March 22, 2019, Hess North Dakota Pipelines LLC, a subsidiary of Gathering Opco, acquired the crude oil and gas gathering assets of Summit Midstream Partners, LP’s Tioga Gathering System. See Note 3, Acquisitions. The terms “we,” “our” and “us” as used in this report refer to the Partnership, unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within the Partnership. The term “parent” refers to Hess Infrastructure Partners. 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). |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation 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, 2019 and December 31, 2018, the consolidated results of operations for the three and six months ended June 30, 2019 and 2018, and consolidated cash flows for the six months ended June 30, 2019 and 2018. 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 Partnership’s annual report on Form 10‑K for the year ended December 31, 2018. Consolidation. We consolidate the activities of Gathering Opco, HTGP Opco and Logistics Opco, which qualify as variable interest entities (“VIE”) under U.S. GAAP. We have concluded that we are the primary beneficiary of each VIE, as defined in the accounting standards, since we have the power through our general partner interests to direct those activities that most significantly impact the economic performance of the Contributed Businesses and have a right to receive benefits and an obligation to absorb losses that could potentially be significant. All financial statement activities associated with VIEs are captured within gathering, processing and storage, and terminaling and export segments (see Note 13, Segments). We reflect a noncontrolling interest representing the retained limited partner interest owned by Hess Infrastructure Partners in the Contributed Businesses in the consolidated financial statements of the Partnership. All intercompany transactions and balances within the Partnership have been eliminated. Equity Investments. We account for our investment in LM4 under the equity method of accounting, as we do not control, but have a significant influence over, its operations. Through June 30, 2019, we have contributed $90.3 million of cash for our gross interest in LM4. We do not have a basis difference between the amount at which the investment is carried and the amount of underlying equity in net assets of the investee. Income Taxes . We are not a separate taxable entity for U.S. Federal and state income tax purposes; therefore, we do not provide for income tax benefit or expense. Each partner is subject to income taxes on its share of the Partnership’s earnings. Comprehensive Income. We have not reported comprehensive income, since there were no items of other comprehensive income during the periods presented in this report. Summary of Significant Accounting Policies In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases, as a new Accounting Standards Codification (“ASC”) Topic, ASC 842. We adopted ASC 842 on January 1, 2019 using the modified retrospective method. Accordingly, comparative financial statements for periods prior to the adoption date of ASC 842 were not affected. In addition, we have elected to apply the ‘package’ of practical expedients allowing us to avoid reassessing whether existing contracts are (or contain) leases, whether the lease classification for existing leases would differ under ASC 842, and whether initial direct costs incurred for existing leases are capitalizable under ASC 842. Finally, we have elected to apply the practical expedient allowing us to avoid reassessing land easements that were not previously accounted for as leases under ASC 840. We have not elected the ‘hindsight’ practical expedient when determining lease term. As a result, no cumulative effect adjustment to Partners’ capital was recognized. Leases . We determine if an arrangement is a lease at inception. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease right-of-use asset includes any initial direct costs and excludes lease incentives received. The lease term used in measurement of our lease obligations may include periods covered by an option to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Partnership has elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less for all classes of underlying assets. Our lease agreements may include lease and non-lease components, which are generally accounted for separately. As of June 30, 2019, we had $0.4 million of operating lease right-of-use assets included within other noncurrent assets on our consolidated balance sheet. Operating lease liabilities were $0.1 million and $0.3 million included within other current liabilities and other noncurrent liabilities, respectively, on our consolidated balance sheet. As of June 30, 2019, we did not have any finance leases. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3. Acquisitions On March 22, 2019, Hess North Dakota Pipelines LLC, a subsidiary of Gathering Opco, acquired 100% of the membership interests of Tioga Hydrocarbon Gathering Company LLC from Summit Midstream Partners, LP (the “Tioga System Acquisition”). This transaction was accounted for as an asset acquisition. The Tioga System, located in Williams County in western North Dakota, is complementary to the Partnership’s infrastructure, and is currently delivering volumes into the Partnership’s gathering system. Hess North Dakota Pipelines LLC paid $61.0 million in cash at closing, net of cash acquired, and recognized a contingent liability for additional potential payments of $6.8 million in future periods subject to certain performance metrics. The purchase price was funded pro rata by the Partnership and Hess Infrastructure Partners, as indirect owners of Hess North Dakota Pipelines LLC. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4. Related Party Transactions Commercial Agreements Effective January 1, 2014, we entered into (i) gas gathering, (ii) crude oil gathering, (iii) gas processing and fractionation, (iv) storage services, and (v) terminal and export services fee‑based commercial agreements with certain subsidiaries of Hess. Under these commercial agreements, we provide gathering, compression, processing, fractionation, storage, terminaling, loading and transportation services to Hess, for which we receive a fee per barrel of crude oil, 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, natural gas and NGLs. These agreements also include inflation escalators and fee recalculation mechanisms that allow fees to be adjusted annually. We elected the practical expedient to recognize revenue in the amount to which we have a right to invoice as permitted under ASC 606, Revenue from Contracts with Customers. Due to this election and as the transaction price allocated to our unsatisfied performance obligations is entirely variable, we have elected the exemption provided by ASC 606 from the disclosure of revenue recognizable in future periods as our unsatisfied performance obligations are fulfilled. In September 2018, we amended and restated our gas gathering and gas processing and fractionation agreements with Hess to enable us to provide certain services to Hess in respect of volumes to be delivered to and processed at the LM4 plant. Effective January 1, 2019, Hess pays us a combined processing fee per Mcf of natural gas, or Mcf equivalent of NGLs, as applicable, for aggregate volumes processed (or to be processed) at TGP and LM4. Except with regard to a certain gathering sub-system as described below, each of our commercial agreements with Hess retains its initial 10‑year term (“Initial Term”) and we have the unilateral right to extend each commercial agreement for one additional 10‑year term (“Secondary Term”). The amended and restated gas gathering agreement also extends the Initial Term of the gathering agreement with respect to a certain gathering sub-system by 5 years to provide for a 15-year Initial Term and decreases the Secondary Term for that gathering sub-system by 5 years to provide for a 5-year Secondary Term. In addition, the fee recalculation mechanism continues to apply to the amended and restated agreements and, effective January 1, 2019, incorporates the revenues received and expected to be received by Hess from sourcing third-party dedicated production in order to further align the interests of us and Hess in promoting the growth of third-party volumes on our Bakken assets. For the three and six months ended June 30, 2019 and 2018, 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. During the three and six months ended June 30, 2019, we earned $0.7 million and $3.5 million, respectively, of minimum volume shortfall fee payments, compared with $12.8 million and $29.4 million for the three and six months ended June 30, 2018, respectively. In addition, during the three and six months ended June 30, 2019, we recognized, as part of affiliate revenues, $4.3 million and $12.1 million, respectively, of reimbursements from Hess related to third‑party rail transportation costs, compared with $3.4 million and $7.6 million for the three and six months ended June 30, 2018, respectively. Finally, during the three and six months ended June 30, 2019, we recognized, as part of affiliate revenues, $8.1 million and $14.9 million, respectively, of reimbursements from Hess related to electricity fees, compared with $6.7 million and $13.4 million for the three and six months ended June 30, 2018, respectively. The related third-party transportation costs and electricity fees were included in Operating and maintenance expenses in the accompanying unaudited consolidated statements of operations. See Note 13, Segments, for the presentation of our revenues on a disaggregated basis. All Affiliate services revenue, which reflects activity associated with our commercial agreements with Hess, represents revenue from contracts with customers under the scope of ASC 606. Omnibus and Employee Secondment Agreements Under our omnibus and employee secondment agreements, Hess provides substantial operational and administrative services to us in support of our assets and operations. For the three and six months ended June 30, 2019 and 2018, we had the following charges from Hess. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the fundamental nature of the services being performed for our operations. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions) Operating and maintenance expenses $ 11.4 $ 11.5 $ 21.4 $ 22.9 General and administrative expenses 2.5 1.3 5.3 3.2 Total $ 13.9 $ 12.8 $ 26.7 $ 26.1 Contribution Agreement Under our contribution, conveyance and assumption agreement, Hess Infrastructure Partners agreed to bear the cost of certain maintenance capital projects associated with the Contributed Businesses. During the six months ended June 30, 2019, Hess Infrastructure Partners contributed $0.4 million to us related to the reimbursement for those maintenance capital projects (2018: $2.2 million). This provision of the agreement expired in April 2019, the second anniversary of the Partnership’s IPO. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 5. Property, Plant and Equipment Property, plant and equipment, at cost, is as follows: Estimated useful lives June 30, 2019 December 31, 2018 (in millions, except for number of years) Gathering assets Pipelines 22 years $ 1,128.4 $ 1,003.9 Compressors, pumping stations and terminals 22 to 25 years 654.3 557.5 Gas plant assets Pipelines, pipes and valves 22 to 25 years 460.0 460.0 Equipment 12 to 30 years 428.2 428.2 Buildings 35 years 182.3 182.3 Processing and fractionation facilities 25 years 187.5 185.5 Logistics facilities and railcars 20 to 25 years 385.5 385.8 Storage facilities 20 to 25 years 19.5 19.5 Other 20 to 25 years 11.4 10.7 Construction-in-progress N/A 93.3 157.3 Total property, plant and equipment, at cost 3,550.4 3,390.7 Accumulated depreciation (793.0 ) (726.6 ) Property, plant and equipment, net $ 2,757.4 $ 2,664.1 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Note 6. Accrued Liabilities Accrued liabilities are as follows: June 30, 2019 December 31, 2018 (in millions) Accrued capital expenditures $ 27.9 $ 51.9 Other accruals 13.7 12.6 Total $ 41.6 $ 64.5 |
Debt and Interest Expense
Debt and Interest Expense | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Interest Expense | Note 7. Debt and Interest Expense Revolving Credit Facility On March 15, 2017, we entered into a four‑year, $300.0 million senior secured revolving credit facility that became available to us upon the closing of the IPO on April 10, 2017. Borrowings on the credit facility generally bear interest at the London Interbank Offered Rate (“LIBOR”) plus an applicable margin of 1.275%. The interest rate is subject to adjustment based on the Partnership’s leverage ratio, which is calculated as total debt to EBITDA (as defined in the credit agreement). Facility fees accrue at 0.275% per annum and are paid quarterly. If the Partnership obtains credit ratings, pricing levels will be based on our credit ratings in effect from time to time. The Partnership is subject to customary covenants in the credit agreement, including a financial covenant that generally requires a leverage ratio of no more than 4.5 to 1.0 for the prior four fiscal quarters. As of June 30, 2019, we were in compliance with all covenants. The credit facility is secured by first priority perfected liens on substantially all directly owned assets of the Partnership and its wholly‑owned subsidiaries, including equity interests in subsidiaries, subject to certain customary exclusions. At June 30, 2019, the revolving credit facility was undrawn. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2019 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions | Note 8. Distributions Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date. The following table details the distributions declared and/or paid for the periods presented: Period Record Date Distribution Date Distribution per Common and Subordinated Unit First Quarter 2018 May 4, 2018 May 14, 2018 $ 0.3333 Second Quarter 2018 August 2, 2018 August 13, 2018 $ 0.3452 Third Quarter 2018 November 5, 2018 November 13, 2018 $ 0.3575 Fourth Quarter 2018 February 4, 2019 February 13, 2019 $ 0.3701 First Quarter 2019 May 3, 2019 May 14, 2019 $ 0.3833 Second Quarter 2019 (1) August 5, 2019 August 13, 2019 $ 0.3970 ( 1 ) |
Unit-Based Compensation
Unit-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unit-Based Compensation | Note 9. Unit‑Based Compensation In 2017, the Partnership adopted the Hess Midstream Partners LP 2017 Long‑Term Incentive Plan (the “LTIP”). Awards under the LTIP are available for officers, directors and employees of our general partner or its affiliates, and any individuals who perform services for the Partnership. The LTIP provides the Partnership with the flexibility to grant unit awards, restricted units, phantom units, unit options, unit appreciation rights, distribution equivalent rights, profits interest units and other unit‑based awards. The LTIP initially limits the number of common units that may be delivered pursuant to vested awards to 3,000,000 common units. Under the LTIP, we granted awards of phantom units with distribution equivalent rights to certain officers, employees and directors. These phantom units and distribution equivalent rights vest ratably over a three‑year period for officers and employees, and vest after one year for directors. Cash distributions on the phantom units accumulate and are paid upon vesting. Fair value of phantom units is based on the fair value of the Partnership’s common units on the grant date. Unit‑based award activity for the six months ended June 30, 2019 was as follows: Weighted Average Award Date Number of Units Fair Value Outstanding and unvested units at December 31, 2018 114,237 $ 21.06 Granted 74,528 22.76 Forfeited (290 ) 23.00 Vested (48,278 ) 21.15 Outstanding and unvested units at June 30, 2019 140,197 $ 21.93 As of June 30, 2019, $2.6 million of compensation cost related to unvested phantom units awarded under the LTIP remains to be recognized over an expected weighted‑average period of 2.1 years. |
Net Income per Limited Partner
Net Income per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Limited Partner Unit | Note 10. Net Income per Limited Partner Unit Net income per limited partner unit is computed by dividing the respective limited partners’ interest in net income attributable to Hess Midstream Partners LP by the weighted average number of common and subordinated units outstanding. Because we have more than one class of participating securities, we use the two‑class method when calculating net income per limited partner unit. The classes of participating securities include common units, subordinated units, general partner interest and incentive distribution rights. The following table illustrates the Partnership’s calculation of net income per limited partner unit: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per unit amounts) 2019 2018 2019 2018 Net income $ 90.9 $ 94.6 $ 186.2 $ 183.6 Less: Net income attributable to noncontrolling interest 74.1 76.8 151.3 148.8 Net income attributable to Hess Midstream Partners LP 16.8 17.8 34.9 34.8 Less: General partner's interest in net income attributable to Hess Midstream Partners LP 1.0 0.4 1.8 0.7 Limited partners' interest in net income attributable to Hess Midstream Partners LP $ 15.8 $ 17.4 $ 33.1 $ 34.1 Common unitholders' interest in net income attributable to Hess Midstream Partners LP $ 7.9 $ 8.7 $ 16.6 $ 17.1 Subordinated unitholders' interest in net income attributable to Hess Midstream Partners LP $ 7.9 $ 8.7 $ 16.5 $ 17.0 Net income attributable to Hess Midstream Partners LP per limited partner unit: Common (basic and diluted) $ 0.29 $ 0.32 $ 0.61 $ 0.63 Subordinated (basic and diluted) $ 0.29 $ 0.32 $ 0.61 $ 0.63 Weighted average number of limited partner units outstanding: Basic: Common 27.3 27.3 27.3 27.3 Subordinated 27.3 27.3 27.3 27.3 Diluted: Common 27.5 27.4 27.5 27.4 Subordinated 27.3 27.3 27.3 27.3 |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2019 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 11. Concentration of Credit Risk Hess represented approximately 100% of our total revenues and accounts receivable for the three and six months ended June 30, 2019 and 2018. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Environmental Contingencies The Partnership is subject to federal, state and local laws and regulations relating to the environment. As of June 30, 2019, our reserves for estimated remediation liabilities included in Accrued liabilities and Other noncurrent liabilities were $0.4 million and $2.8 million, respectively, compared with $0.6 million and $2.0 million, respectively, as of December 31, 2018. Legal Proceedings In the ordinary course of business, the Partnership is from time to time party to various judicial and administrative proceedings. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of a known contingency, we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. As of June 30, 2019 and December 31, 2018, we did not have material accrued liabilities for legal contingencies. Based on currently available information, we believe it is remote that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows. Lease Obligations From time to time, we enter into certain lease contracts in connection with ongoing business activities. As of June 30, 2019, we have future minimum lease payments of $0.1 million for the year ended December 31, 2019, and $0.3 million of minimum lease payments for the years thereafter. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2019 | |
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 (benefit) and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as 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 Hess Midstream Partners LP (in millions) For the Three Months Ended June 30, 2019 Revenues and other income $ 80.2 $ 67.5 $ 25.1 $ - $ 172.8 Net income (loss) 40.7 40.3 11.7 (1.8 ) 90.9 Net income (loss) attributable to Hess Midstream Partners LP 8.1 8.0 2.5 (1.8 ) 16.8 Depreciation expense 18.9 11.1 4.0 - 34.0 Interest expense, net - - - 0.6 0.6 Adjusted EBITDA 59.6 51.4 15.7 (1.2 ) 125.5 Adjusted EBITDA attributable to Hess Midstream Partners LP 11.9 10.2 3.3 (1.2 ) 24.2 Capital expenditures 57.0 7.6 - - 64.6 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Three Months Ended June 30, 2018 Revenues and other income $ 81.9 $ 62.9 $ 19.9 $ - $ 164.7 Net income (loss) 49.5 38.2 8.4 (1.5 ) 94.6 Net income (loss) attributable to Hess Midstream Partners LP 9.7 7.7 1.9 (1.5 ) 17.8 Depreciation expense 15.4 10.9 3.9 - 30.2 Interest expense, net - - - 0.4 0.4 Adjusted EBITDA 64.9 49.1 12.3 (1.1 ) 125.2 Adjusted EBITDA attributable to Hess Midstream Partners LP 12.7 9.9 2.7 (1.1 ) 24.2 Capital expenditures 75.3 4.1 1.9 - 81.3 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Six Months Ended June 30, 2019 Revenues and other income $ 159.2 $ 134.0 $ 53.8 $ - $ 347.0 Net income (loss) 83.7 81.4 24.5 (3.4 ) 186.2 Net income (loss) attributable to Hess Midstream Partners LP 16.7 16.6 5.0 (3.4 ) 34.9 Depreciation expense 36.3 22.3 8.0 - 66.6 Interest expense, net - - - 1.0 1.0 Adjusted EBITDA 120.0 103.7 32.5 (2.4 ) 253.8 Adjusted EBITDA attributable to Hess Midstream Partners LP 24.0 21.0 6.6 (2.4 ) 49.2 Capital expenditures 150.8 8.7 (0.3 ) - 159.2 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Six Months Ended June 30, 2018 Revenues and other income $ 160.4 $ 121.2 $ 40.1 $ - $ 321.7 Net income (loss) 98.7 71.4 16.5 (3.0 ) 183.6 Net income (loss) attributable to Hess Midstream Partners LP 19.7 14.7 3.4 (3.0 ) 34.8 Depreciation expense 30.6 21.8 7.8 - 60.2 Interest expense, net - - - 0.7 0.7 Adjusted EBITDA 129.3 93.2 24.3 (2.3 ) 244.5 Adjusted EBITDA attributable to Hess Midstream Partners LP 25.7 19.1 5.0 (2.3 ) 47.5 Capital expenditures 108.3 7.4 2.2 - 117.9 Total assets for the reportable segments are as follows: June 30, 2019 December 31, 2018 (in millions) Gathering $ 1,579.1 $ 1,467.7 Processing and Storage 1,016.8 1,008.6 Terminaling and Export 313.3 320.2 Interest and Other 16.7 23.2 Total assets $ 2,925.9 $ 2,819.7 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events On July 25, 2019, the board of directors of our general partner declared a quarterly cash distribution of $0.3970 per common and subordinated unit for the quarter ended June 30, 2019, an increase of 15% compared with the quarter ended March 31, 2018. The distribution will be payable on August 13, 2019, to unitholders of record as of the close of business on August 5, 2019. In July 2019, the operator, Targa Resources Corp., completed construction of LM4 and introduced first gas into the plant. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Presentation | 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, 2019 and December 31, 2018, the consolidated results of operations for the three and six months ended June 30, 2019 and 2018, and consolidated cash flows for the six months ended June 30, 2019 and 2018. 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 Partnership’s annual report on Form 10‑K for the year ended December 31, 2018. |
Consolidation | Consolidation. We consolidate the activities of Gathering Opco, HTGP Opco and Logistics Opco, which qualify as variable interest entities (“VIE”) under U.S. GAAP. We have concluded that we are the primary beneficiary of each VIE, as defined in the accounting standards, since we have the power through our general partner interests to direct those activities that most significantly impact the economic performance of the Contributed Businesses and have a right to receive benefits and an obligation to absorb losses that could potentially be significant. All financial statement activities associated with VIEs are captured within gathering, processing and storage, and terminaling and export segments (see Note 13, Segments). We reflect a noncontrolling interest representing the retained limited partner interest owned by Hess Infrastructure Partners in the Contributed Businesses in the consolidated financial statements of the Partnership. All intercompany transactions and balances within the Partnership have been eliminated. |
Equity Investments | Equity Investments. We account for our investment in LM4 under the equity method of accounting, as we do not control, but have a significant influence over, its operations. Through June 30, 2019, we have contributed $90.3 million of cash for our gross interest in LM4. We do not have a basis difference between the amount at which the investment is carried and the amount of underlying equity in net assets of the investee. |
Income Taxes | Income Taxes . We are not a separate taxable entity for U.S. Federal and state income tax purposes; therefore, we do not provide for income tax benefit or expense. Each partner is subject to income taxes on its share of the Partnership’s earnings. |
Comprehensive Income | Comprehensive Income. We have not reported comprehensive income, since there were no items of other comprehensive income during the periods presented in this report. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases, as a new Accounting Standards Codification (“ASC”) Topic, ASC 842. We adopted ASC 842 on January 1, 2019 using the modified retrospective method. Accordingly, comparative financial statements for periods prior to the adoption date of ASC 842 were not affected. In addition, we have elected to apply the ‘package’ of practical expedients allowing us to avoid reassessing whether existing contracts are (or contain) leases, whether the lease classification for existing leases would differ under ASC 842, and whether initial direct costs incurred for existing leases are capitalizable under ASC 842. Finally, we have elected to apply the practical expedient allowing us to avoid reassessing land easements that were not previously accounted for as leases under ASC 840. We have not elected the ‘hindsight’ practical expedient when determining lease term. As a result, no cumulative effect adjustment to Partners’ capital was recognized. |
Leases | Leases . We determine if an arrangement is a lease at inception. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease right-of-use asset includes any initial direct costs and excludes lease incentives received. The lease term used in measurement of our lease obligations may include periods covered by an option to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Partnership has elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less for all classes of underlying assets. Our lease agreements may include lease and non-lease components, which are generally accounted for separately. As of June 30, 2019, we had $0.4 million of operating lease right-of-use assets included within other noncurrent assets on our consolidated balance sheet. Operating lease liabilities were $0.1 million and $0.3 million included within other current liabilities and other noncurrent liabilities, respectively, on our consolidated balance sheet. As of June 30, 2019, we did not have any finance leases. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Classification of Charges between Operating and Maintenance Expenses and General and Administrative Expenses | Under our omnibus and employee secondment agreements, Hess provides substantial operational and administrative services to us in support of our assets and operations. For the three and six months ended June 30, 2019 and 2018, we had the following charges from Hess. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the fundamental nature of the services being performed for our operations. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions) Operating and maintenance expenses $ 11.4 $ 11.5 $ 21.4 $ 22.9 General and administrative expenses 2.5 1.3 5.3 3.2 Total $ 13.9 $ 12.8 $ 26.7 $ 26.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment, at cost, is as follows: Estimated useful lives June 30, 2019 December 31, 2018 (in millions, except for number of years) Gathering assets Pipelines 22 years $ 1,128.4 $ 1,003.9 Compressors, pumping stations and terminals 22 to 25 years 654.3 557.5 Gas plant assets Pipelines, pipes and valves 22 to 25 years 460.0 460.0 Equipment 12 to 30 years 428.2 428.2 Buildings 35 years 182.3 182.3 Processing and fractionation facilities 25 years 187.5 185.5 Logistics facilities and railcars 20 to 25 years 385.5 385.8 Storage facilities 20 to 25 years 19.5 19.5 Other 20 to 25 years 11.4 10.7 Construction-in-progress N/A 93.3 157.3 Total property, plant and equipment, at cost 3,550.4 3,390.7 Accumulated depreciation (793.0 ) (726.6 ) Property, plant and equipment, net $ 2,757.4 $ 2,664.1 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities are as follows: June 30, 2019 December 31, 2018 (in millions) Accrued capital expenditures $ 27.9 $ 51.9 Other accruals 13.7 12.6 Total $ 41.6 $ 64.5 |
Distributions - (Tables)
Distributions - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Schedule of Distributions Declared and Paid | The following table details the distributions declared and/or paid for the periods presented: Period Record Date Distribution Date Distribution per Common and Subordinated Unit First Quarter 2018 May 4, 2018 May 14, 2018 $ 0.3333 Second Quarter 2018 August 2, 2018 August 13, 2018 $ 0.3452 Third Quarter 2018 November 5, 2018 November 13, 2018 $ 0.3575 Fourth Quarter 2018 February 4, 2019 February 13, 2019 $ 0.3701 First Quarter 2019 May 3, 2019 May 14, 2019 $ 0.3833 Second Quarter 2019 (1) August 5, 2019 August 13, 2019 $ 0.3970 ( 1 ) |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Unit-based Award Activity | Unit‑based award activity for the six months ended June 30, 2019 was as follows: Weighted Average Award Date Number of Units Fair Value Outstanding and unvested units at December 31, 2018 114,237 $ 21.06 Granted 74,528 22.76 Forfeited (290 ) 23.00 Vested (48,278 ) 21.15 Outstanding and unvested units at June 30, 2019 140,197 $ 21.93 |
Net Income per Limited Partne_2
Net Income per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income per Limited Partner Unit | The following table illustrates the Partnership’s calculation of net income per limited partner unit: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per unit amounts) 2019 2018 2019 2018 Net income $ 90.9 $ 94.6 $ 186.2 $ 183.6 Less: Net income attributable to noncontrolling interest 74.1 76.8 151.3 148.8 Net income attributable to Hess Midstream Partners LP 16.8 17.8 34.9 34.8 Less: General partner's interest in net income attributable to Hess Midstream Partners LP 1.0 0.4 1.8 0.7 Limited partners' interest in net income attributable to Hess Midstream Partners LP $ 15.8 $ 17.4 $ 33.1 $ 34.1 Common unitholders' interest in net income attributable to Hess Midstream Partners LP $ 7.9 $ 8.7 $ 16.6 $ 17.1 Subordinated unitholders' interest in net income attributable to Hess Midstream Partners LP $ 7.9 $ 8.7 $ 16.5 $ 17.0 Net income attributable to Hess Midstream Partners LP per limited partner unit: Common (basic and diluted) $ 0.29 $ 0.32 $ 0.61 $ 0.63 Subordinated (basic and diluted) $ 0.29 $ 0.32 $ 0.61 $ 0.63 Weighted average number of limited partner units outstanding: Basic: Common 27.3 27.3 27.3 27.3 Subordinated 27.3 27.3 27.3 27.3 Diluted: Common 27.5 27.4 27.5 27.4 Subordinated 27.3 27.3 27.3 27.3 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial Data for Each Reportable Segment | The following tables reflect certain financial data for each reportable segment: Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Three Months Ended June 30, 2019 Revenues and other income $ 80.2 $ 67.5 $ 25.1 $ - $ 172.8 Net income (loss) 40.7 40.3 11.7 (1.8 ) 90.9 Net income (loss) attributable to Hess Midstream Partners LP 8.1 8.0 2.5 (1.8 ) 16.8 Depreciation expense 18.9 11.1 4.0 - 34.0 Interest expense, net - - - 0.6 0.6 Adjusted EBITDA 59.6 51.4 15.7 (1.2 ) 125.5 Adjusted EBITDA attributable to Hess Midstream Partners LP 11.9 10.2 3.3 (1.2 ) 24.2 Capital expenditures 57.0 7.6 - - 64.6 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Three Months Ended June 30, 2018 Revenues and other income $ 81.9 $ 62.9 $ 19.9 $ - $ 164.7 Net income (loss) 49.5 38.2 8.4 (1.5 ) 94.6 Net income (loss) attributable to Hess Midstream Partners LP 9.7 7.7 1.9 (1.5 ) 17.8 Depreciation expense 15.4 10.9 3.9 - 30.2 Interest expense, net - - - 0.4 0.4 Adjusted EBITDA 64.9 49.1 12.3 (1.1 ) 125.2 Adjusted EBITDA attributable to Hess Midstream Partners LP 12.7 9.9 2.7 (1.1 ) 24.2 Capital expenditures 75.3 4.1 1.9 - 81.3 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Six Months Ended June 30, 2019 Revenues and other income $ 159.2 $ 134.0 $ 53.8 $ - $ 347.0 Net income (loss) 83.7 81.4 24.5 (3.4 ) 186.2 Net income (loss) attributable to Hess Midstream Partners LP 16.7 16.6 5.0 (3.4 ) 34.9 Depreciation expense 36.3 22.3 8.0 - 66.6 Interest expense, net - - - 1.0 1.0 Adjusted EBITDA 120.0 103.7 32.5 (2.4 ) 253.8 Adjusted EBITDA attributable to Hess Midstream Partners LP 24.0 21.0 6.6 (2.4 ) 49.2 Capital expenditures 150.8 8.7 (0.3 ) - 159.2 Gathering Processing and Storage Terminaling and Export Interest and Other Consolidated Hess Midstream Partners LP (in millions) For the Six Months Ended June 30, 2018 Revenues and other income $ 160.4 $ 121.2 $ 40.1 $ - $ 321.7 Net income (loss) 98.7 71.4 16.5 (3.0 ) 183.6 Net income (loss) attributable to Hess Midstream Partners LP 19.7 14.7 3.4 (3.0 ) 34.8 Depreciation expense 30.6 21.8 7.8 - 60.2 Interest expense, net - - - 0.7 0.7 Adjusted EBITDA 129.3 93.2 24.3 (2.3 ) 244.5 Adjusted EBITDA attributable to Hess Midstream Partners LP 25.7 19.1 5.0 (2.3 ) 47.5 Capital expenditures 108.3 7.4 2.2 - 117.9 |
Total Assets for Reportable Segments | Total assets for the reportable segments are as follows: June 30, 2019 December 31, 2018 (in millions) Gathering $ 1,579.1 $ 1,467.7 Processing and Storage 1,016.8 1,008.6 Terminaling and Export 313.3 320.2 Interest and Other 16.7 23.2 Total assets $ 2,925.9 $ 2,819.7 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Jan. 25, 2018MMcf | Jun. 30, 2019Segment |
Description Of Business [Line Items] | ||
Number of operating segments | Segment | 3 | |
LM4 | ||
Description Of Business [Line Items] | ||
Percentage of ownership in joint venture | 50.00% | |
Gas processing plant capacity | MMcf | 200 | |
Hess Infrastructure Partners LP | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 80.00% | |
Hess T G P Operations Limited Partnership | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Hess T G P Operations Limited Partnership | LM4 | ||
Description Of Business [Line Items] | ||
Percentage of ownership in joint venture | 50.00% | |
Hess T G P Operations Limited Partnership | Hess Infrastructure Partners LP | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 80.00% | |
Targa Resources Corp. | LM4 | ||
Description Of Business [Line Items] | ||
Percentage of ownership in joint venture | 50.00% | |
Hess Infrastructure Partners LP | Gathering Opco | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Hess Infrastructure Partners LP | Hess T G P Operations Limited Partnership | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Hess Infrastructure Partners LP | Hess North Dakota Export Logistics Operations Limited Partnership | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Hess Infrastructure Partners LP | Hess Mentor Storage Holdings Limited Liability Company | ||
Description Of Business [Line Items] | ||
Percentage of ownership interest | 100.00% | |
Hess Corporation | ||
Description Of Business [Line Items] | ||
Percentage of ownership in joint venture | 50.00% | |
GIP II Blue Holding Partnership, LP | ||
Description Of Business [Line Items] | ||
Percentage of ownership in joint venture | 50.00% |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Line Items] | ||
Cash contributed to acquire equity method investments | $ 23,000,000 | $ 41,300,000 |
Operating lease right-of-use assets included within other noncurrent assets | $ 400,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | |
Operating lease liabilities included within other current liabilities | $ 100,000 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |
Operating lease liabilities included within other noncurrent liabilities | $ 300,000 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Finance lease | $ 0 | |
LM4 | ||
Accounting Policies [Line Items] | ||
Cash contributed to acquire equity method investments | $ 90,300,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Mar. 22, 2019 | Jun. 30, 2019 |
Business Acquisition [Line Items] | ||
Cash paid for business acquisition, net of cash acquired | $ 61 | |
Hess North Dakota Pipelines LLC | Tioga System Acquisition | ||
Business Acquisition [Line Items] | ||
Percentage of membership interest acquired | 100.00% | |
Cash paid for business acquisition, net of cash acquired | $ 61 | |
Potential contingent payments, subject to certain future performance metrics | $ 6.8 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Reimbursement revenue | $ 172,700,000 | $ 164,500,000 | $ 346,700,000 | $ 321,300,000 | |
Credit Concentration Risk | Revenue | |||||
Related Party Transaction [Line Items] | |||||
Revenues attributable to fee based commercial agreements | 100.00% | 100.00% | 100.00% | 100.00% | |
Hess | |||||
Related Party Transaction [Line Items] | |||||
Minimum volume shortfall fee payments earned | $ 700,000 | $ 12,800,000 | $ 3,500,000 | $ 29,400,000 | |
Hess | Rail Transportation Costs | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement revenue | 4,300,000 | 3,400,000 | 12,100,000 | 7,600,000 | |
Hess | Electricity Fees | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement revenue | $ 8,100,000 | $ 6,700,000 | $ 14,900,000 | $ 13,400,000 | |
Hess | Credit Concentration Risk | Revenue | |||||
Related Party Transaction [Line Items] | |||||
Revenues attributable to fee based commercial agreements | 100.00% | 100.00% | 100.00% | 100.00% | |
Hess | Amended and Restated Commercial Agreement | |||||
Related Party Transaction [Line Items] | |||||
Initial term of agreement | 10 years | ||||
Agreement description | Each of our commercial agreements with Hess has an initial 10year term (“Initial Term”) and we have the unilateral right to extend each commercial agreement for one additional 10year term (“Secondary Term”). | ||||
Number of rights to extend the term of agreement | one | ||||
Secondary term of agreement | 10 years | ||||
Hess | Amended and Restated Agreement for Certain Gas Gathering Sub-system | |||||
Related Party Transaction [Line Items] | |||||
Initial term of agreement | 15 years | ||||
Agreement description | The amended and restated gas gathering agreement also extends the Initial Term of the gathering agreement with respect to a certain gathering sub-system by 5 years to provide for a 15-year Initial Term and decreases the Secondary Term for that gathering sub-system by 5 years to provide for a 5-year Secondary Term. | ||||
Secondary term of agreement | 5 years | ||||
Initial term to extend by period | 5 years | ||||
Secondary term to reduce by period | 5 years | ||||
Hess Infrastructure Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Contribution agreement expiration period | April 2019 | ||||
Hess Infrastructure Partners LP | Maintenance Capital Projects | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement of maintenance expenses | $ 400,000 | $ 2,200,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Classification of Charges between Operating and Maintenance Expenses and General and Administrative Expenses (Detail) - Hess - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Operating and maintenance expenses | $ 11.4 | $ 11.5 | $ 21.4 | $ 22.9 |
General and administrative expenses | 2.5 | 1.3 | 5.3 | 3.2 |
Total | $ 13.9 | $ 12.8 | $ 26.7 | $ 26.1 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 3,550.4 | $ 3,390.7 |
Accumulated depreciation | (793) | (726.6) |
Property, plant and equipment, net | 2,757.4 | 2,664.1 |
Logistics Facilities and Railcars | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 385.5 | 385.8 |
Storage Facilities | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 19.5 | 19.5 |
Other | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 11.4 | 10.7 |
Construction-In-Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 93.3 | 157.3 |
Minimum | Logistics Facilities and Railcars | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 20 years | |
Minimum | Storage Facilities | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 20 years | |
Minimum | Other | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 20 years | |
Maximum | Logistics Facilities and Railcars | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Maximum | Storage Facilities | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Maximum | Other | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Gathering Assets | Pipelines | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 22 years | |
Total property, plant and equipment, at cost | $ 1,128.4 | 1,003.9 |
Gathering Assets | Compressors, Pumping Stations and Terminals | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 654.3 | 557.5 |
Gathering Assets | Minimum | Compressors, Pumping Stations and Terminals | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 22 years | |
Gathering Assets | Maximum | Compressors, Pumping Stations and Terminals | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Gas Plant Assets | Pipelines, Pipes and Valves | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 460 | 460 |
Gas Plant Assets | Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 428.2 | 428.2 |
Gas Plant Assets | Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 35 years | |
Total property, plant and equipment, at cost | $ 182.3 | 182.3 |
Gas Plant Assets | Processing and Fractionation Facilities | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Total property, plant and equipment, at cost | $ 187.5 | $ 185.5 |
Gas Plant Assets | Minimum | Pipelines, Pipes and Valves | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 22 years | |
Gas Plant Assets | Minimum | Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 12 years | |
Gas Plant Assets | Maximum | Pipelines, Pipes and Valves | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 25 years | |
Gas Plant Assets | Maximum | Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Estimated useful life | 30 years |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Accrued capital expenditures | $ 27.9 | $ 51.9 |
Other accruals | 13.7 | 12.6 |
Total | $ 41.6 | $ 64.5 |
Debt and Interest Expense - Add
Debt and Interest Expense - Additional Information (Detail) - Senior Secured Revolving Credit Facility - USD ($) | Mar. 15, 2017 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||
Revolving credit facility - Term | 4 years | |
Maximum borrowing capacity | $ 300,000,000 | |
Percentage of facility fees accrued per annum and paid quarterly | 0.275% | |
Debt covenant, leverage ratio | 450.00% | |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate, applicable margin | 1.275% |
Distributions - Additional Info
Distributions - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Period of cash distribution to unitholders | 45 days |
Distributions - Schedule of Dis
Distributions - Schedule of Distributions Declared and Paid (Detail) | 6 Months Ended | |
Jun. 30, 2019$ / shares | ||
First Quarter 2018 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | May 4, 2018 | |
Distribution Date | May 14, 2018 | |
Distribution per Common and Subordinated Unit | $ 0.3333 | |
Second Quarter 2018 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | Aug. 2, 2018 | |
Distribution Date | Aug. 13, 2018 | |
Distribution per Common and Subordinated Unit | $ 0.3452 | |
Third Quarter 2018 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | Nov. 5, 2018 | |
Distribution Date | Nov. 13, 2018 | |
Distribution per Common and Subordinated Unit | $ 0.3575 | |
Fourth Quarter 2018 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | Feb. 4, 2019 | |
Distribution Date | Feb. 13, 2019 | |
Distribution per Common and Subordinated Unit | $ 0.3701 | |
First Quarter 2019 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | May 3, 2019 | |
Distribution Date | May 14, 2019 | |
Distribution per Common and Subordinated Unit | $ 0.3833 | |
Second Quarter 2019 | ||
Distribution Made To Limited Partner [Line Items] | ||
Record Date | Aug. 5, 2019 | [1] |
Distribution Date | Aug. 13, 2019 | [1] |
Distribution per Common and Subordinated Unit | $ 0.3970 | [1] |
[1] | For more information, see Note 14, Subsequent Events |
Unit-Based Compensation - Addit
Unit-Based Compensation - Additional Information (Detail) - 2017 Long-Term Incentive Plan $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Available common units pursuant to vested awards | shares | 3,000,000 |
Cost related to unvested phantom units to be recognized | $ | $ 2.6 |
Cost related to unvested phantom units to be recognized, over an expected weighted-average period | 2 years 1 month 6 days |
Officers and Employees | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Phantom units vesting period | 3 years |
Directors | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Phantom units vesting period | 1 year |
Unit-Based Compensation - Sched
Unit-Based Compensation - Schedule of Unit-based Award Activity (Detail) - Phantom Units | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding and unvested units at December 31, 2018, Number of Units | shares | 114,237 |
Granted, Number of Units | shares | 74,528 |
Forfeited, Number of Units | shares | (290) |
Vested, Number of Units | shares | (48,278) |
Outstanding and unvested units at June 30, 2019 , Number of Units | shares | 140,197 |
Outstanding and unvested units at December 31, 2018, Weighted Average Award Date Fair Value | $ / shares | $ 21.06 |
Granted, Weighted Average Award Date Fair Value | $ / shares | 22.76 |
Forfeited, Weighted Average Award Date Fair Value | $ / shares | 23 |
Vested, Weighted Average Award Date Fair Value | $ / shares | 21.15 |
Outstanding and unvested units at June 30,2019 , Weighted Average Award Date Fair Value | $ / shares | $ 21.93 |
Net Income per Limited Partne_3
Net Income per Limited Partner Unit - Partnership's Calculation of Net Income per Limited Partner Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Limited Partners Capital Account [Line Items] | ||||||
Net income | $ 90.9 | $ 95.3 | $ 94.6 | $ 89 | $ 186.2 | $ 183.6 |
Less: Net income attributable to noncontrolling interest | 74.1 | 76.8 | 151.3 | 148.8 | ||
Net income attributable to Hess Midstream Partners LP | 16.8 | 17.8 | 34.9 | 34.8 | ||
Less: General partner's interest in net income attributable to Hess Midstream Partners LP | 1 | 0.4 | 1.8 | 0.7 | ||
Limited partners' interest in net income attributable to Hess Midstream Partners LP | 15.8 | 17.4 | 33.1 | 34.1 | ||
Common Units | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Common unitholders' interest in net income attributable to Hess Midstream Partners LP | $ 7.9 | $ 8.7 | $ 16.6 | $ 17.1 | ||
Net income attributable to Hess Midstream Partners LP per limited partner unit: | ||||||
Basic and diluted | $ 0.29 | $ 0.32 | $ 0.61 | $ 0.63 | ||
Weighted average limited partner units outstanding, Basic: | ||||||
Units outstanding, Basic | 27.3 | 27.3 | 27.3 | 27.3 | ||
Weighted average limited partner units outstanding, Diluted: | ||||||
Units outstanding, Diluted | 27.5 | 27.4 | 27.5 | 27.4 | ||
Subordinated Units | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Common unitholders' interest in net income attributable to Hess Midstream Partners LP | $ 7.9 | $ 8.7 | $ 16.5 | $ 17 | ||
Net income attributable to Hess Midstream Partners LP per limited partner unit: | ||||||
Basic and diluted | $ 0.29 | $ 0.32 | $ 0.61 | $ 0.63 | ||
Weighted average limited partner units outstanding, Basic: | ||||||
Units outstanding, Basic | 27.3 | 27.3 | 27.3 | 27.3 | ||
Weighted average limited partner units outstanding, Diluted: | ||||||
Units outstanding, Diluted | 27.3 | 27.3 | 27.3 | 27.3 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Credit Concentration Risk | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts Receivable | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Estimated remediation liabilities included in accrued liabilities | $ 400,000 | $ 600,000 |
Estimated remediation liabilities included in other noncurrent liabilities | 2,800,000 | 2,000,000 |
Accrued liabilities for legal contingencies | 0 | $ 0 |
Lease obligations, due in December 31, 2019 | 100,000 | |
Lease obligations, due thereafter | $ 300,000 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Financial Data for E
Segments - Financial Data for Each Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||||
Revenues and other income | $ 172.8 | $ 164.7 | $ 347 | $ 321.7 | ||
Net income (loss) | 90.9 | $ 95.3 | 94.6 | $ 89 | 186.2 | 183.6 |
Net income (loss) attributable to Hess Midstream Partners LP | 16.8 | 17.8 | 34.9 | 34.8 | ||
Depreciation expense | 34 | 30.2 | 66.6 | 60.2 | ||
Interest expense, net | 0.6 | 0.4 | 1 | 0.7 | ||
Adjusted EBITDA | 125.5 | 125.2 | 253.8 | 244.5 | ||
Adjusted EBITDA attributable to Hess Midstream Partners LP | 24.2 | 24.2 | 49.2 | 47.5 | ||
Capital expenditures | 64.6 | 81.3 | 159.2 | 117.9 | ||
Interest and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | (1.8) | (1.5) | (3.4) | (3) | ||
Net income (loss) attributable to Hess Midstream Partners LP | (1.8) | (1.5) | (3.4) | (3) | ||
Interest expense, net | 0.6 | 0.4 | 1 | 0.7 | ||
Adjusted EBITDA | (1.2) | (1.1) | (2.4) | (2.3) | ||
Adjusted EBITDA attributable to Hess Midstream Partners LP | (1.2) | (1.1) | (2.4) | (2.3) | ||
Gathering Opco | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues and other income | 80.2 | 81.9 | 159.2 | 160.4 | ||
Net income (loss) | 40.7 | 49.5 | 83.7 | 98.7 | ||
Net income (loss) attributable to Hess Midstream Partners LP | 8.1 | 9.7 | 16.7 | 19.7 | ||
Depreciation expense | 18.9 | 15.4 | 36.3 | 30.6 | ||
Adjusted EBITDA | 59.6 | 64.9 | 120 | 129.3 | ||
Adjusted EBITDA attributable to Hess Midstream Partners LP | 11.9 | 12.7 | 24 | 25.7 | ||
Capital expenditures | 57 | 75.3 | 150.8 | 108.3 | ||
Processing and Storage | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues and other income | 67.5 | 62.9 | 134 | 121.2 | ||
Net income (loss) | 40.3 | 38.2 | 81.4 | 71.4 | ||
Net income (loss) attributable to Hess Midstream Partners LP | 8 | 7.7 | 16.6 | 14.7 | ||
Depreciation expense | 11.1 | 10.9 | 22.3 | 21.8 | ||
Adjusted EBITDA | 51.4 | 49.1 | 103.7 | 93.2 | ||
Adjusted EBITDA attributable to Hess Midstream Partners LP | 10.2 | 9.9 | 21 | 19.1 | ||
Capital expenditures | 7.6 | 4.1 | 8.7 | 7.4 | ||
Terminaling and Export | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues and other income | 25.1 | 19.9 | 53.8 | 40.1 | ||
Net income (loss) | 11.7 | 8.4 | 24.5 | 16.5 | ||
Net income (loss) attributable to Hess Midstream Partners LP | 2.5 | 1.9 | 5 | 3.4 | ||
Depreciation expense | 4 | 3.9 | 8 | 7.8 | ||
Adjusted EBITDA | 15.7 | 12.3 | 32.5 | 24.3 | ||
Adjusted EBITDA attributable to Hess Midstream Partners LP | $ 3.3 | 2.7 | 6.6 | 5 | ||
Capital expenditures | $ 1.9 | $ (0.3) | $ 2.2 |
Segments - Total Assets for Rep
Segments - Total Assets for Reportable Segments (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,925.9 | $ 2,819.7 |
Interest and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 16.7 | 23.2 |
Gathering Opco | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,579.1 | 1,467.7 |
Processing and Storage | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,016.8 | 1,008.6 |
Terminaling and Export | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 313.3 | $ 320.2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event | Jul. 25, 2019$ / shares |
Subsequent Event [Line Items] | |
Quarterly cash distribution declared date | Jul. 25, 2019 |
Quarterly cash distribution declared per common and subordinated unit | $ 0.3970 |
Distribution made to limited partner, increase in percentage than prior year quarter declared | 15.00% |
Distribution Date | Aug. 13, 2019 |
Record Date | Aug. 5, 2019 |