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Merck Announces Second Cohort of Safer Childbirth Cities Organizations Committed to Improving Maternal Health Equity and Reducing Preventable Maternal Deaths in the US

KENILWORTH, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside the United States and Canada, announced today its funding support of a second cohort of nine city-based projects across the country — expanding its Safer Childbirth Cities initiative to additional communities that have a high burden of maternal mortality and morbidity to help improve maternal health outcomes and reduce racial inequities in care. The newly selected projects will focus on addressing maternal health needs in their respective city, including the impact of the COVID-19 pandemic on pregnant women and new mothers and will catalyze innovative approaches to ensure long-term change and support before, during and after childbirth.

Safer Childbirth Cities was launched in 2018 by Merck for Mothers, Merck’s $500 million global initiative to help create a world where no woman has to die while giving life. The multi-year effort aims to foster community-led solutions that will help cities become safer, more equitable places to give birth. The second cohort is building on an inaugural cohort of ten community-based organizations working in coalition with unique collaborators to improve maternal health in their cities based on locally-identified needs and advance evidence-informed interventions to increase maternal health equity.

Safer Childbirth Cities grantees are engaging communities to address the social determinants of health that contribute to disparities in maternal health outcomes, such as access to care and health literacy. Many city-based projects engage doulas and perinatal support workers to provide support beyond clinical care to women and families during pregnancy, childbirth and the months after.

“Since the inception of Safer Childbirth Cities, our grantees have made good progress to help strengthen maternity care systems in the U.S. thanks to the pioneering efforts of our initial grantees, and we are proud to expand this initiative to reach more people in need of high quality maternal care and support,” said Dr. Julie L. Gerberding, chief patient officer at Merck. “It is our vision that all women experience a healthy and safe pregnancy and childbirth. With strong local leadership and coordinated action among our growing group of collaborators, we will continue on our path forward to make this a reality.”

According to the World Health Organization (WHO), the United States is the only high-income country where maternal mortality is on the rise. Additionally, racial disparities are stark and persistent. According to the Centers for Disease Control and Prevention (CDC), Black, American Indian, and Alaska Native women are two to three times more likely to die from pregnancy-related causes than White women. Maternal mortality review committees across the country found that maternal mortality is not just a medical issue. Community factors – the conditions in which people live and work – contribute to poor maternal health outcomes.

“Our mission remains as critical as ever to help ensure every woman, regardless of their background or location, has equal access to quality maternal health care and services,” noted Dr. Mary-Ann Etiebet, lead and executive director of Merck for Mothers. “We are grateful to our current and future co-funders who make it possible to scale and sustain promising community-level solutions. With the second round of Safer Childbirth Cities, we hope to build on our collective action to fuel greater momentum for equitable maternal health and well-being.”

Since its launch in 2019, national grantees for the Safer Childbirth Cities initiative have included the Association for Maternal and Child Health Programs (AMCHP) and Ariadne Labs. They are joined by the National Birth Equity Collaborative (NBEC) in 2021. For the inaugural cohort, co-funders included the Burke Foundation, the Community Health Acceleration Partnership, Fondation CHANEL, The Nicholson Foundation, Rhia Ventures and the W. K. Kellogg Foundation. This year, additional co-funders joined the Safer Childbirth Cities initiative including the George Kaiser Family Foundation, Yellow Chair Foundation, among others.

“We are excited to be selected to participate in the Merck for Mothers Safer Childbirth Cities initiative,” said Marna Armstead, executive director of SisterWeb. “This initiative will provide SisterWeb with critical funding for the next three years as we continue to support Black, Latinx and Pacific Islander women who are giving birth in San Francisco during COVID, an unprecedented health pandemic.”

New City-Based Projects Include:

• Brooklyn, NY: Black Women’s Blueprint and collaborators will use a community-driven approach to define, design, and pilot a new model of primary maternity service delivery designed to promote equity and improve outcomes for Black, Indigenous and other women of color.
  
  LEAD ORGANIZATION: Black Women’s Blueprint

• Detroit, MI: The Greater Detroit Area Health Council and collaborators will build on existing community assets to foster conditions where Black mothers thrive by empowering Black women to advocate for their health needs and supporting care providers to reach their full potential in providing respectful and equitable care.
  
  LEAD ORGANIZATION: Greater Detroit Area Health Council

• Norfolk, VA: Urban Baby Beginnings and collaborators are reducing disparities for childbearing women of color by building data infrastructures for state and city officials, strengthening community-based support systems, connecting women to services provided by practitioners of color and raising women’s awareness of the importance of perinatal care.
  
  LEAD ORGANIZATION: Urban Baby Beginnings

• San Francisco, CA: SisterWeb and collaborators are increasing Black, Latinx and Pacific Islander women’s access to culturally-, racially- and ethnically-aligned doula care by providing health advocacy, wellness interventions and mental health services before, during and after birth.
  
  LEAD ORGANIZATION: SisterWeb

• St. Louis, MO: Jamaa Birth Village and Generate Health STL are increasing Black women’s access to culturally congruent holistic maternal health services by building a sustainable doula workforce and integrating doula care into existing health and hospital systems.
  
  LEAD ORGANIZATION: Jamaa Birth Village and Generate Health STL

• Tampa, FL: REACHUP, Inc. and collaborators are improving perinatal mental wellness and reducing racial and ethnic disparities in perinatal health outcomes by facilitating access to a holistic, inclusive and responsive continuum of care for women and their families.
  
  LEAD ORGANIZATION: REACHUP, Inc.

• Trenton, NJ: Trenton Health Team and collaborators are creating a robust system of data analytics to expand knowledge of maternal health challenges and enhanced doula services to support women experiencing high-risk pregnancies within Black, Latinx and immigrant communities.
  
  LEAD ORGANIZATION: Trenton Health Team

• Tulsa, OK: The Tulsa Birth Equity Initiative (TBEI) equips families in Tulsa to have healthy births with dignity and reduce maternal health disparities. TBEI and collaborators will leverage the influence, skills and experiences of local organizations to improve maternal health policies, data systems and service delivery systems for Black, Indigenous and justice-involved women and teens.
  
  LEAD ORGANIZATION: Maternal Birth Equity Initiative

• Washington, DC: Mamatoto Village and collaborators are strengthening maternal health care for Black women by developing an inclusive coalition of stakeholders and advocating for system and policy changes that expand comprehensive, accessible and high-quality perinatal support services and provide sustainable solutions to address homelessness and inequitable housing.
  
  LEAD ORGANIZATION: Mamatoto Village

To learn more about the initiative, selected organizations, collaborators and co-funders, please visit SaferChildbirthCities.com.

About Merck

For 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

About Merck for Mothers

Merck for Mothers is our company’s $500 million initiative to create a world where no woman has to die giving life. Applying Merck’s business and scientific resources, we collaborate with partners to improve the health and well-being of women during pregnancy, childbirth and the postpartum period. For more information, visit www.merckformothers.com.

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2019 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

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Hess Midstream LP Reports Estimated Results for the Fourth Quarter Of 2020

Fourth Quarter 2020 Highlights:

• Net income was $132.3 million. Net cash provided by operating activities was $174.5 million.
• Net income attributable to Hess Midstream LP was $6.6 million, or $0.36 per Class A share, after deduction for noncontrolling interests.
• Adjusted EBITDA¹ was $199.1 million, Distributable Cash Flow¹ was $176.8 million and Adjusted Free Cash Flow¹ was $126.6 million.
• Increased quarterly cash distribution to $0.4471 per Class A share, an increase of 1.2% compared with the third quarter of 2020 and 5% on an annualized basis, resulting in a 1.4x coverage ratio relative to distributions.
• Completed construction and preservation activities for the 150 MMcf/d expansion of the Tioga Gas Plant.
• Exercised the renewal options for additional 10-year terms for certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess Corporation, extending these agreements through December 31, 2033.

2021 Guidance Highlights:

• 2021 net income of $590—$620 million and Adjusted EBITDA of $860—$890 million, resulting in Distributable Cash Flow of $750—$780 million.
• Capital expenditures expected to reduce to $160 million in 2021, reflecting lower ongoing capital levels following the completion of major construction at the Tioga Gas Plant expansion.
• Hess Midstream LP expects to generate Adjusted Free Cash Flow of approximately $610—$640 million in 2021, sufficient to fully fund our targeted distributions with excess of approximately $100 million.
• Completed annual tariff rate redetermination process and established minimum volume commitments (“MVCs”) for 2023 implying continued revenue growth through increasing MVCs in 2022 and expected organic volume growth in 2023.
• Extended targeted annual distribution per share growth of at least 5% through 2023 with expected annual distribution coverage greater than 1.4x.
• In 2022 and 2023, Hess Midstream LP expects continued growth in Adjusted EBITDA and Adjusted Free Cash Flow generation sufficient to fully fund growing distributions, creating additional capital allocation flexibility.

HOUSTON–(BUSINESS WIRE)–Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2020 net income of $132.3 million compared with net income of $75.1 million for the fourth quarter of 2019, as recast for the 2019 acquisition of Hess Infrastructure Partners LP (“HIP”) by Hess Midstream Operations LP (formerly known as Hess Midstream Partners LP) (the “Partnership”), Hess Midstream’s controlled subsidiary. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $6.6 million, or $0.36 per Class A share. Hess Midstream generated Adjusted EBITDA of $199.1 million. Distributable Cash Flow (“DCF”) for the fourth quarter of 2020 was $176.8 million and Adjusted Free Cash Flow was $126.6 million.

_________________________

1 Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non‑GAAP measures. Adjusted Free Cash Flow as reported in this release reflects Hess Midstream’s new definition of Adjusted Free Cash Flow, which is Distributable Cash Flow less expansion capital expenditures and ongoing contributions to equity investments, which is calculated in a manner consistent with similar measures used by other publicly traded midstream energy companies. Prior period calculations of Adjusted Free Cash Flow have been recast to conform to the new presentation, as applicable. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.

Commenting on the fourth quarter 2020 results, John Gatling, President and Chief Operating Officer of Hess Midstream said, “We executed especially well in 2020, considering the many macro-challenges of the year. 2021 is another inflection point, with Hess Midstream expecting significant adjusted free cash flow and increasing capital allocation flexibility. We plan to continue to enhance our gas capture capability, building out field compression and completing tie in of the Tioga Gas Plant expansion. We remain well-positioned with both pipeline and rail infrastructure to provide our customers with capacity and optionality for crude oil export from the Bakken.”

Hess Midstream’s results contained in this release include historical results of HIP for all periods prior to the closing of the Partnership’s acquisition of HIP, incentive distribution rights simplification and conversion from a master limited partnership into an “Up-C” structure on December 16, 2019 (collectively, the “Transaction”), which was accounted for as a business combination of entities under common control. We refer to certain results as “attributable to Hess Midstream LP,” which exclude (i) noncontrolling interests in the Partnership retained by affiliates of Hess Corporation (“Hess”) and Global Infrastructure Partners, (ii) noncontrolling interests in the historical operating subsidiaries of the Partnership, and (iii) historical activity of HIP prior to its acquisition by the Partnership, which is included in “net parent investment.”

Ongoing Response to COVID-19

The safety of our workforce and the communities where we operate continues to be our top priority. A cross-functional response team remains in place to coordinate our COVID-19 response from a health and safety perspective and to ensure that the detailed prevention protocols in place at all Hess Midstream assets are based on the most current recommendations by government and public health agencies.

Financial Results

Revenues and other income in the fourth quarter of 2020 were $266.5 million compared with $253.5 million in the prior-year quarter. Fourth quarter 2020 revenues included $22.0 million of pass-through rail transportation, electricity, produced water trucking and disposal costs and $6.8 million of shortfall fee payments related to minimum volume commitments compared with $42.6 million and $1.4 million, respectively, in the prior-year quarter. Revenues were up in part due to higher throughput volumes and in part due to higher MVC levels and increased tariff rates. Total costs and expenses in the fourth quarter of 2020 were $111.8 million down from $163.2 million in the prior-year quarter. The decrease was primarily attributable to lower general and administrative expenses that included Transaction costs in the fourth quarter of 2019, lower pass-through transportation costs and lower maintenance expenditures.

Net income for the fourth quarter of 2020 was $132.3 million, or $0.36 per Class A share, after deduction for noncontrolling interests. Substantially all of income tax expense (benefit) is attributed to earnings of Class A shares in accordance with our organizational structure. Net cash provided by operating activities for the fourth quarter of 2020 was $174.5 million.

Adjusted EBITDA for the fourth quarter of 2020 was $199.1 million. Relative to distributions, DCF for the fourth quarter of 2020 of $176.8 million resulted in an approximately 1.4x distribution coverage ratio. Adjusted Free Cash Flow for the fourth quarter of 2020 was $126.6 million.

Operational Highlights

Throughput volumes increased 3% for each of gas gathering and gas processing in the fourth quarter of 2020 compared with the fourth quarter of 2019 driven by higher gas capture by Hess Midstream. Water gathering volumes increased 62% compared with the year-ago quarter reflecting steady organic growth of our water handling business. Throughput volumes decreased 2% for crude oil gathering and 11% for crude oil terminaling in the fourth quarter of 2020 compared with the fourth quarter of 2019 due to natural decline of Hess and third-party production as a result of lower rig count in the Bakken. Third parties comprised approximately 10% of crude oil gathering and gas gathering volumes for the fourth quarter of 2020.

Capital Expenditures

Capital expenditures for the fourth quarter of 2020 totaled $50.8 million, including $50.2 million of expansion capital expenditures and $0.6 million of maintenance capital expenditures. Capital expenditures in the prior-year quarter were $108.2 million, including $106.5 million of expansion capital expenditures and $1.7 million of maintenance capital expenditures. During the fourth quarter of 2020, we completed construction and preservation activities for the 150 MMcf/d expansion of the Tioga Gas Plant. Incremental gas processing capacity is expected to be available in 2021 upon completion of a scheduled plant maintenance turnaround in the third quarter, during which the expansion and residue and natural gas liquid takeaway pipelines will be tied in.

Quarterly Cash Distributions

On January 25, 2021, our general partner’s board of directors declared a cash distribution of $0.4471 per Class A share for the fourth quarter of 2020, an increase of 1.2% over the distribution for the prior quarter, which equals a 5% increase on an annualized basis. The distribution is expected to be paid on February 12, 2021 to shareholders of record as of the close of business on February 4, 2021.

Annual Nomination Process

During the fourth quarter, Hess Midstream completed the annual nomination process set forth in our long-term commercial contracts with Hess. As part of the process, tariff rates were updated and MVCs were reviewed and updated. MVCs are set annually at 80% of Hess’ nomination for the three years following each nomination. Once set, MVCs for each year can only be increased and not reduced. MVCs for all years have been provided in recently released guidance for 2021. MVCs for 2023 imply continued revenue growth through increasing MVCs in 2022 and expected organic volume growth in 2023.

In addition, on December 30, 2020, Hess Midstream exercised its renewal options to extend for additional 10-year terms, through December 31, 2033, certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options.

Investor Webcast

Hess Midstream will review fourth quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time. The live audio webcast is accessible on the Investor page of our website www.hessmidstream.com. Conference call numbers for participation are 866-395-9624, or 213-660-0871 for international callers. The passcode number is 7380097. A replay of the conference call will be available at the same location following the event.

About Hess Midstream

Hess Midstream LP is a fee‑based, growth-oriented midstream company that 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, 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 previously reported the non-GAAP measure of “free cash flow”, which we defined as Adjusted EBITDA less capital expenditures. As this definition varied from other definitions of free cash flow, we determined it was appropriate to discontinue reporting free cash flow as previously defined and to report Adjusted Free Cash Flow beginning with the fourth quarter of 2020. 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.

		Fourth Quarter
		(unaudited)
		2020				2019
(in millions, except ratio and per-share data)
Reconciliation of Adjusted EBITDA and Distributable Cash Flow to net income:
Net income		$	132.3			$	75.1
Plus:
Depreciation expense			40.0				37.5
Proportional share of equity affiliates’ depreciation			1.3				1.5
Interest expense, net			23.4				18.2
Income tax expense (benefit)			2.1				(0.1	)
Transaction costs			–				26.2
Adjusted EBITDA			199.1				158.4
Less:
Interest, net			21.7				16.6
Maintenance capital expenditures			0.6				1.7
Distributable cash flow		$	176.8			$	140.1
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		$	174.5			$	136.3
Changes in assets and liabilities			1.4				(25.2	)
Amortization of deferred financing costs			(1.4	)			(1.3	)
Proportional share of equity affiliates’ depreciation			1.3				1.5
Interest expense, net			23.4				18.2
Earnings from equity investments			3.1				2.9
Distribution from equity investments			(2.9	)			–
Transaction costs			–				26.2
Other			(0.3	)			(0.2	)
Adjusted EBITDA		$	199.1			$	158.4
Less:
Interest, net			21.7				16.6
Maintenance capital expenditures			0.6				1.7
Distributable cash flow		$	176.8			$	140.1
Less:
Expansion capital expenditures			50.2				106.5
Adjusted free cash flow*		$	126.6			$	33.6
Distributed cash flow			127.2				121.1
Distribution coverage ratio			1.4	x			1.2	x
Distribution per Class A share/limited partner unit		$	0.4471			$	0.4258

*Adjusted Free Cash Flow as reported in this release reflects Hess Midstream’s new definition of Adjusted Free Cash Flow, which is DCF less expansion capital expenditures and ongoing contributions to equity investments, which conforms to definitions used by other publicly traded midstream energy companies. Prior period calculations of Adjusted Free Cash Flow have been recast to conform to the new presentation, as applicable.

		Guidance
		Year Ending
		December 31, 2021
		(Unaudited)
(in millions)
Reconciliation of Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow to net income:
Net income		$	590 – 620
Plus:
Depreciation expense*			160
Interest expense, net			100
Income tax expense			10
Adjusted EBITDA		$	860 – 890
Less:
Interest, net, and maintenance capital expenditures			110
Distributable cash flow		$	750 – 780
Less:
Expansion capital expenditures			140
Adjusted free cash flow		$	610 – 640
*Includes proportional share of equity affiliates’ depreciation

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 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; 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)
		Fourth				Fourth				Third
		Quarter				Quarter				Quarter
		2020				2019				2020
Statement of operations
Revenues
Affiliate services		$	266.5			$	253.1			$	264.7
Other income			–				0.4				0.1
Total revenues			266.5				253.5				264.8
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)			66.6				92.7				83.9
Depreciation expense			40.0				37.5				39.5
General and administrative expenses			5.2				33.0				4.2
Total costs and expenses			111.8				163.2				127.6
Income from operations			154.7				90.3				137.2
Income from equity investments			3.1				2.9				3.6
Interest expense, net			23.4				18.2				23.2
Income before income tax expense (benefit)			134.4				75.0				117.6
Income tax expense (benefit)			2.1				(0.1	)			1.8
Net income		$	132.3			$	75.1			$	115.8
Less: Net income (loss) attributable to net parent investment			–				(11.0	)			–
Less: Net income attributable to noncontrolling interest			125.7				70.0				110.2
Net income attributable to Hess Midstream LP			6.6				16.1				5.6
Less: General partner’s interest in net income			–				0.3				–
Limited partners’ interest in net income		$	6.6			$	15.8			$	5.6
Net income attributable to Hess Midstream LP per Class A share/limited partner unit:
Basic		$	0.36			$	0.28			$	0.31
Diluted		$	0.36			$	0.28			$	0.31
Weighted average Class A shares outstanding subsequent to December 16, 2019:
Basic			18.0				18.0				18.0
Diluted			18.2				18.0				18.1
Weighted average limited partner units outstanding prior to December 16, 2019
Basic:
Common							27.3
Subordinated							27.3
Diluted:
Common							27.5
Subordinated							27.3

HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
		Year Ended December 31,
		2020				2019
Statement of operations
Revenues
Affiliate services		$	1,091.6			$	847.6
Other income			0.3				0.7
Total revenues			1,091.9				848.3
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)			337.4				276.8
Depreciation expense			156.9				142.5
General and administrative expenses			21.1				52.4
Total costs and expenses			515.4				471.7
Income from operations			576.5				376.6
Income from equity investments			10.3				3.4
Interest expense, net			94.7				62.4
Gain on sale of property, plant and equipment			0.1				–
Income before income tax expense (benefit)			492.2				317.6
Income tax expense (benefit)			7.3				(0.1	)
Net income		$	484.9			$	317.7
Less: Net income (loss) attributable to net parent investment			–				(55.0	)
Less: Net income attributable to noncontrolling interest			460.9				302.6
Net income attributable to Hess Midstream LP			24.0				70.1
Less: General partner’s interest in net income			–				3.4
Limited partners’ interest in net income		$	24.0			$	66.7
Net income attributable to Hess Midstream LP per Class A share/limited partner unit:
Basic:		$	1.33			$	1.21
Diluted:		$	1.31			$	1.20
Weighted average Class A shares outstanding subsequent to December 16, 2019
Basic			18.0				18.0
Diluted			18.1				18.0
Weighted average limited partner units outstanding prior to December 16, 2019
Basic:
Common							27.3
Subordinated							27.3
Diluted:
Common							27.5
Subordinated							27.3

HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
		Fourth Quarter 2020
		Gathering				Processing and Storage				Terminaling and Export				Interest and Other				Total
Statement of operations
Revenues
Affiliate services		$	141.0			$	96.6			$	28.9			$	–			$	266.5
Total revenues			141.0				96.6				28.9				–				266.5
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)			33.4				27.3				5.9				–				66.6
Depreciation expense			24.8				11.2				4.0				–				40.0
General and administrative expenses			2.1				1.7				0.1				1.3				5.2
Total costs and expenses			60.3				40.2				10.0				1.3				111.8
Income (loss) from operations			80.7				56.4				18.9				(1.3	)			154.7
Income from equity investments			–				3.1				–				–				3.1
Interest expense, net			–				–				–				23.4				23.4
Income before income tax expense (benefit)			80.7				59.5				18.9				(24.7	)			134.4
Income tax expense (benefit)			–				–				–				2.1				2.1
Net income (loss)			80.7				59.5				18.9				(26.8	)			132.3
Less: Net income (loss) attributable to noncontrolling interest			75.4				55.8				17.6				(23.1	)			125.7
Net income (loss) attributable to Hess Midstream LP		$	5.3			$	3.7			$	1.3			$	(3.7	)		$	6.6

		Fourth Quarter 2019
		Gathering				Processing and Storage				Terminaling and Export				Interest and Other				Total
Statement of operations
Revenues
Affiliate		$	124.9			$	86.9			$	41.3			$	–			$	253.1
Other income			–				0.4				–				–				0.4
Total revenues			124.9				87.3				41.3				–				253.5
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)			46.2				25.6				20.9				–				92.7
Depreciation expense			22.1				11.2				4.2				–				37.5
General and administrative expenses			3.1				1.5				0.2				28.2				33.0
Total costs and expenses			71.4				38.3				25.3				28.2				163.2
Income (loss) from operations			53.5				49.0				16.0				(28.2	)			90.3
Income from equity investments			–				2.9				–				–				2.9
Interest expense, net			–				–				–				18.2				18.2
Income before income tax expense (benefit)			53.5				51.9				16.0				(46.4	)			75.0
Income tax expense (benefit)			–				–				–				(0.1	)			(0.1	)
Net income (loss)			53.5				51.9				16.0				(46.3	)			75.1
Less: Net income (loss) attributable to net parent investment			2.0				–				–				(13.0	)			(11.0	)
Less: Net income (loss) attributable to noncontrolling interest			42.7				42.7				13.3				(28.7	)			70.0
Net income (loss) attributable to Hess Midstream LP		$	8.8			$	9.2			$	2.7			$	(4.6	)		$	16.1

HESS MIDSTREAM LP
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
		Third Quarter 2020
		Gathering				Processing and Storage				Terminaling and Export				Interest and Other				Total
Statement of operations
Revenues
Affiliate services		$	142.9			$	90.1			$	31.7			$	–			$	264.7
Other income			–				0.1				–								0.1
Total revenues			142.9				90.2				31.7				–				264.8
Costs and expenses
Operating and maintenance expenses (exclusive of depreciation shown separately below)			44.1				30.4				9.4				–				83.9
Depreciation expense			24.2				11.2				4.1				–				39.5
General and administrative expenses			2.2				1.5				0.2				0.3				4.2
Total costs and expenses			70.5				43.1				13.7				0.3				127.6
Income (loss) from operations			72.4				47.1				18.0				(0.3	)			137.2
Income from equity investments			–				3.6				–				–				3.6
Interest expense, net			–				–				–				23.2				23.2
Income before income tax expense (benefit)			72.4				50.7				18.0				(23.5	)			117.6
Income tax expense (benefit)			–				–				–				1.8				1.8
Net income (loss)			72.4				50.7				18.0				(25.3	)			115.8
Less: Net income (loss) attributable to noncontrolling interest			67.9				47.5				16.9				(22.1	)			110.2
Net income (loss) attributable to Hess Midstream LP		$	4.5			$	3.2			$	1.1			$	(3.2	)		$	5.6

HESS MIDSTREAM LP
SUPPLEMENTAL OPERATING DATA (UNAUDITED)
(IN THOUSANDS)
		Fourth				Fourth				Third
		Quarter				Quarter				Quarter
		2020				2019				2020
Throughput volumes
Gas gathering – Mcf of natural gas per day			333				323				316
Crude oil gathering – bopd			130				133				138
Gas processing – Mcf of natural gas per day			317				308				296
Crude terminals – bopd			132				148				141
NGL loading – blpd			15				16				12
Water gathering – blpd			81				50				78
						Year Ended December 31,
						2020				2019
Throughput volumes
Gas gathering – Mcf of natural gas per day							323				275
Crude oil gathering – bopd							140				118
Gas processing – Mcf of natural gas per day							306				260
Crude terminals – bopd							145				131
NGL loading – blpd							14				15
Water gathering – blpd							70				41

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005209/en/

For Hess Midstream LP

Investor Contact:

Jennifer Gordon

(212) 536-8244

Media Contact:

Robert Young

(713) 496-6076

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Energy Utilities Oil/Gas

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Powered by a 21.9-liter engine, the unit provides more than 400 kWe in power for demand response and microgrid applications

Campbell Soup Company Named to 2021 Bloomberg Gender-Equality Index

Campbell recognized for commitment to workplace gender reporting and advancement of women in the workplace

CAMDEN, N.J.–(BUSINESS WIRE)–Campbell Soup Company (NYSE: CPB) has been named to the 2021 Bloomberg Gender-Equality Index (GEI) which recognizes companies committed to transparency in disclosing gender-related metrics and investment in workplace gender equality. The fourth annual index includes 380 companies spanning 11 sectors headquartered across 44 countries and regions. Campbell has been included in the GEI for three consecutive years.

“At Campbell, building an inclusive and diverse organization where all employees can be real, and feel safe, valued and supported to do their best work is an enterprise-wide priority and a key component of our business strategy,” said Camille Pierce, Campbell’s Senior Vice President and Chief Culture Officer. “We are proud to be included in the Bloomberg Gender-Equality Index in recognition of our commitment to gender equality across our company.”

The GEI brings transparency to gender-related practices and policies at publicly listed companies increasing the breadth of environmental, social, governance (ESG) data available to investors. The reference index measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies and pro-women brand. Campbell was included in this year’s index for scoring at or above a global threshold established by Bloomberg to reflect a high level of disclosure and overall performance across the framework’s five pillars.

Building a winning team and culture is a core pillar of Campbell’s strategic plan, with a focus on creating an inclusive and diverse environment for all employees. Last year, Campbell introduced an actionable Inclusion & Diversity (I&D) strategy focused on the standardization of key business processes and increased learning opportunities, advocacy for ally networks and communities, and transparency and accountability. As part of this work, Campbell named Pierce as its first-ever Chief Culture Officer in October 2020 to lead the company’s enterprise-wide I&D strategy.

Campbell promotes gender equality at all levels of the organization with initiatives such as the Women of Campbell, an employee resource group designed to develop and empower women and build allies within the organization. Campbell also partners with the Network of Executive Women to provide employees with professional development and networking opportunities. On-site day care facilities at Campbell’s World Headquarters, competitive parental leave policies, adoption assistance, flexible work arrangements and job-sharing opportunities provide Campbell employees with support to help them navigate and excel in their careers.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our purpose, “Real food that matters for life’s moments.” For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard and Poor’s 500 and the FTSE4Good Index. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005205/en/

Amanda Pisano

856-676-8137

[email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Women Other Retail Supermarket Men Convenience Store Restaurant/Bar Food/Beverage Consumer Retail

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iHeartMedia Announces “iHeartRadio’s Living Black!” Special Event and National On-Air Celebration of Black Culture and Impact in America

Roddy Ricch, 21 Savage, Jhené Aiko and Kirk Franklin Will Perform on the “iHeartRadio’s Living Black!” Special Event Airing Saturday, February 20 on iHeartMedia Hip-Hop, Gospel and R&B Broadcast Stations, iHeartRadio’s YouTube and Facebook Pages and the iHeartRadio App Nationwide

Black History Month Celebration Will Also Feature Audio Tributes to Black Trailblazers from Today’s Biggest Artists and Listeners Across 580 iHeartMedia Broadcast Stations

NEW YORK–(BUSINESS WIRE)–
iHeartMedia, the number one audio company in the United States, announced today the launch of “iHeartRadio’s Living Black!” spotlighting the power of Black culture yesterday, today and tomorrow throughout Black History Month in February. The nationwide on-air celebration will feature the first-ever “iHeartRadio’s Living Black!” special event with performances by Roddy Ricch, 21 Savage, Jhené Aiko, Kirk Franklin and more of today’s biggest Hip-Hop, R&B and Gospel music artists. The special will air on Saturday, February 20 at 6:00 p.m. ET/3:00 p.m. PT on iHeartRadio’s YouTube and Facebook pages; iHeartMedia Hip-Hop, Gospel and R&B stations; and the iHeartRadio app. In addition, the month-long “iHeartRadio’s Living Black!” celebration will highlight hundreds of Black artists, influencers and thought leaders through audio vignettesand tributes on 580 iHeartMedia broadcast radio stations in every format.

Produced by Emmy and Grammy award-winning producer Rikki Hughes, “iHeartRadio’s Living Black!” special event on February 20 will pay homage to the culture that sets the trends, creates the moments and moves the world. The show will weave once-in-a-lifetime performances into a powerful audio and visual celebration of the Black experience featuring artists, actors, creators and Black leaders who have shaped culture.

“Black culture is American culture and this past year especially has resulted in much needed and long overdue conversations about the role of race in America,” said Doc Wynter, Executive Vice President of Urban/Hip-Hop Programming Strategy for iHeartMedia. “‘iHeartRadio’s Living Black!’ will use iHeartMedia’s unparalleled reach to help shape these conversations and celebrate Black culture at scale – reaching hundreds of millions of listeners on iHeartMedia stations across all of our formats.”

In addition to the first-ever special event, “iHeartRadio’s Living Black!” will feature conversations that educate, inspire and celebrate the Black experience through a mix of custom tributes from artists and listeners across the nation. Throughout February, today’s biggest artists from Country, Pop, Rock and more will honor the impact and influence that Black people and Black culture has had on their lives and community; iHeartMedia national and on-air personalities including The Breakfast Club – Charlamagne Tha God, Angela Yee and DJ Envy, Steve Harvey and Big Boy will honor trailblazers, modern history makers and future change-makers of Black culture; and hundreds of iHeartMedia stations and shows will invite listeners to call in, post and share their experiences and inspirations each week.

Proud partners of this year’s “iHeartRadio’s Living Black!” include Facebook Groups and Rémy Martin,with more to be announced.

About iHeartMedia

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month – and with its quarter of a billion monthly listeners, has a greater reach than any other media company in the U.S. The company’s leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations in over 160 markets nationwide; through its iHeartRadio digital service available across more than 250 platforms and 2,000 devices; through its influencers; social; branded iconic live music events; other digital products and newsletters; and podcasts as the #1 commercial podcast publisher. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio product, using data from its massive consumer base. Visit iHeartMedia.com for more company information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005162/en/

iHeartMedia

Angel Aristone, 646-343-2410

[email protected]

Danielle Vitucci, 646-343-2425

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Entertainment TV and Radio Celebrity Online Music Events/Concerts

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