UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10‑K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR Houston, TX (Address of principal executive of ices) (Registrant's telephone number, including area code, is (713) 496-4200) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | C ...

Financial Data and Key Metrics Changes - For Q4 2019, net income was $75 million, down from $87 million in Q3 2019, impacted by $26 million in acquisition costs related to HIP [26] - Adjusted EBITDA for Q4 2019 was $158 million, a 16% increase from Q3 2019, driven by a more than 15% increase in total revenues [27] - Full year 2020 guidance expects net income to range from $440 million to $480 million, and adjusted EBITDA to be between $710 million and $750 million, representing a 32% increase over 2019 [34] Business Line Data and Key Metrics Changes - Gas processing volumes averaged 308 million cubic feet per day in Q4 2019, a 20% increase from Q3 2019 and a 30% increase from Q2 2019 [10] - Crude terminaling volumes in Q4 2019 were 148,000 barrels per day, a 14% increase from Q3 2019, driven by Hess production [11] - Water gathering volumes in Q4 2019 were 50,000 barrels per day, an 11% increase from Q3 2019, reflecting Hess' growing production [11] Market Data and Key Metrics Changes - Hess reported Q4 2019 production from the Bakken of 174,000 barrels of oil equivalent per day, a 38% increase year-over-year [12] - Full year 2020 Bakken net production is forecasted to average approximately 180,000 barrels of oil per day, an 18% increase over 2019 [12] Company Strategy and Development Direction - Hess Midstream aims for significant adjusted EBITDA growth and increasing free cash flow generation, with a focus on executing its strategy and leveraging its new structure [20][37] - The company plans to invest approximately $335 million in capital expenditures for 2020, with a focus on gas processing and infrastructure expansion [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 15% annualized distribution growth through 2021, with a commitment to maintaining a conservative leverage ratio [24][34] - The anticipated maintenance turnaround at TGP in Q3 2020 is expected to impact volumes and revenues, but has been incorporated into the 2020 guidance [33] Other Important Information - The acquisition of Hess Infrastructure Partners was completed in December 2019, eliminating IDR payments and converting to an Up-C corporate structure [7] - The company expects to maintain a distribution coverage of approximately 1.2 times in 2020, with a focus on organic growth and financial metrics [32][43] Q&A Session Summary Question: Can you provide insight on the ongoing CapEx for 2020 and beyond? - Management indicated that ongoing capital expenditures will be lower as expansion projects ramp down, with a historical range of approximately $135 million expected [40] Question: What is the expected CapEx for TGP in 2021? - Management stated that a significant portion of the TGP expansion will be completed in 2020, with some residual spending expected in 2021 [41] Question: How will distribution growth be managed post-2021? - Management emphasized that distribution growth will align with organic growth and financial targets, maintaining a disciplined approach [42][43] Question: What is the expected ramp-up of gas gathering and processing volumes post-turnaround? - Management expects a natural ramp-up of volumes post-turnaround, with available gas already in the system [45] Question: Can you break down the EBITDA growth drivers for 2020? - Management noted that approximately two-thirds of the expected EBITDA growth is from volume growth, with the remainder from increased tariff rates [51]

Financial Performance and Growth - Hess Midstream has an ~$8 billion enterprise value midstream platform[4] - The company targets 15% DPS growth through 2021 with 1.2x coverage[8] - The company anticipates ~25% Adjusted EBITDA growth from 2019 to 2021[14, 40] - The company projects ~5x increase in free cash flow generation from 2019 to 2021[14, 41] - The company expects 2020 Adjusted EBITDA to be in the range of $710 million to $750 million[46, 53] Operational Highlights and Capital Allocation - Hess expects Bakken net production to grow to ~200 MBoe/d by 2021[19] - The company plans to expand processing capacity from 350 MMcf/d to 500 MMcf/d by mid-2021[30, 31] - The company's 2020 capital program is $350 million[31, 32] Commercial Contracts and Structure - The company operates with 100% fee-based contracts to minimize commodity price exposure[33] - The company utilizes minimum volume commitments (MVCs) to provide downside protection[34] - The company's structure is a 1099 security with broader investor appeal[12, 57]

Hess Midstream Partners LP (NYSE:HESM) Q3 2019 Earnings Conference Call October 30, 2019 12:00 PM ET Company Participants Jennifer Gordon - Director of IR John Gatling - COO Jonathan Stein - CFO Conference Call Participants Phil Stewart - Scotia Howard Weil Operator Good day, ladies and gentlemen, and welcome to the Third Quarter 2019 Hess Midstream Partners Conference Call. My name is Latif and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for r ...

Hess Midstream Partners LP (NYSE:HESM) Q2 2019 Results Conference Call July 31, 2019 12:00 PM ET Company Participants Jennifer Gordon – Director of Investor Relations John Gatling – Chief Operating Officer Jonathan Stein – Chief Financial Officer Conference Call Participants Jeremy Tonet – JPMorgan Spiro Dounis – Credit Suisse Mirek Zak – Citigroup Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2019 Hess Midstream Partners Conference Call. My name is Kevin, and I will be your ope ...

Financial Data and Key Metrics Changes - For Q1 2019, consolidated net income was $95 million, up from $92 million in Q4 2018 [30] - Consolidated adjusted EBITDA for Q1 2019 was $128 million, compared to $124 million in Q4 2018 [31] - Distributable cash flow (DCF) was $24.7 million for Q1 2019, covering the distribution by 1.3 times [33] Business Line Data and Key Metrics Changes - Gas processing volumes were 237 million cubic feet per day, while crude terminaling volumes were 122,000 barrels of oil per day, remaining flat compared to Q4 2018 [10] - Gas gathering volumes are forecasted to be between 280 million and 290 million cubic feet per day for the full year 2019 [23] - Crude gathering volumes are expected to be between 105,000 and 115,000 barrels of oil per day for 2019 [24] Market Data and Key Metrics Changes - Hess reported Q1 2019 production from the Bakken of 130,000 barrels of oil equivalent per day, a 17% increase year-over-year [13] - Hess plans to grow production to approximately 200,000 barrels of oil equivalent per day by 2021, representing a 20% compound annual growth rate [14] Company Strategy and Development Direction - The company completed the acquisition of Summit Midstream's Tioga oil and gas gathering assets and announced a 150 million cubic feet per day expansion of the Tioga Gas Plant [8][9] - The capital program focuses on expanding gas compression capacity and completing the LM4 gas plant [15] - The company aims to maintain a 6-rig program through 2020 to support production growth [14] Management's Comments on Operating Environment and Future Outlook - Management anticipates increasing gas processing volumes after the start-up of LM4, reaffirming expectations for throughput growth and financial guidance for 2019 [12] - The company sees good visibility toward volume demand through the current nomination process, particularly for 2021 [48] - Management expressed confidence in achieving growth and financial targets while primarily self-funding both distribution and expansion capital programs [44] Other Important Information - The company expects consolidated capital expenditures for 2019 to be between $275 million and $300 million, with a focus on expansion activities [16] - The company finished Q1 2019 with a $300 million credit facility remaining substantially undrawn, indicating strong financial health [34] Q&A Session Summary Question: Expansion decision for Tioga Gas Plant - Management explained that the expansion was part of the long-term growth strategy to support both Hess and third-party producers, with good visibility toward volume demand [48][49] Question: Guidance and LM4 start-up delay - Management indicated that the gradual ramp in volumes was planned, and they expect certainty around the ramp-up of volumes in the second half of the year [51][53] Question: Water infrastructure development post-Summit transaction - Management noted that the water assets provide additional growth opportunities and are expected to be attractive for future drop-down into Hess Midstream Partners [57][59] Question: Impact of Tioga expansion on NGL loading volumes - Management stated that NGL volumes would be proportionate to the amount of gas processed, and the expansion supports the plant's capacity [63] Question: Processing plant expansions and underlying volumes - Management confirmed that they have capacity to meet Hess's growing demand and emphasized the strategic importance of the Tioga Gas Plant for processing in the northern basin [71][75]

Hess Midstream Partners LP (NYSE:HESM) Q4 2018 Results Conference Call January 30, 2019 12:00 PM ET Company Participants Jennifer Gordon - Director, IR John Gatling - COO Jonathan Stein - CFO Conference Call Participants Barrett Blaschke - MUFG Securities Rahul Krotthapalli - JP Morgan Mirek Zak - Citigroup Operator Good day ladies and gentlemen and welcome to the Fourth Quarter 2018, Hess Midstream Partners Conference Call. My name is Brian and I will be your operator for today. At this time, all participa ...