UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39163 Hess Midstream LP (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S ...

Hess Midstream LP (NYSE:HESM) Q1 2025 Earnings Conference Call April 30, 2025 12:00 PM ET Company Participants Jennifer Gordon - VP, IR John Gatling - President and COO Jonathan Stein - CFO Conference Call Participants Elias Jossen - JPMorgan Naomi Marfatia - UBS Praneeth Satish - Wells Fargo Doug Irwin - Citi John Mackay - Goldman Sachs Operator Good day, ladies and gentlemen, and welcome to the First Quarter 2025 Hess Midstream Conference Call. My name is Kevin and I'll be your operator for today. At this ...

Hess Midstream (HESM) Q1 2025 Earnings Call April 30, 2025 12:00 PM ET Company Participants Jennifer Gordon - Director of Investor RelationsJohn Gatling - President & COOJonathan Stein - CFO, CRO, SVP - Strategy & PlanningEli Jossen - Equity Research Vice PresidentNaomi Marfatia - Associate Director - Equity ResearchDoug Irwin - Vice PresidentJohn Mackay - VP - Equity Research Conference Call Participants Praneeth Satish - Analyst Operator Good day, ladies and gentlemen, and welcome to the First Quarter twe ...

Financial Data and Key Metrics Changes - For Q1 2025, net income was $161 million, down from $172 million in Q4 2024 [11] - Adjusted EBITDA for Q1 2025 was $292 million, compared to $298 million in Q4 2024, primarily due to lower volumes and revenues [11] - Total revenues, excluding pass-through revenues, decreased by approximately $13 million, driven by lower throughput volumes [11] - Adjusted free cash flow for Q1 2025 was approximately $191 million [12] Business Line Data and Key Metrics Changes - Gas processing throughput averaged 424 million cubic feet per day, crude terminaling averaged 125,000 barrels per day, and water gathering averaged 126,000 barrels per day [5] - Processing revenues decreased by approximately $7 million, and gathering revenues decreased by approximately $6 million due to lower throughput volumes [11] Market Data and Key Metrics Changes - Hess reported first quarter net production for the Bakken averaged 195,000 barrels of oil equivalent per day, with expectations for Q2 production to be in the range of 210,000 to 215,000 barrels, reflecting a 9% increase at the midpoint compared to Q1 [5] Company Strategy and Development Direction - The company remains focused on disciplined, low-risk investments to meet basin demand while maintaining reliable operations and strong financial performance [7] - Capital expenditures for 2025 are expected to total approximately $300 million, unchanged from previous guidance [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong recovery in volumes following challenging weather conditions in January and February [42] - The company anticipates adjusted EBITDA in the second half of 2025 to be approximately 11% higher than in the first half [13] Other Important Information - The company has returned $1.95 billion to shareholders since the beginning of 2021 through share repurchases and has increased distributions per Class A share by approximately 57% since 2021 [9] - The company expects to generate over $1.25 billion of financial flexibility through 2027 for incremental shareholder returns [10] Q&A Session Summary Question: Bakken outlook in light of ongoing macroeconomic volatility - Management noted that activity levels remain stable, with no changes in Hess's plans to run four rigs for the rest of the year, supported by established MVCs through 2027 [19][20] Question: Volumes in excess of MVCs and performance against MVCs - Management indicated that MVCs are set at approximately 80% of nomination, with third parties expected to represent about 10% of total volume [24] Question: Risk of rig reduction in the current macro environment - Management reaffirmed that they are looking past short-term volatility and expect consistent activity levels in the Bakken [30][31] Question: Buybacks and secondaries - Management clarified that there is no specific plan for secondaries and expects to continue multiple repurchases per year, with flexibility for $1.25 billion through 2027 [36][37] Question: Gas processing volumes recovery - Management reported a strong recovery in volumes and expressed optimism about meeting guidance for the year [42][43] Question: Impact of oil prices on rig count - Management stated that they are prepared for price volatility and expect to maintain the four-rig program, with improved well economics reducing breakeven costs [45][48] Question: Gas growth in the basin and egress - Management anticipates gas volumes to continue increasing over time, supported by existing export agreements [55][66]

Exhibit 99.1 HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2025 First Quarter 2025 Highlights: HOUSTON, April 30, 2025—Hess Midstream LP (NYSE: HESM) ("Hess Midstream" or the "company") today reported first quarter 2025 net income of $161.4 million compared with net income of $161.9 million for the first quarter of 2024. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $71.6 million, or $0.65 basic earnings per Class A share, compared with $0 ...

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Operational Segments - The company operates through three segments: gathering, processing and storage, and terminaling and export[33]. - The natural gas gathering system has a capacity of approximately 675 MMcf/d and includes 1,415 miles of pipelines, with an added compression capacity of 50 MMcf/d in 2024[39]. - The crude oil gathering system consists of approximately 590 miles of pipelines with a capacity of up to 290 MBbl/d[40]. - The Tioga Gas Plant has a total processing capacity of 400 MMcf/d, making it one of the largest in North Dakota, with a recent de-bottlenecking project completed in 2021[46][47]. - The LM4 gas processing plant has a processing capacity of 200 MMcf/d, with the company entitled to 100 MMcf/d of that capacity[50]. - The produced water gathering system has a combined permitted disposal capacity of 180 MBbl/d across 12 facilities[42]. - The Hawkeye Oil Facility has a total receipt capacity of approximately 75 MBbl/d and can be filled through the crude oil gathering system or truck unloading bays[41]. - The Ramberg Terminal Facility has a combined pipeline and truck receipt capability of approximately 200 MBbl/d, with 130 MBbl/d from the crude oil gathering system and 70 MBbl/d from truck unloading bays[58]. - The facility's redelivery capability is up to approximately 285 MBbl/d, supported by various pipeline connections[59]. - The Tioga Rail Terminal has a crude oil loading capacity of 140 MBbl/d and NGL loading capacity of 30 MBbl/d, with a total storage capacity of approximately 290 MBbls[60][61]. - The company owns 550 crude oil rail cars, with an effective working capacity of approximately 32 MBbl/d based on an average round-trip duration of 11 days[65][70]. - The Johnson's Corner Header System has a delivery capacity of approximately 100 MBbl/d and entered into service in 2017[66]. Revenue Sources - The company has long-term fee-based commercial agreements with Hess, ensuring stable cash flows and minimum volume commitments (MVCs) for crude oil gathering and terminaling services[72][78]. - For 2024, Hess's MVCs for crude oil gathering are set at 103 MBbl/d, increasing to 112 MBbl/d by 2027[78]. - In 2023, 98% of the company's revenues were derived from fee-based commercial agreements with Hess, with gas gathering and processing revenues comprising 77% of total affiliate revenues[80]. - The company expects to continue deriving substantially all revenues in the near term under multiple commercial agreements with Hess[132]. - Approximately 100% of the company's revenues for the years ended December 31, 2024, 2023, and 2022 were derived from fee-based commercial agreements with Hess[149]. Environmental Regulations and Compliance - The company is subject to extensive and frequently-changing federal, state, and local environmental regulations, which increase overall business costs, including capital expenditures and net income[81]. - Compliance with the Clean Air Act and other regulations may require significant future capital expenditures, particularly affecting the company's Bakken operations, which generate substantially all revenues[85]. - Legislative measures addressing greenhouse gas emissions are under discussion, with potential requirements for the company to report emissions and reduce greenhouse gas outputs, impacting operational costs[86]. - The Inflation Reduction Act of 2022 provides funding and incentives for low-carbon energy production and includes a methane emissions reduction program, which may impose additional costs on the company[86]. - The company may face substantial expenses related to the release of hydrocarbons or hazardous substances, including cleanup costs and claims for damages, which could adversely affect financial position and liquidity[82]. - The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) imposes liability for hazardous substance releases, potentially leading to significant cleanup costs for the company[90]. - The Resource Conservation and Recovery Act (RCRA) regulates the disposal of hazardous wastes, and any changes in regulations could increase capital expenditures and operating expenses for the company[91]. - The company maintains Spill Prevention Control and Countermeasure (SPCC) plans and discharge permits under the Clean Water Act, which impose regulatory burdens on operations[95]. - The company acknowledges the potential for future regulatory changes that could impact operations and financial performance, particularly in light of evolving climate change legislation[88]. - The company is monitoring international climate agreements, such as the Paris Agreement, which may influence domestic regulatory frameworks and operational costs[87]. - The company has implemented emergency oil response plans and SPCC plans for facilities covered by OPA-90 to manage risks associated with hazardous substance releases[96]. - Regulatory requirements for wetlands may delay pipeline projects and increase costs, impacting project timelines and budgets[97]. - The company is subject to OSHA regulations and has established safety protocols to protect employee health and safety[98]. - The Endangered Species Act may impose additional costs or operational restrictions if new endangered species are identified in operational areas[99]. Financial Performance and Risks - The company may face reduced revenues if Hess' production volumes decrease due to competition or market conditions[117]. - The company is significantly dependent on Hess for its operations, and any adverse developments in Hess could materially affect its financial condition[162]. - The company may not be able to significantly increase third-party revenues due to competition and other factors, which could limit growth and extend dependence on Hess[144]. - Any decrease in the volumes of natural gas or crude oil handled could adversely affect the company's business and operating results[138]. - The company is subject to risks related to the Chevron merger with Hess, which could adversely affect its business and financial condition[128]. - The company has limited control over the level of drilling activity in its areas of operation, which may impact throughput levels and cash flows[139]. - The company may face challenges in attracting new unaffiliated customers due to its relationship with Hess and the preference for fee-based contracts[145]. - The company’s ability to service its indebtedness will depend on future financial performance, which may be affected by economic conditions and other factors beyond its control[176]. - The company’s credit facilities contain various operating and financial restrictions that could limit its ability to finance future operations or capital needs[172]. - The company may incur significant costs and liabilities due to pipeline integrity management program testing and related repairs, with compliance costs not expected to materially affect overall financial results[190]. - The maximum administrative civil penalties for violations of pipeline safety laws will increase to $272,926 per violation per day, effective December 28, 2023[193]. - The company’s operations may be adversely affected by geopolitical conflicts, such as the ongoing war between Russia and Ukraine, impacting commodity prices and demand for midstream services[168]. - The company may experience increased obligations related to produced water facilities, potentially raising operating costs and impacting financial performance[216]. Corporate Governance and Structure - The company holds a 47.7% controlling interest in the Partnership, while public limited partners hold a 47.3% voting interest[35]. - The partnership agreement requires the distribution of all available cash to shareholders, potentially limiting the company's growth and acquisition capabilities[225]. - The general partner has the authority to conduct the company's business without shareholder approval, including decisions on asset purchases and sales[223]. - Shareholders have very limited voting rights and cannot remove the general partner without its consent, which may affect the trading price of Class A Shares[232]. - The general partner and its affiliates may compete with the company and are not obligated to present business opportunities to it, potentially impacting operational results[230]. - The partnership agreement eliminates the fiduciary duties of the general partner to shareholders, replacing them with contractual standards[231]. - The company may incur additional costs if the exclusive forum provision in the partnership agreement is found unenforceable, affecting financial condition and cash distributions[226]. - The waiver of the right to a jury trial may limit shareholders' ability to pursue claims, potentially resulting in less favorable outcomes[227]. - The partnership agreement does not restrict the issuance of additional shares, which could increase the risk of maintaining or increasing per share distribution levels[225]. Strategic Initiatives and Future Outlook - The company aims to expand its business by capitalizing on organic growth from Hess and third parties in the Bakken region[34]. - The company is pursuing strategic relationships with third-party producers to maximize utilization rates in the Bakken region[80]. - Future acquisitions are critical for growth, but the company may face challenges such as decreased divestitures of midstream assets and competition for attractive acquisition candidates[179]. - The company recognizes the growing importance of ESG practices and may face pressure from stakeholders to adopt more aggressive climate-related goals, which could impact operational costs[213]. - The company is involved in the Global Methane Pledge, committing to reduce methane emissions by at least 30% from 2020 levels by 2030, reflecting its alignment with international climate goals[209]. - The company intends to make a minimum quarterly distribution of at least $0.30 per Class A Share, equating to $1.20 annually, contingent on generating approximately $65.4 million in available cash per quarter[219]. - The company must handle fluctuations in cash generation based on volumes of crude oil, natural gas, NGLs, and produced water processed, as well as competition in the midstream energy market[219].

Exhibit 99.1 HESS MIDSTREAM LP HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2024 Key Developments: Fourth Quarter 2024 Highlights: HOUSTON, January 29, 2025—Hess Midstream LP (NYSE: HESM) ("Hess Midstream" or the "company") today reported fourth quarter 2024 net income of $172.1 million compared with net income of $152.8 million for the fourth quarter of 2023. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $70.4 million, or $0.68 basic ea ...

Financial Performance - Net income for the nine months ended September 30, 2024, was $161.9 million, compared to $142.2 million for the same period in 2023, indicating a year-over-year increase of 13.0%[9] - Net income for 2024 was $486.9 million, an increase of 7.4% from $454.9 million in 2023[10] - Net income attributable to Hess Midstream LP for the three months ended September 30, 2024, was $58.6 million, compared to $35.3 million for the same period in 2023, indicating a significant increase of 66.5%[36] - Net income attributable to Hess Midstream LP for the nine months ended September 30, 2024, was $152.7 million, compared to $127.3 million in the prior year, representing a 19.4% increase[70] - Basic earnings per share (EPS) for the third quarter of 2024 was $0.63, up from $0.57 in the same quarter of 2023, representing a growth of 10.5%[7] - Basic earnings per share for the nine months ended September 30, 2024, was $1.82, compared to $1.56 for the same period in 2023[7] Revenue Growth - Total revenues for 2024 reached $1,099.6 million, compared to $992.1 million in 2023, marking an increase of 10.8%[21] - Total revenues for the nine months ended September 30, 2024, were $1,099.6 million, an increase from $1,079.3 million in the same period of 2023[70] - Total revenues from contracts with customers increased to $1,096.9 million for the nine months ended September 30, 2024, compared to $990.3 million for the same period in 2023, reflecting a growth of approximately 10.7%[21] - Total affiliate services revenue for 2024 was $1,079.3 million, an increase of 9.4% from $986.6 million in 2023[21] Asset and Liability Changes - Total assets increased to $4,146.9 million as of September 30, 2024, up from $3,789.5 million at December 31, 2023, representing a growth of 9.5%[5] - Total current assets increased to $154.2 million, up from $136.8 million, reflecting a growth of 12.1%[5] - Total liabilities increased to $3,705.1 million as of September 30, 2024, compared to $3,426.3 million at December 31, 2023, reflecting an increase of 8.1%[5] - Long-term debt increased to $3,469.8 million from $3,198.9 million, an increase of 8.5%[5] - The partnership's total debt as of September 30, 2024, was $3,489.8 million, with a fair value of approximately $3,497.3 million[35] Cash Flow and Investments - Net cash provided by operating activities increased to $681.8 million in 2024, up from $618.8 million in 2023, reflecting a growth of 10.3%[10] - Net cash provided by operating activities increased by $63.0 million for the nine months ended September 30, 2024, driven by a $107.5 million increase in revenues and other income[84] - Net cash used in investing activities rose by $51.0 million for the nine months ended September 30, 2024, primarily due to higher payments for property, plant, and equipment related to compression capacity and pipeline infrastructure expansion[84] - The company reported a net cash used in investing activities of $211.0 million in 2024, compared to $160.0 million in 2023, representing an increase of approximately 31.9%[10] Expenses and Costs - Operating and maintenance expenses for the three months ended September 30, 2024, were $24.9 million, compared to $22.7 million for the same period in 2023, representing an increase of 9.7%[25] - Operating and maintenance expenses increased by $13.7 million, primarily due to higher pass-through costs and maintenance activities[73] - Interest expense, net, increased by $6.0 million in the third quarter of 2024 compared to the same period in 2023, primarily due to the issuance of $600.0 million in fixed-rate senior unsecured notes[68] - Interest expense increased by $18.8 million in the first nine months of 2024, largely due to the issuance of $600.0 million in fixed-rate senior unsecured notes[76] Shareholder Distributions - The company distributed $0.6677 per share in the latest quarter, compared to $0.5851 per share in the same quarter of the previous year, indicating a 14.1% increase in distributions[9] - Total distributions to shareholders in the first quarter of 2024 amounted to $163.9 million, compared to $85.2 million in the same period of 2023, showing an increase of about 92.3%[10] - The partnership's quarterly distribution level per Class A Share increased in each of the first three quarters of 2024, significantly above the target of at least 5% growth in annual distributions per Class A Share through 2026[53] Equity and Ownership Changes - Public ownership increased from approximately 29.8% at December 31, 2023, to approximately 47.3% at September 30, 2024, on a consolidated basis[53] - The company completed an equity offering on May 19, 2023, raising approximately $333.4 million from the sale of 12,765,000 Class A Shares[14] - The company repurchased Class B units totaling $100.0 million in the first quarter of 2024, consistent with the repurchase amount in the same quarter of 2023[9] Tax and Deferred Tax Assets - Deferred tax assets rose significantly to $605.2 million from $324.4 million, an increase of 86.3%[5] - The company recognized an additional deferred tax asset of $329.8 million in 2024, up from $177.7 million in 2023[17] - Income tax expense increased by $7.5 million in the third quarter of 2024, driven by increased ownership of the Partnership following equity offerings and unit repurchase transactions[68]