Hess Midstream Partners LP Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reaffirms Earnings Guidance for the Full Year Ending December 31, 2019; Provides Production Guidance for the Full Year Ending December 31, 2019
January 30, 2019 at 12:00 pm EST
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Hess Midstream Partners LP reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company reported net income was $91.9 million compared to $96.8 million for the same period a year ago. Total revenues and other income was $171.2 million compared to $169.5 million for the same period a year ago. Basic net income per limited partner common unit was $0.31 against $0.34 a year ago.
For the year, the company reported net income was $372.3 million compared to $284.8 million for the same period a year ago. Total revenues and other income was $662.4 million compared to $565.8 million for the same period a year ago. Basic net income per limited partner common unit was $1.27 against $0.75 a year ago.
For the quarter, the company's gas gathering was 253 Mcf of natural gas per day against 251 Mcf of natural gas per day a year ago. Crude oil gathering was 106 bopd against 89 bopd a year ago. Gas processing was 238 Mcf of natural gas per day against 241 Mcf of natural gas per day a year ago. Crude oil terminaling was 121 bopd against 99 bopd a year ago. NGL loading was 15 blpd against 16 blpd a year ago.
For the full year 2018, the company's gas gathering was 248 Mcf of natural gas per day against 213 Mcf of natural gas per day a year ago. Crude oil gathering was 89 bopd against 64 bopd a year ago. Gas processing was 233 Mcf of natural gas per day against 200 Mcf of natural gas per day a year ago. Crude oil terminaling was 101 bopd against 69 bopd a year ago. NGL loading was 14 blpd against 12 blpd a year ago.
Full year 2019, the company reaffirmed net income expected to be in the range of $415 million to $440 million compared to $372 million for 2018, an increase of 15% at the midpoint.
For full year ending December 31, 2019, the company expects that Bakken production will average between 135,000 and 145,000 barrels of oil equivalent per day, approximately 20% above 2018 levels. For full year 2019, gas gathering volumes are forecasted to be between 280 million and 290 million cubic foot per day, and gas processing volumes are anticipated to be between 265 million and 275 million cubic foot per day. For full year 2019, the company's crude gathering volumes are expected to be between 105,000 and 115,000 barrels of oil equivalent per day, and crude terminaling volumes are anticipated to be between 120,000 and 130,000 barrels of oil per day.
Hess Midstream LP is a midstream company, which owns, operates, develops and acquires a diverse set of midstream assets to provide services to the Company and third-party customers. The Company owns oil, gas and produces water handling assets that are primarily located in the Bakken and Three Forks Shale plays in North Dakota. The Company has three segments. The gathering segment includes Hess North Dakota Pipeline Operations LP and Hess Water Services Holdings LLC, which owns natural gas gathering and compression, crude oil gathering, and produces water gathering and disposal. The processing and storage segment includes Hess TGP Operations LP and Hess Mentor Storage Holdings LLC, which owns Tioga gas plant, an equity investment in LM Joint Venture and mentor storage terminal. The terminaling and export segment includes Hess North Dakota Export Logistics Operations LP, which owns Ramberg Terminal Facility, Tioga Rail Terminal, Crude Oil Rail Cars and Johnsonâs Corner Header System.
Hess Midstream Partners LP Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reaffirms Earnings Guidance for the Full Year Ending December 31, 2019; Provides Production Guidance for the Full Year Ending December 31, 2019