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, 2021 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 2021 Earnings Conference Call April 28, 2021 12:00 PM ET Company Participants Jennifer Gordon - Director of IR John Gatling - President & COO Jonathan Stein - CFO Conference Call Participants Brian Reynolds - UBS Vinay Chitteti - JPMorgan Doug Irwin - Crédit Suisse AG Operator Good day, ladies and gentlemen, and welcome to the First Quarter 2021 Hess Midstream Conference Call. My name is Andrew, and I will be your operator for today. [Operator Instructions] As a reminder, ...

Financial Performance and Revenue - For the year ended December 31, 2020, nearly all revenues were derived from fee-based commercial agreements with Hess[82] - The company generates substantially all revenues under fee-based commercial agreements, which may expose it to greater price volatility in the secondary term of these agreements[161] - The company is substantially dependent on Hess, which accounts for nearly all of its revenues, and any adverse changes in Hess' business strategy could materially affect the company's financial condition and cash flows[132] - The company expects greater exposure to commodity price volatility during the Secondary Term, but minimum volume commitments will provide a baseline cash flow[80] - The gas gathering agreement's minimum volume commitment for 2022 was 360 MMcf/d, while the crude oil gathering agreement's was 117 MBbl/d[81] Operational Capacity and Infrastructure - The Tioga Gas Plant has a current processing capacity of 250 MMcf/d and is one of the largest natural gas processing plants in North Dakota[45] - The company plans to expand natural gas processing capacity at the Tioga Gas Plant by 150 MMcf/d, increasing total capacity to 400 MMcf/d, with completion expected in 2021[47] - The crude oil gathering system has a current capacity of approximately 240 MBbl/d, with 550 miles of pipelines connecting to various facilities[39] - The produced water gathering system includes approximately 270 miles of pipelines and has a combined permitted disposal capacity of 70 MBbl/d across five facilities[41] - The company owns a total of 550 crude oil rail cars, providing an aggregate working capacity of approximately 32 MBbl/d[68] Regulatory and Compliance Risks - The company is subject to extensive environmental regulations that may increase operational costs and impact financial performance[84] - Compliance with the Clean Air Act and other regulations may require significant capital expenditures for Hess, potentially affecting the company's operations[87] - Future regulatory measures regarding greenhouse gas emissions could lead to increased compliance costs and operational restrictions[88] - The company is subject to various regulatory requirements, including those related to security and cyber threats, which could impact operations and costs[112] - Increased regulatory scrutiny over the transportation of crude oil by rail could lead to higher compliance costs and reduced demand for the company's services[200] Strategic Partnerships and Agreements - The company has entered into long-term fee-based commercial agreements with Hess for gas gathering, crude oil gathering, and processing services[74] - The commercial agreements include an inflation escalator and a fee recalculation mechanism to adjust fees annually based on throughput volumes and capital expenditures[76] - The company has extended certain commercial agreements with Hess for a Secondary Term through December 31, 2033, ensuring stable cash flows[78] - The partnership agreement requires the company to distribute all available cash, potentially limiting its ability to grow[146] - The company has entered into commercial agreements with Hess, which may mitigate competition for midstream services in the Bakken region[118] Market and Economic Conditions - The COVID-19 global pandemic has significantly reduced demand for oil and natural gas, adversely affecting the company's operations and those of its partners, including Hess[149] - The prolonged COVID-19 pandemic has adversely impacted the demand for oil and natural gas, contributing to price volatility and affecting marketability[150] - Seasonal weather conditions can adversely affect drilling activities and the company's ability to operate its assets, potentially leading to reduced volumes of crude oil and natural gas supplied[155] - The company may not be able to significantly increase third-party revenues due to competition and other factors, limiting its growth potential and increasing dependence on Hess[144] - The company faces increased competitive pressure from larger companies with greater resources and idle capacity, which could adversely affect its ability to maintain revenue and cash flow[153] Environmental and Safety Considerations - The company maintains Spill Prevention Control and Countermeasure plans to comply with the Clean Water Act, ensuring operational safety[97] - The company has implemented integrity management programs for pipeline safety, including ongoing assessments and repairs as necessary[106] - The company believes all rail cars in crude oil service meet the current U.S. DOT-117 standard, which could impact compliance costs and demand for services[102] - The company has contracted with spill response service companies, but cannot ensure their availability in all instances, posing risks related to spills and releases[182] - Cyber-attacks and threats could materially adversely affect the company's operations and financial condition, with significant costs for security upgrades anticipated[180] Growth and Acquisition Strategy - The company intends to pursue organic growth opportunities in the Bakken and acquire additional midstream assets from Hess or third parties[33] - The company’s growth strategy relies on the ability to make acquisitions, which may be limited if economically acceptable terms are not available[173] - The company expects to rely primarily on external financing sources, including borrowings and the issuance of debt and equity securities, to fund future acquisitions[174] - Future acquisitions may not be accretive and could lead to decreased distributions due to incorrect assumptions or unforeseen consequences[175] - The completion of capital projects may not result in anticipated revenue increases due to regulatory, environmental, and economic risks[177] Shareholder Rights and Governance - The partnership agreement eliminates the fiduciary duties of the general partner to shareholders, replacing them with contractual standards[218] - Class A shareholders have very limited voting rights and cannot remove the general partner without its consent, as the general partner and its affiliates own approximately 94% of the shares[220] - The partnership agreement restricts shareholders' ability to call meetings or acquire information about operations, limiting their influence on management decisions[222] - The definition of "cause" for removing the general partner is narrowly defined, requiring a court judgment for actual fraud or willful misconduct[220] - The partnership agreement designates the Court of Chancery of the State of Delaware as the exclusive forum for certain shareholder actions, potentially limiting shareholders' ability to choose their judicial forum[213]

Financial Data and Key Metrics Changes - Hess Midstream reported a full year adjusted EBITDA of $749 million for 2020, representing a 36% growth compared to 2019 [34] - For Q4 2020, net income was $132 million, an increase from $116 million in Q3 2020, and adjusted EBITDA was $199 million, up from $182 million in Q3 2020 [35][36] - The company achieved a leverage ratio of 2.6 times adjusted EBITDA, below the target of 3 times [34][40] Business Line Data and Key Metrics Changes - Gas processing volumes averaged 317 million cubic feet per day in Q4 2020, exceeding expectations due to strong performance and increased gathering capacity [17] - Crude terminaling volumes were 132,000 barrels of oil per day, in line with guidance, while water gathering volumes averaged 81,000 barrels of water per day, showing a modest increase [18][19] - The company completed expansions of compressor stations, increasing gas gathering capacity by 70 million cubic feet per day, or approximately 30% over 2019 [12] Market Data and Key Metrics Changes - Bakken production averaged 189,000 barrels of oil equivalent per day in Q4 2020, a 9% increase year-over-year, with full year 2020 production averaging 193,000 barrels of oil equivalent per day [20][21] - The company expects Bakken net production to average approximately 170,000 barrels of oil equivalent per day in 2021 [22] Company Strategy and Development Direction - Hess Midstream's strategy focuses on maintaining safe operations while executing growth projects, including the Tioga Gas Plant expansion, which will double processing capacity to 500 million cubic feet per day [11][31] - The company has a contract structure with 100% fee-based revenues and volume protection through 2033, providing stability and visibility for future growth [17][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the challenging macro environment, highlighting a strong operational performance despite the pandemic [10][34] - The company anticipates a modest decline in Q1 2021 volumes due to seasonal factors but expects adjusted EBITDA to grow approximately 17% in 2021 compared to 2020 [27][47] Other Important Information - The company plans to reduce capital expenditures in 2021 to $160 million, approximately 35% lower than in 2020, focusing on gas compression and system optimization [29] - The company announced a 5% increase in its quarterly distribution, marking the 14th consecutive quarterly increase since its IPO [40] Q&A Session Summary Question: Thoughts on capital allocation and potential acquisition of GOMM assets - Management continues to evaluate Gulf of Mexico assets and is aware of the political climate affecting potential acquisitions [61][62] Question: Consideration of growth opportunities outside Gulf of Mexico - Management is not pursuing corporate acquisitions at this time but is looking for strategic bolt-on opportunities in the Bakken [64][66] Question: Positioning regarding DAPL uncertainty and third-party activity - Management stated that DAPL developments do not significantly impact Hess Midstream, and they are well-positioned to support growth in the Bakken [74][75] Question: Guidance on gas capture opportunities - Management highlighted the successful addition of compression capacity and expects continued growth linked to Hess's development plans [86][90]

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Hess Midstream LP's unaudited consolidated financial statements as of September 30, 2020, show increased total assets and improved Q3 and nine-month revenues and net income, retrospectively adjusted for the Hess Infrastructure Partners LP acquisition [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $103.7 | $95.9 | | **Property, plant and equipment, net** | $3,103.3 | $3,010.1 | | **Total assets** | **$3,371.7** | **$3,277.7** | | **Total current liabilities** | $132.3 | $176.1 | | **Long-term debt** | $1,895.5 | $1,753.5 | | **Total liabilities** | **$2,052.5** | **$1,945.6** | | **Total partners' capital** | $1,319.2 | $1,332.1 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $264.8 | $214.9 | $825.4 | $594.8 | | **Income from operations** | $137.2 | $99.3 | $421.8 | $286.3 | | **Net income** | $115.8 | $87.4 | $352.6 | $242.6 | | **Net income attributable to Hess Midstream LP** | $5.6 | $19.1 | $17.4 | $54.0 | | **Basic EPS (Class A Share)** | $0.31 | N/A | $0.97 | N/A | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $467.2 | $334.4 | | **Net cash used in investing activities** | ($245.9) | ($386.0) | | **Net cash used in financing activities** | ($221.6) | ($50.6) | | **(Decrease) in cash and cash equivalents** | ($0.3) | ($102.2) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company is a fee-based midstream limited partnership with assets primarily in the Bakken shale plays, organized into three segments: gathering, processing and storage, and terminaling and export[31](index=31&type=chunk)[32](index=32&type=chunk) - The acquisition of Hess Infrastructure Partners LP (HIP) in December 2019 was accounted for as a business combination of entities under common control, leading to the retrospective recasting of prior period financial statements to include HIP's results[35](index=35&type=chunk)[47](index=47&type=chunk) - Approximately **100%** of revenues for the three and nine months ended September 30, 2020 and 2019 were attributable to fee-based commercial agreements with Hess Corporation[56](index=56&type=chunk)[82](index=82&type=chunk) Debt Structure as of Sep 30, 2020 (in millions) | Debt Instrument | Amount Outstanding | | :--- | :--- | | 5.625% Senior Notes due 2026 | $800.0 | | 5.125% Senior Notes due 2028 | $550.0 | | Revolving Credit Facility | $178.0 | | Term Loan A Facility | $400.0 | Quarterly Distributions per Share/Unit | Period | Distribution per Share/Unit | | :--- | :--- | | Q3 2020 | $0.4417 | | Q2 2020 | $0.4363 | | Q1 2020 | $0.4310 | | Q4 2019 | $0.4258 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q3 2020 performance to increased throughput and tariff rates, while proactively reducing capital programs and lowering distribution growth targets to **5%** through 2022 in response to the COVID-19 pandemic [Overview and COVID-19 Response](index=21&type=section&id=Overview%20and%20COVID-19%20Response) - The company is advancing its Tioga Gas Plant (TGP) expansion project, which will increase processing capacity by **150 MMcf/d** to a total of **400 MMcf/d**, expected to be available in 2021[98](index=98&type=chunk) - In response to the COVID-19 pandemic and lower oil prices, the company reduced its 2020 expansion capital program by **20%** and its 2021 program by **55%**[105](index=105&type=chunk) - The targeted annualized distribution growth rate per share was lowered from **15%** to **5%**, with this new target extended through 2022 to preserve long-term sustainability[105](index=105&type=chunk) [Third Quarter 2020 Results](index=22&type=section&id=Third%20Quarter%202020%20Results) Q3 2020 Financial Highlights (in millions) | Metric | Q3 2020 | | :--- | :--- | | **Consolidated net income** | $115.8 | | **Net income attributable to Hess Midstream LP** | $5.6 | | **Adjusted EBITDA** | $181.6 | | **Distributable cash flow** | $156.2 | | **Free cash flow** | $115.2 | - Throughput volumes increased year-over-year, with gas processing up **14%** and crude oil terminaling up **8%**, driven by higher Hess production and increased gas capture[109](index=109&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) - **Q3 2020 vs Q3 2019:** Gathering segment revenue increased by **$37.0 million** due to higher volumes and tariff rates; Processing and Storage revenue grew by **$16.2 million**, also from higher volumes and rates; Terminaling and Export revenue decreased by **$3.3 million**, as lower pass-through rail costs offset higher throughput volumes and tariffs[130](index=130&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk) - **Nine Months 2020 vs Nine Months 2019:** Gathering segment revenue increased by **$122.9 million**, and Processing and Storage revenue grew by **$66.0 million**, both driven by higher volumes from Hess production, gas capture, and increased tariff rates; Terminaling and Export revenue rose by **$41.7 million**, primarily due to higher pass-through rail revenues and increased throughput[143](index=143&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk) Throughput Volume Comparison (Q3 2020 vs Q3 2019) | Throughput Metric | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | Gas gathering (MMcf/d) | 316 | 270 | +17.0% | | Crude oil gathering (MBbl/d) | 138 | 119 | +16.0% | | Gas processing (MMcf/d) | 296 | 259 | +14.3% | | Crude oil terminaling (MBbl/d) | 141 | 130 | +8.5% | | Water gathering (MBbl/d) | 78 | 45 | +73.3% | [Capital Resources and Liquidity](index=34&type=section&id=Capital%20Resources%20and%20Liquidity) - Ongoing sources of liquidity include cash from operations, borrowings under the revolving credit facility, and issuance of additional debt or equity securities[162](index=162&type=chunk) Capital Expenditures (in millions) | Capital Expenditure Type | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Expansion | $195.7 | $205.6 | | Maintenance | $6.5 | $3.2 | | **Total** | **$202.2** | **$208.8** | - Capital expenditures in 2020 are primarily related to the expansion of the Tioga Gas Plant[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its debt, with minimal direct commodity price risk due to fee-based agreements with Hess, and no derivative instruments in place as of September 30, 2020 - The company's main market risk exposure is to changes in interest rates; a hypothetical **15%** increase or decrease in interest rates would change the fair value of its fixed-rate debt by approximately **$54.5 million** or **$57.3 million**, respectively[185](index=185&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded the company's disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[186](index=186&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[187](index=187&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, with management assessing a remote likelihood of material adverse impact on financial condition or operations as of September 30, 2020 - As of September 30, 2020, the company did not have material accrued liabilities for legal contingencies[86](index=86&type=chunk)[190](index=190&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Risk factors have not materially changed from the 2019 Annual Report, except for those related to the COVID-19 global pandemic, as detailed in prior quarterly reports - Risk factors have not materially changed from the 2019 Annual Report, except for risks related to the COVID-19 global pandemic[191](index=191&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required CEO and CFO certifications and Inline XBRL documents for financial reporting - The exhibits filed with the report include required CEO and CFO certifications and Inline XBRL data files[194](index=194&type=chunk)

Financial Data and Key Metrics Changes - The company raised its full year 2020 adjusted EBITDA guidance to a range of $725 million to $735 million, representing a 33% growth year-over-year at the midpoint [9][24] - Net income for the third quarter was $116 million, compared to $108 million for the second quarter [28] - Adjusted EBITDA for the third quarter was $182 million, exceeding the top end of guidance by approximately 10% [31] Business Line Data and Key Metrics Changes - Gas processing volumes averaged 296 million cubic feet per day, and crude terminaling volumes were 141,000 barrels of oil per day, both approximately flat compared to the second quarter [11] - Water gathering volumes averaged 78,000 barrels of water per day in the third quarter, an 18% increase compared to the second quarter [11] - The company expects gas gathering volumes to average 315 million to 320 million cubic feet per day for the full year 2020, an increase of 8% at the midpoint compared to previous guidance [15] Market Data and Key Metrics Changes - Hess Corporation's Bakken production averaged 198,000 barrels of oil equivalent per day, a 21% increase from the year-ago quarter [12] - The company anticipates maintaining approximately 75% EBITDA margin for 2020, consistent with historical margins [24] Company Strategy and Development Direction - The company is focused on expanding its strategic footprint in the Bakken while evaluating Gulf of Mexico assets for potential acquisition [41][43] - The capital program for 2020 remains unchanged, with full year expansion capital expected to be $250 million [17] - The company emphasizes a disciplined approach to managing costs and optimizing infrastructure to support growth [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong operational and financial performance despite macro challenges, with a commitment to safety during the pandemic [20] - The company expects another year of double-digit adjusted EBITDA growth in 2021, driven primarily by a rate reset and contractual inflation escalators [26][91] Other Important Information - The company plans to complete the expansion of the Tioga Gas Plant by the end of 2020, which will create significant new opportunities for gas capture growth [20] - Maintenance capital and cash interest are projected to total approximately $100 million for the full year 2020 [25] Q&A Session Summary Question: M&A interest in Gulf of Mexico assets - Management indicated a focus on strategic acquisitions that integrate well into their system, with Gulf of Mexico assets being attractive due to similar contract structures with Hess [41][43] Question: Timing of the Tioga Gas Plant turnaround - Management confirmed that construction will wrap up by the end of the year, with the turnaround planned for 2021, dependent on the COVID-19 situation [45][46] Question: Hess production outlook and rig count - Management expects Hess to maintain production flat with one rig, with a focus on sustaining production levels into 2023 [51][52] Question: Free cash flow and buyback options - Management confirmed the ability to buy back shares from Hess and GIP, while also exploring growth opportunities in Gulf of Mexico and Bakken [61][63] Question: Gas capture and processing volumes - Management noted significant improvements in gas capture due to infrastructure investments, with expectations for continued optimization and increased volumes [80][84]

Hess Midstream Investor Relations Presentation August 2020 Disclaimer Forward-Looking Statements This presentation 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 ma ...

Financial Performance - Total revenues for the three months ended June 30, 2020, increased to $269.8 million, up 42% from $190.3 million in the same period of 2019[13] - Net income for the three months ended June 30, 2020, was $107.8 million, compared to $74.4 million for the same period in 2019, representing a 45% increase[16] - Net income for the six months ended June 30, 2020, was $236.8 million, compared to $155.2 million for the same period in 2019, representing a 52.5% increase[28] - Adjusted EBITDA for the three months ended June 30, 2020, was $172.8 million, compared to $126.6 million for the same period in 2019, reflecting a 37% increase[86] - Adjusted EBITDA for the six months ended June 30, 2020, was $368.1 million, up from $256.0 million in the prior year, reflecting a 43.8% increase[88] Expenses and Liabilities - Operating and maintenance expenses for the three months ended June 30, 2020, were $95.0 million, an increase of 64% from $57.9 million in the prior year[13] - Total current liabilities decreased to $157.8 million as of June 30, 2020, from $176.1 million at the end of 2019, a reduction of 10%[10] - Long-term debt increased to $1,822.7 million as of June 30, 2020, compared to $1,753.5 million at the end of 2019, reflecting a 4% rise[10] - Interest expense increased by $16.3 million in the first six months of 2020, primarily due to the issuance of $550 million in fixed-rate senior notes[147] Cash Flow and Investments - Cash flows from operating activities for the six months ended June 30, 2020, were $317.6 million, up from $251.0 million in 2019, indicating a 26.4% increase[28] - The company reported a net cash used in investing activities of $147.0 million for the six months ended June 30, 2020, compared to $301.3 million in 2019[28] - Cash flows provided by operating activities increased by $66.6 million in the first half of 2020 compared to the same period in 2019, driven by a $180.7 million increase in revenues[168] - Cash flows used in investing activities decreased by $154.3 million in the first half of 2020, primarily due to lower acquisition costs compared to the previous year[169] Shareholder Distributions - The company declared distributions of $0.4310 per share for the three months ended June 30, 2020, compared to $0.4258 per share in the previous quarter[20] - Distributions to shareholders/unitholders decreased to $15.5 million in 2020 from $41.2 million in 2019, a reduction of 62.4%[28] - The company declared a quarterly cash distribution of $0.4363 per Class A share, to be paid on August 14, 2020[160] Operational Highlights - The company operates primarily in the Bakken and Three Forks shale plays in North Dakota, focusing on gathering, processing and storage, and terminaling and export segments[31] - Gas gathering throughput volumes for the three months ended June 30, 2020, were 307 MMcf/d, up from 258 MMcf/d in the same period of 2019, representing an increase of approximately 19%[124][126] - Crude oil gathering throughput volumes for the three months ended June 30, 2020, were 141 MBbl/d, unchanged from the same period in 2019[124][126] - The company is pursuing strategic relationships with third-party producers and midstream companies to maximize utilization rates in the Bakken region[111] COVID-19 Impact - The COVID-19 pandemic has significantly impacted demand for oil and natural gas, leading to price volatility and potential long-term effects on operating results[188] - The company has implemented various health and safety measures in response to COVID-19, which may affect operational efficiency and workforce availability[187] - Forward-looking statements regarding future financial and operational results are subject to risks and uncertainties, including those related to the COVID-19 pandemic and market conditions[175] Acquisitions and Capital Expenditures - The company completed the acquisition of Hess Infrastructure Partners LP on December 16, 2019, which was accounted for as a business combination[32] - The company made no acquisitions from third parties in 2020, compared to $89.2 million in 2019[28] - Capital expenditures for the three months ended June 30, 2020, were $78.8 million, compared to $69.2 million in 2019, an increase of 14%[86] - Total capital expenditures for the first half of 2020 amounted to $135.8 million, compared to $96.6 million in the first half of 2019[172]

Hess Midstream LP (NYSE:HESM) Q2 2020 Earnings Conference Call July 29, 2020 12:00 PM ET Company Participants Jennifer Gordon - Director, IR John Gatling - President & COO, Hess Midstream GP LLC Jonathan Stein - CFO, Hess Midstream GP LLC Conference Call Participants Vinay Chitteti - JPMorgan Chase & Co. Spiro Dounis - Crédit Suisse Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2020 Hess Midstream Conference Call. My name is Andrew, and I will be your operator for today. [Operat ...

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, 2020 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 ...