Hess Midstream Partners Announces Plan to Expand Natural Gas Processing Capacity
Hess Corporation Logo header
SEARCH

Hess Midstream Partners Announces Plan to Expand Natural Gas Processing Capacity

  • Tioga_Gas_Plant__0311
04.25.2019

Hess Midstream Partners LP announced plans to expand natural gas processing capacity at the Tioga Gas Plant (Tioga) by 150 million cubic feet per day (MMcf/d) creating a total of 400 MMcf/d processing capacity north of the Missouri river. The 150 MMcf/d Tioga expansion is expected to add residue and y-grade liquids processing capacity to the existing full fractionation and ethane extraction capability of the current plant, and product takeaway has been secured. The expansion is expected to be in service in mid-2021 and cost approximately $150 million gross, or $30 million net to Hess Midstream.

“Continued Bakken growth from Hess and third parties has created additional demand for processing capacity north of the Missouri river,” said John Gatling, Chief Operating Officer of Hess Midstream. “We are efficiently expanding our service offering across our gathering, processing and terminaling systems. Following the completion of the Little Missouri 4 Gas Processing Plant and the Tioga expansion, Hess Midstream will have 500 MMcf/d of net processing capacity in the Bakken.”

“Consistent with our commitment to deliver stable and growing cash flows, the expansion will earn a competitive return through inclusion in our existing contract structure, providing continued visibility to our growth,” said Jonathan Stein, Chief Financial Officer of Hess Midstream. “We continue to primarily self-fund both our growing distributions and our expansion program, including this incremental investment, and have clear visibility to deliver our targeted 15% annual distribution growth per unit with at least a 1.1x coverage ratio.”

Full story
Related News
  • Hess Ranked No. 9 on 100 Best Corporate Citizens List of 2020

    Hess has once again been recognized as the No. 1 oil and gas company on the 100 Best Corporate Citizens list, ranking No. 9 on the 2020 list for outstanding environmental, social and governance (ESG) transparency and performance. The annual list ranks the Russell 1000 Index of U.S. public companies based on an independent assessment by ISS-ESG.
    Full story
  • Hess to Participate in J.P. Morgan 2020 Energy, Power & Renewables Conference

    John Hess, Chief Executive Officer, will participate in a Fireside Chat at the J.P. Morgan 2020 Energy, Power & Renewables Conference June 16 at 4:20 p.m. Eastern Time. A live audio webcast and a replay of the discussion will be accessible via Hess Corporation’s website.
    Full story
  • Hess Reports Estimated Results for the First Quarter of 2020

    Hess Corporation (NYSE: HES) today reported a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020, including impairment and other after-tax charges of $2,251 million resulting from the low price environment, compared with net income of $32 million, or $0.09 per common share, in the first quarter of 2019. On an adjusted basis, the Corporation reported a net loss of $182 million, or $0.60 per common share, in the first quarter of 2020.
    Full story