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Hess Midstream provides financial guidance, expects $590m to $620m net income in 2021

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Hess Midstream Partners’ financial guidance incorporates the outcomes of the year-end tariff rate recalculation and nomination process conducted with Hess Corporation under Hess Midstream’s commercial agreements with Hess.

Hess Midstream expects full year 2021 net income of between $590 million and $620 million and adjusted EBITDA of between $860 million and $890 million.

Hess Midstream expects full year 2021 distributable cash flow to range between $750 million and $780 million, resulting in a distribution coverage ratio of at least 1.4x.

In 2021, Hess Midstream expects to generate adjusted free cash flow of between $610 million and $640 million and approximately $100 million, after funding distributions that are targeted to grow at least 5 percent per annum on a distribution per share basis. In addition, Hess Midstream expects leverage to be approximately 2x adjusted EBITDA on a full year basis, providing capital allocation flexibility.

Full year 2021 financial guidance includes approximately 95 percent minimum volume commitment revenue, as Hess Midstream’s physical volumes are generally expected to be at or below minimum volume commitment levels.

Crude oil gathering volumes are anticipated to average 110 to 120 MBbl/d in 2021, and crude oil terminaling volumes are expected to average 120 to 130 MBbl/d, supported by Hess’ announced plan to add an additional rig in the Bakken by the end of the first quarter.

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