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, 2024 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) DELAWARE 84-3211812 (State or other jurisdiction of incorporation or ...

Financial Performance - Net income for Q1 2024 was $161.9 million, compared to $142.2 million in Q1 2023, with net income attributable to Hess Midstream LP at $44.6 million, or $0.60 basic earnings per Class A share[2][5] - Adjusted EBITDA for Q1 2024 was $275.8 million, and Adjusted Free Cash Flow was $194.2 million[2][5] - Revenues and other income in Q1 2024 were $355.6 million, up $50.6 million from the prior-year quarter, primarily due to higher physical volumes[6] - Total revenues for Q1 2024 increased to $355.6 million, up from $305.0 million in Q1 2023, driven by growth in affiliate services[29] - Net income attributable to Hess Midstream LP for Q1 2024 was $44.6 million, compared to $20.7 million in Q1 2023[29] - Income from operations for Q1 2024 was $222.0 million, up from $188.7 million in Q1 2023[29] - Net income attributable to noncontrolling interest for Q1 2024 was $117.3 million, down from $121.5 million in Q1 2023[29] - Total revenues for Q4 2023 were $356.5 million, with affiliate services contributing $351.5 million and third-party services contributing $4.3 million[35] - Net income attributable to Hess Midstream LP for Q4 2023 was $37.5 million, with a significant loss of $26.9 million in the interest and other segment[35] Throughput Volumes - Throughput volumes increased by 16% for gas processing, 13% for oil terminaling, and 47% for water gathering compared to the prior-year quarter[5] - Water gathering volumes increased 47% in Q1 2024, reflecting higher crude oil production and increased utilization of infrastructure[9] - Gas gathering throughput is expected to be 415-425 MMcf per day, and crude oil gathering is expected to be 105-115 MBbl per day for 2024[13] - Gas gathering throughput in Q4 2023 was 403 Mcf of natural gas per day, slightly higher than the 347 Mcf in Q1 2023[37] - Crude oil gathering throughput in Q4 2023 was 108 bopd, compared to 93 bopd in Q1 2023[37] - Gas processing throughput in Q4 2023 was 387 Mcf of natural gas per day, up from 338 Mcf in Q1 2023[37] - Crude terminals throughput in Q4 2023 was 120 bopd, compared to 104 bopd in Q1 2023[37] - NGL loading throughput in Q4 2023 was 16 blpd, significantly higher than the 9 blpd in Q1 2023[37] - Water gathering throughput in Q4 2023 was 113 blpd, up from 79 blpd in Q1 2023[37] Capital Expenditures and Cash Flow - Capital expenditures for Q1 2024 totaled $35.2 million, primarily for gas compression capacity expansion, down from $57.3 million in the prior-year quarter[10] - Quarterly cash distribution increased to $0.6516 per Class A share for Q1 2024, a 2.7% increase compared to Q4 2023[12] - Hess Midstream completed a $100 million repurchase of Class B units of Hess Midstream Operations LP in March 2024[5] Guidance and Forecast - Hess Midstream reaffirmed its full-year 2024 guidance, targeting net income of $670-$720 million and Adjusted EBITDA of $1,125-$1,175 million[13] Revenue Breakdown - Affiliate services revenue in Q1 2024 was $349.4 million, up from $303.4 million in Q1 2023, reflecting strong performance in gathering, processing, and terminaling[29][32] - Gathering segment revenue for Q1 2024 was $186.6 million, up from $164.4 million in Q1 2023[32] Expenses - Operating and maintenance expenses for Q1 2024 increased to $78.1 million, compared to $62.5 million in Q1 2023[29] - Depreciation expense for Q1 2024 was $49.8 million, slightly higher than $47.4 million in Q1 2023[29] - Interest expense, net for Q1 2024 was $48.5 million, compared to $41.6 million in Q1 2023[29] - Operating and maintenance expenses for Q4 2023 totaled $88.0 million, with depreciation expense at $50.4 million[35] Equity Investments - Income from equity investments in Q4 2023 was $2.4 million, primarily from the terminaling and export segment[35] Share Information - Weighted average Class A shares outstanding (basic) for Q1 2024 increased to 75.1 million, up from 44.0 million in Q1 2023[29]

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors (the “Sponsors”). The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream’s general part ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), announced the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on February 29, 2024. A copy of the annual report is available on Hess Midstream’s website, www.hessmidstream.com, by selecting “Investors” and then “SEC Filings.” Shareholders may request printed copies of our annual report on Form 10-K, which includes Hess Midstream’s complete audited fin ...

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, 2023 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 no Hess Midstream LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the pricing of the previously announced underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”), resulting in gross proceeds of $331 million, exclusive of any proceeds that may be received in connection with the exercise of the underwriter’s option to purchase additional shares. The Sel ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”). The Selling Shareholder intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional Class A shares. HESM will not receive any proceeds from the sale of Class A shares in the offe ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided financial and operational guidance and expectations. “ We continue to execute our strategy of making focused investments to capture increasing volumes in the Bakken,” said John Gatling, President and Chief Operating Officer of Hess Midstream. " Our 2026 minimum volume commitments imply substantial growth from 2023 levels, underpinned by Hess’ planned development activity and our continued focus on gas capture. This g ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $37.5 million, or $0.55 basic earnings per Class A share compared with $0.49 basic earnings per Class A share in the fourth quarter of 2022. Hess Midstream generated Adjusted EBITDA of $264.1 million. Net ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.6343 per Class A share for the quarter ended December 31, 2023. The distribution represents an approximate 2.7% increase in the quarterly distribution per Class A share for the fourth quarter of 2023 as compared to the third quarter of 2023. This increase consists of an approximate 1.5% increase in Hess Midstream’s distri ...