US Midstreamer Sees Improved 2Q
Houston-based midstream company Hess Midstream Partners said July 25 it had 2Q 2018 net income of $94.6mn, a sharp improvement over 2Q 2017 net income of $68.1mn, driven in part by significant increases in natural gas gathering and throughput volumes.
Hess is active primarily in the Bakken field of North Dakota, which is seeing increased production of natural gas associated with shale oil production.
“We reported strong financial and operating results for the second quarter of 2018, primarily driven by significant increases in natural gas and crude oil gathering throughput volumes compared to the prior-year quarter,” Hess CEO John Gatling said. “The momentum is expected to continue through the second half of the year, as indicated by our increased 2018 operating and financial guidance.”
Gas gathering volumes averaged 253mn ft3/day in the second quarter, up from 210mn ft3/day in the comparable period last year, while gas processing volumes averaged 237mn ft3/day, up from 196mn ft3/day in 2Q 2017. For all of 2018, Hess expects gas gathering volumes to average between 245mn ft3/day and 255mn ft3/day, while processing volumes are forecast in the 225mn to 235mn ft3/day range.