Third Quarter 2022 Highlights:
- Hess Midstream Operations LP extended the maturity of its
$1.4 billion credit facilities through July 2027.
- Net income was $159.4 million. Net cash provided by
operating activities was $234.7 million.
- Net income attributable to Hess Midstream LP was $23.2
million, or $0.53 basic earnings per Class A share, after
deduction for noncontrolling interests.
- Adjusted EBITDA1 was $253.6 million, Distributable Cash
Flow1 was $214.8 million and Adjusted Free Cash Flow1 was $155.6
million.
- Throughput volumes increased 24% for gas processing, 20% for
gas gathering, and 12% for water gathering compared with the
prior-year quarter primarily due to increased Hess drilling
activity, higher gas capture and higher gas processing volumes in
the third quarter of 2022 following the planned turnaround at the
Tioga Gas Plant in the third quarter of 2021.
Guidance:
- Following a strong volume recovery in the third quarter of
2022, Hess Midstream LP is raising its full year 2022 guidance for
net income and Adjusted EBITDA, compared with the midpoint of the
prior guidance range; the updated net income guidance is
approximately $630 million and the updated Adjusted EBITDA guidance
is approximately $990 million.
- Hess Midstream LP is reiterating its annual distribution per
share growth target of 5% through at least 2024 with expected
annual distribution coverage greater than 1.4x, including
distribution coverage greater than 1.5x in 2022.
- Hess Midstream LP is reaffirming its previously announced
expectation of continued growth in Adjusted EBITDA through 2024 and
continued Adjusted Free Cash Flow generation sufficient to fully
fund growing distributions and provide capital allocation
flexibility.
Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported
third quarter 2022 net income of $159.4 million compared with net
income of $131.1 million for the third quarter of 2021. After
deduction for noncontrolling interests, net income attributable to
Hess Midstream was $23.2 million, or $0.53 basic earnings per Class
A share compared with $0.39 basic earnings per Class A share in the
year-ago quarter. Hess Midstream generated Adjusted EBITDA of
$253.6 million. Distributable Cash Flow (“DCF”) for the third
quarter of 2022 was $214.8 million and Adjusted Free Cash Flow was
$155.6 million.
“We delivered a solid quarter driven by a substantial recovery
in Hess production and increased gas capture,” said John Gatling,
President and Chief Operating Officer of Hess Midstream. “We are
raising our 2022 operational and financial guidance, reflecting our
expectation for continued strong performance through the end of the
year. We remain focused on increasing gas capture, generating free
cash flow and returning capital to our shareholders.”
Hess Midstream’s results contained in this release are
consolidated to include the noncontrolling interests in Hess
Midstream Operations LP owned by affiliates of Hess Corporation
(“Hess”) and Global Infrastructure Partners (“GIP” and together
with Hess, the “Sponsors”). We refer to certain results as
“attributable to Hess Midstream LP,” which exclude the
noncontrolling interests in Hess Midstream Operations LP owned by
the Sponsors.
(1) Adjusted EBITDA, Distributable Cash Flow and Adjusted Free
Cash Flow are non‑GAAP measures. Definitions and reconciliations of
these non‑GAAP measures to GAAP reporting measures appear in the
following pages of this release.
Financial Results
Revenues and other income in the third quarter of 2022 were
$334.8 million compared with $303.9 million in the prior-year
quarter. Third quarter 2022 revenues included $22.1 million of
pass-through electricity, produced water trucking and disposal
costs and certain other fees and $27.0 million of shortfall fee
payments related to minimum volume commitments (“MVC”) compared
with $28.7 million and $31.6 million, respectively, in the
prior-year quarter. Third quarter 2022 revenues and other income
were up $30.9 million compared to the prior-year quarter primarily
due to higher gas and water throughput volumes and slightly higher
tariff rates. Total costs and expenses in the third quarter of 2022
were $130.8 million, down from $144.7 million in the prior-year
quarter. The decrease was primarily attributable to the Tioga Gas
Plant maintenance turnaround expenses in the prior year quarter,
and lower pass-through expenses, partially offset by $5.9 million
in actual and estimated remediation costs associated with a
produced water release in August 2022. Interest expense in the
third quarter of 2022 was $39.9 million, up from $28.0 million in
the prior-year quarter primarily attributable to the $750.0 million
4.25% fixed-rate senior notes issued in August 2021 and $400.0
million 5.50% fixed-rate senior notes issued in April 2022.
Net income for the third quarter of 2022 was $159.4 million, or
$0.53 basic earnings per Class A share, after deduction for
noncontrolling interests, compared with $0.39 basic earnings per
Class A share in the year-ago quarter reflecting reduced
noncontrolling interests after the unit repurchase transactions
completed over the period. Substantially all of income tax expense
was attributed to earnings of Class A shares reflective of our
organizational structure. Net cash provided by operating activities
for the third quarter of 2022 was $234.7 million.
Adjusted EBITDA for the third quarter of 2022 was $253.6
million. Relative to distributions, DCF for the third quarter of
2022 of $214.8 million resulted in an approximately 1.6x
distribution coverage ratio. Adjusted Free Cash Flow for the third
quarter of 2022 was $155.6 million.
In July 2022, Hess Midstream Operations LP extended the maturity
of its $1.4 billion credit facilities, consisting of a $1.0 billion
senior secured revolving credit facility and a fully drawn $400.0
million senior secured term loan, through July 2027. Borrowings
under the revolving credit facility and the term loan bear interest
based on the Secured Overnight Financing Rate plus an applicable
margin.
Operational Highlights
In September 2022, Hess Midstream brought online the second of
two new greenfield compressor stations planned for 2022. In
aggregate, the new stations provide an additional 85 MMcf/d of
installed capacity and can be expanded up to 130 MMcf/d in the
future.
Throughput volumes increased 24% for gas processing and 20% for
gas gathering in the third quarter of 2022 compared with the third
quarter of 2021 primarily due to higher gas capture in the current
year quarter and the Tioga Gas Plant turnaround in the prior year
quarter. Water gathering volumes increased 12% reflecting continued
steady organic growth of our water handling business. Throughput
volumes in the third quarter of 2022 compared with the third
quarter of 2021 decreased 4% for crude oil gathering and 1% for
terminaling due to lower third party volumes.
Capital Expenditures
Capital expenditures for the third quarter of 2022 totaled $60.6
million, including $59.2 million of expansion capital expenditures
and $1.4 million of maintenance capital expenditures, and were
primarily attributable to continued expansion of our gas
compression capacity. Capital expenditures in the prior-year
quarter were $59.1 million, including $51.7 million of expansion
capital expenditures and $7.4 million of maintenance capital
expenditures, and were primarily attributable to expansion of our
compression capacity and the Tioga Gas Plant turnaround.
Quarterly Cash Distributions
On October 24, 2022, our general partner’s board of directors
declared a quarterly cash distribution of $0.5627 per Class A share
for the third quarter of 2022, an approximate increase of 1.2% over
the distribution for the prior quarter consistent with Hess
Midstream's targeted 5% growth in annual distributions per Class A
share. The distribution is expected to be paid on November 14, 2022
to shareholders of record as of the close of business on November
3, 2022.
Guidance
Hess Midstream continues to target 5% annual distribution growth
per Class A share through at least 2024 with expected annual
distribution coverage greater than 1.4x, including distribution
coverage greater than 1.5x in 2022. In 2022, Hess Midstream expects
revenues that are 95% protected by MVCs, as Hess Midstream’s
physical volumes are generally expected to be at or below MVC
levels. For 2023 and 2024, Hess Midstream continues to expect
organic growth in physical volumes above MVC levels.
Hess Midstream is updating its full year 2022 financial guidance
and updating full year throughput guidance as follows:
Year Ending
December 31, 2022
(Unaudited)
Financials (in millions)
Net income
$
~630
Adjusted EBITDA
$
~990
Distributable cash flow
$
~840
Expansion capital expenditures
$
~225
Maintenance capital expenditures
$
~10
Adjusted free cash flow
$
~615
Year Ending
December 31, 2022
(Unaudited)
Throughput volumes
Gas gathering - MMcf of natural gas per
day
~345
Crude oil gathering - MBbl of crude oil
per day
~98
Gas processing - MMcf of natural gas per
day
~330
Crude terminals - MBbl of crude oil per
day
~105
Water gathering - MBbl of water per
day
~75
Investor Webcast
Hess Midstream will review third quarter financial and operating
results and other matters on a webcast today at 12:00 p.m. Eastern
Time. For details about the event, refer to the Investor Relations
sections of our website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream LP is a fee‑based, growth-oriented midstream
company that owns, operates, develops and acquires a diverse set of
midstream assets to provide services to Hess and third‑party
customers. Hess Midstream owns oil, gas and produced water handling
assets that are primarily located in the Bakken and Three Forks
Shale plays in the Williston Basin area of North Dakota. More
information is available at www.hessmidstream.com.
Reconciliation of U.S. GAAP to Non‑GAAP Measures
In addition to our financial information presented in accordance
with U.S. generally accepted accounting principles (“GAAP”),
management utilizes certain additional non‑GAAP measures to
facilitate comparisons of past performance and future periods.
“Adjusted EBITDA” presented in this release is defined as reported
net income (loss) before net interest expense, income tax expense,
depreciation and amortization and our proportional share of
depreciation of our equity affiliates, as further adjusted to
eliminate the impact of certain items that we do not consider
indicative of our ongoing operating performance, such as
transaction costs, other income and other non‑cash and
non‑recurring items, if applicable. “Distributable Cash Flow” or
“DCF” is defined as Adjusted EBITDA less net interest, excluding
amortization of deferred financing costs, cash paid for federal and
state income taxes and maintenance capital expenditures. DCF does
not reflect changes in working capital balances. We define
“Adjusted Free Cash Flow” as DCF less expansion capital
expenditures and ongoing contributions to equity investments. We
believe that investors’ understanding of our performance is
enhanced by disclosing these measures as they may assist in
assessing our operating performance as compared to other publicly
traded companies in the midstream energy industry, without regard
to historical cost basis or, in the case of Adjusted EBITDA,
financing methods, and assessing the ability of our assets to
generate sufficient cash flow to make distributions to our
shareholders. These measures are not, and should not be viewed as,
a substitute for GAAP net income or cash flow from operating
activities and should not be considered in isolation.
Reconciliations of Adjusted EBITDA, DCF and Adjusted Free Cash Flow
to reported net income (GAAP) and net cash provided by operating
activities (GAAP), are provided below. Hess Midstream is unable to
project net cash provided by operating activities with a reasonable
degree of accuracy because this metric includes the impact of
changes in operating assets and liabilities related to the timing
of cash receipts and disbursements that may not relate to the
period in which the operating activities occur. Therefore, Hess
Midstream is unable to provide projected net cash provided by
operating activities, or the related reconciliation of projected
Adjusted Free Cash Flow to projected net cash provided by operating
activities without unreasonable effort.
Third Quarter
(unaudited)
2022
2021
(in millions, except ratio and per-share
data)
Reconciliation of Adjusted EBITDA and
Distributable Cash Flow to net income:
Net income
$
159.4
$
131.1
Plus:
Depreciation expense
45.5
41.5
Proportional share of equity affiliates'
depreciation
1.3
1.3
Interest expense, net
39.9
28.0
Income tax expense (benefit)
7.5
3.1
Adjusted EBITDA
253.6
205.0
Less:
Interest, net(1)
37.4
26.1
Maintenance capital expenditures
1.4
7.4
Distributable cash flow
$
214.8
$
171.5
Reconciliation of Adjusted EBITDA,
Distributable Cash Flow and Adjusted Free Cash Flow to net cash
provided by operating activities:
Net cash provided by operating
activities
$
234.7
$
182.0
Changes in assets and liabilities
(20.9
)
(3.9
)
Amortization of deferred financing
costs
(2.4
)
(1.9
)
Proportional share of equity affiliates'
depreciation
1.3
1.3
Interest expense, net
39.9
28.0
Earnings from equity investments
2.8
3.0
Distribution from equity investments
(1.4
)
(3.1
)
Other
(0.4
)
(0.4
)
Adjusted EBITDA
$
253.6
$
205.0
Less:
Interest, net(1)
37.4
26.1
Maintenance capital expenditures
1.4
7.4
Distributable cash flow
$
214.8
$
171.5
Less:
Expansion capital expenditures
59.2
51.7
Adjusted free cash flow
$
155.6
$
119.8
Distributed cash flow
135.0
129.3
Distribution coverage ratio
1.6
x
1.3
x
Distribution per Class A share
$
0.5627
$
0.5104
(1) Excludes amortization of deferred
financing costs.
Guidance
Year Ending
December 31, 2022
(Unaudited)
(in millions)
Reconciliation of Adjusted EBITDA,
Distributable Cash Flow and Adjusted Free Cash Flow to net
income:
Net income
$
630
Plus:
Depreciation expense(1)
190
Interest expense, net
145
Income tax expense
25
Adjusted EBITDA
$
990
Less:
Interest, net(2), and maintenance capital
expenditures
150
Distributable cash flow
$
840
Less:
Expansion capital expenditures
225
Adjusted free cash flow
$
615
(1) Includes proportional share of equity
affiliates' depreciation
(2) Excludes amortization of deferred
financing costs.
Cautionary Note Regarding Forward-looking
Information
This press release contains “forward-looking statements” within
the meaning of U.S. federal securities laws. Words such as
“anticipate,” “estimate,” “expect,” “forecast,” “guidance,”
“could,” “may,” “should,” “would,” “believe,” “intend,” “project,”
“plan,” “predict,” “will,” “target” and similar expressions
identify forward-looking statements, which are not historical in
nature. Our forward-looking statements may include, without
limitation: our future financial and operational results; our
business strategy; our industry; our expected revenues; our future
profitability; our maintenance or expansion projects; our projected
budget and capital expenditures and the impact of such expenditures
on our performance; and future economic and market conditions in
the oil and gas industry.
Forward-looking statements are based on our current
understanding, assessments, estimates and projections of relevant
factors and reasonable assumptions about the future.
Forward-looking statements are subject to certain known and unknown
risks and uncertainties that could cause actual results to differ
materially from our historical experience and our current
projections or expectations of future results expressed or implied
by these forward-looking statements. The following important
factors could cause actual results to differ materially from those
in our forward-looking statements: the direct and indirect effects
of the COVID-19 global pandemic and other public health
developments on our business and those of our business partners,
suppliers and customers, including Hess; the ability of Hess and
other parties to satisfy their obligations to us, including Hess’
ability to meet its drilling and development plans on a timely
basis or at all, its ability to deliver its nominated volumes to
us, and the operation of joint ventures that we may not control;
our ability to generate sufficient cash flow to pay current and
expected levels of distributions; reductions in the volumes of
crude oil, natural gas, natural gas liquids (“NGLs”) and produced
water we gather, process, terminal or store; the actual volumes we
gather, process, terminal or store for Hess in excess of our MVCs
and relative to Hess' nominations; fluctuations in the prices and
demand for crude oil, natural gas and NGLs, including as a result
of the COVID-19 global pandemic; changes in global economic
conditions and the effects of a global economic downturn on our
business and the business of our suppliers, customers, business
partners and lenders; our ability to comply with government
regulations or make capital expenditures required to maintain
compliance, including our ability to obtain or maintain permits
necessary for capital projects in a timely manner, if at all, or
the revocation or modification of existing permits; our ability to
successfully identify, evaluate and timely execute our capital
projects, investment opportunities and growth strategies, whether
through organic growth or acquisitions; costs or liabilities
associated with federal, state and local laws, regulations and
governmental actions applicable to our business, including
legislation and regulatory initiatives relating to environmental
protection and safety, such as spills, releases, pipeline integrity
and measures to limit greenhouse gas emissions; our ability to
comply with the terms of our credit facility, indebtedness and
other financing arrangements, which, if accelerated, we may not be
able to repay; reduced demand for our midstream services, including
the impact of weather or the availability of the competing
third-party midstream gathering, processing and transportation
operations; potential disruption or interruption of our business
due to catastrophic events, such as accidents, severe weather
events, labor disputes, information technology failures,
constraints or disruptions and cyber-attacks; any limitations on
our ability to access debt or capital markets on terms that we deem
acceptable, including as a result of weakness in the oil and gas
industry or negative outcomes within commodity and financial
markets; liability resulting from litigation; and other factors
described in Item 1A—Risk Factors in our Annual Report on Form 10-K
and any additional risks described in our other filings with the
Securities and Exchange Commission.
As and when made, we believe that our forward-looking statements
are reasonable. However, given these risks and uncertainties,
caution should be taken not to place undue reliance on any such
forward-looking statements since such statements speak only as of
the date when made and there can be no assurance that such
forward-looking statements will occur and actual results may differ
materially from those contained in any forward-looking statement we
make. Except as required by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events or otherwise.
HESS MIDSTREAM LP SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
Third
Third
Second
Quarter
Quarter
Quarter
2022
2021
2022
Statement of
operations
Revenues
Affiliate services
$
334.2
$
303.9
$
313.0
Other income
0.6
-
0.4
Total revenues
334.8
303.9
313.4
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
79.6
98.1
67.8
Depreciation expense
45.5
41.5
45.0
General and administrative expenses
5.7
5.1
5.3
Total costs and expenses
130.8
144.7
118.1
Income from operations
204.0
159.2
195.3
Income from equity investments
2.8
3.0
1.0
Interest expense, net
39.9
28.0
37.4
Income before income tax expense
(benefit)
166.9
134.2
158.9
Income tax expense (benefit)
7.5
3.1
7.1
Net income
$
159.4
$
131.1
$
151.8
Less: Net income attributable to
noncontrolling interest
136.2
121.2
129.8
Net income attributable to Hess Midstream
LP
$
23.2
$
9.9
$
22.0
Net income attributable to Hess Midstream
LP per Class A share:
Basic
$
0.53
$
0.39
$
0.51
Diluted
$
0.53
$
0.38
$
0.50
Weighted average Class A shares
outstanding
Basic
44.0
25.0
43.7
Diluted
44.1
25.1
43.7
HESS MIDSTREAM LP SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
Nine Months Ended September
30,
2022
2021
Statement of
operations
Revenues
Affiliate services
$
959.3
$
887.5
Other income
1.3
-
Total revenues
960.6
887.5
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
213.9
221.5
Depreciation expense
134.9
122.1
General and administrative expenses
17.0
16.6
Total costs and expenses
365.8
360.2
Income from operations
594.8
527.3
Income from equity investments
4.2
8.6
Interest expense, net
108.6
74.0
Income before income tax expense
(benefit)
490.4
461.9
Income tax expense (benefit)
19.6
9.2
Net income
$
470.8
$
452.7
Less: Net income attributable to
noncontrolling interest
408.7
423.2
Net income attributable to Hess Midstream
LP
$
62.1
$
29.5
Net income attributable to Hess Midstream
LP per Class A share:
Basic:
$
1.54
$
1.27
Diluted:
$
1.52
$
1.25
Weighted average Class A shares
outstanding
Basic
40.5
23.1
Diluted
40.5
23.2
HESS MIDSTREAM LP SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
Third Quarter 2022
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of
operations
Revenues
Affiliate services
$
182.0
$
121.7
$
30.5
$
-
$
334.2
Other income
-
-
0.6
-
0.6
Total revenues
182.0
121.7
31.1
-
334.8
Costs and expenses
.
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
48.9
25.1
5.6
-
79.6
Depreciation expense
26.9
14.5
4.1
-
45.5
General and administrative expenses
2.8
1.0
0.2
1.7
5.7
Total costs and expenses
78.6
40.6
9.9
1.7
130.8
Income (loss) from operations
103.4
81.1
21.2
(1.7
)
204.0
Income from equity investments
-
2.8
-
-
2.8
Interest expense, net
-
-
-
39.9
39.9
Income before income tax expense
(benefit)
103.4
83.9
21.2
(41.6
)
166.9
Income tax expense (benefit)
-
-
-
7.5
7.5
Net income (loss)
103.4
83.9
21.2
(49.1
)
159.4
Less: Net income (loss) attributable to
noncontrolling interest
84.5
68.7
17.2
(34.2
)
136.2
Net income (loss) attributable to Hess
Midstream LP
$
18.9
$
15.2
$
4.0
$
(14.9
)
$
23.2
Third Quarter 2021
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of
operations
Revenues
Affiliate services
$
157.3
$
111.1
$
35.5
$
-
$
303.9
Total revenues
157.3
111.1
35.5
-
303.9
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
38.1
55.7
4.3
-
98.1
Depreciation expense
25.4
12.0
4.1
-
41.5
General and administrative expenses
2.1
1.4
0.2
1.4
5.1
Total costs and expenses
65.6
69.1
8.6
1.4
144.7
Income (loss) from operations
91.7
42.0
26.9
(1.4
)
159.2
Income from equity investments
-
3.0
-
-
3.0
Interest expense, net
-
-
-
28.0
28.0
Income before income tax expense
(benefit)
91.7
45.0
26.9
(29.4
)
134.2
Income tax expense (benefit)
-
-
-
3.1
3.1
Net income (loss)
91.7
45.0
26.9
(32.5
)
131.1
Less: Net income (loss) attributable to
noncontrolling interest
83.0
40.5
24.4
(26.7
)
121.2
Net income (loss) attributable to Hess
Midstream LP
$
8.7
$
4.5
$
2.5
$
(5.8
)
$
9.9
HESS MIDSTREAM LP SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
Second Quarter 2022
Gathering
Processing and Storage
Terminaling and Export
Interest and Other
Total
Statement of
operations
Revenues
Affiliate services
$
166.2
$
116.5
$
30.3
$
-
$
313.0
Other income
-
-
0.4
0.4
Total revenues
166.2
116.5
30.7
-
313.4
Costs and expenses
Operating and maintenance expenses
(exclusive of depreciation shown separately below)
41.8
20.8
5.2
-
67.8
Depreciation expense
26.6
14.4
4.0
-
45.0
General and administrative expenses
2.6
1.0
0.2
1.5
5.3
Total costs and expenses
71.0
36.2
9.4
1.5
118.1
Income (loss) from operations
95.2
80.3
21.3
(1.5
)
195.3
Income from equity investments
-
1.0
-
-
1.0
Interest expense, net
-
-
-
37.4
37.4
Income before income tax expense
(benefit)
95.2
81.3
21.3
(38.9
)
158.9
Income tax expense (benefit)
-
-
-
7.1
7.1
Net income (loss)
95.2
81.3
21.3
(46.0
)
151.8
Less: Net income (loss) attributable to
noncontrolling interest
77.6
66.3
17.5
(31.6
)
129.8
Net income (loss) attributable to Hess
Midstream LP
$
17.6
$
15.0
$
3.8
$
(14.4
)
$
22.0
HESS MIDSTREAM LP SUPPLEMENTAL
OPERATING DATA (UNAUDITED) (IN THOUSANDS)
Third
Third
Second
Quarter
Quarter
Quarter
2022
2021
2022
Throughput
volumes
Gas gathering - Mcf of natural gas per
day
370
309
309
Crude oil gathering - bopd
102
106
88
Gas processing - Mcf of natural gas per
day
354
285
292
Crude terminals - bopd
110
111
93
NGL loading - blpd
11
8
9
Water gathering - blpd
83
75
65
Nine Months Ended September
30,
2022
2021
Throughput
volumes
Gas gathering - Mcf of natural gas per
day
335
316
Crude oil gathering - bopd
96
111
Gas processing - Mcf of natural gas per
day
321
297
Crude terminals - bopd
104
118
NGL loading - blpd
11
13
Water gathering - blpd
73
73
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026005199/en/
For Hess Midstream LP Investors: Jennifer Gordon
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