Hess Midstream LP (NYSE:HESM) Q2 2021 Earnings Conference Call July 28, 2021 11:00 AM ET Company Participants Jennifer Gordon - Vice President, Investor Relations John Gatling - President and Chief Operating Officer Jonathan Stein - Chief Financial Officer Conference Call Participants Jeremy Tonet - JPMorgan Praneeth Satish - Wells Fargo Doug Irwin - Credit Suisse Alonso Guerra-Garcia - Scotiabank Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2021 Hess Midstream Conference Call. ...

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, ...

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, 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) 15 ...

Hess Midstream LP (NYSE:HESM) Q4 2020 Results Earnings Conference Call January 27, 2021 12:00 PM ET Company Participants Jennifer Gordon - Vice President, Investor Relations John Gatling - President and COO Jonathan Stein - Chief Financial Officer Conference Call Participants Brian Reynolds - UBS Vinay Chitteti - JPMorgan Doug Irwin - Credit Suisse Operator Good day, ladies and gentlemen. And welcome to the Fourth Quarter 2020 Hess Midstream Conference Call. My name is Sarah, and I’ll be your operator today ...

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 ...

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 June 30, 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. ...

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 ...