Exhibit 99.1 HESS MIDSTREAM LP HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2024 Second Quarter 2024 Highlights: • Throughput volumes increased 17% for gas processing, 17% for oil terminaling and 43% for water gathering compared with the prior-year quarter, primarily due to higher production, higher gas capture and higher system utilization. • Net income was $160.3 million. Net cash provided by operating activities was $271.6 million. • Net income attributable to Hess Midstream LP w ...

Financial Performance - Total revenues for Q1 2024 increased to $355.6 million, up 16.5% from $305.0 million in Q1 2023[15] - Net income attributable to Hess Midstream LP for Q1 2024 was $44.6 million, a significant increase of 115.9% compared to $20.7 million in Q1 2023[15] - Basic earnings per Class A share rose to $0.60 in Q1 2024, compared to $0.47 in Q1 2023, reflecting a 27.7% increase[15] - Consolidated net income for Q1 2024 was $161.9 million, an increase of $19.7 million compared to Q1 2023[92] - Adjusted EBITDA for Q1 2024 was $275.8 million, up $36.8 million from $239.0 million in Q1 2023[95] - Revenues and other income in Q1 2024 were $355.6 million, a $50.6 million increase from $305.0 million in the prior-year quarter[95] - Net income for Q1 2024 was $161.9 million, up from $142.2 million in Q1 2023, representing a growth of approximately 13%[139] - Adjusted EBITDA for Q1 2024 was $275.8 million, compared to $239.0 million in Q1 2023, reflecting an increase of about 15.3%[139] Assets and Liabilities - Total assets as of March 31, 2024, were $3,862.8 million, up from $3,789.5 million at the end of 2023, representing a 1.9% increase[11] - Total liabilities increased to $3,481.1 million as of March 31, 2024, compared to $3,426.3 million at December 31, 2023, marking a 1.6% rise[11] - Cash and cash equivalents decreased to $4.2 million at the end of Q1 2024 from $5.4 million at the end of 2023, a decline of 22.2%[11] - As of March 31, 2024, total debt had a carrying value of $3,325.4 million and a fair value of approximately $3,249.1 million[62] - As of March 31, 2024, total accrued liabilities decreased to $86.1 million from $105.9 million as of December 31, 2023, with accrued interest at $29.3 million and accrued capital expenditures at $27.7 million[5] Cash Flow and Expenses - Net cash provided by operating activities was $185.3 million in Q1 2024, slightly down from $198.7 million in Q1 2023[22] - Operating and maintenance expenses for Q1 2024 were $78.1 million, up 25% from $62.5 million in Q1 2023[15] - Interest expense for Q1 2024 was $48.5 million, an increase from $41.6 million in Q1 2023[95] - Net cash provided by operating activities decreased by $13.4 million in Q1 2024 compared to the same period in 2023, primarily due to increased working capital usage[152] - Total capital expenditures for Q1 2024 were $35.2 million, down from $57.3 million in Q1 2023, indicating a decrease of approximately 38.6%[155] Revenue Sources - Approximately 98% of revenues for the three months ended March 31, 2024, were attributable to fee-based commercial agreements with Hess[45] - Revenues from processing and storage increased by $24.7 million in Q1 2024, driven by higher gas processing volumes and tariff rates[124] - Terminaling and export revenues rose by $2.5 million in Q1 2024, attributed to higher crude oil terminaling volumes[126] - Approximately 98% of accounts receivable from contracts with customers as of March 31, 2024, were attributable to Hess and its affiliates, consistent with the previous year[68] Shareholder Activities - Class B unit repurchase totaled $100.0 million in Q1 2024, consistent with the previous year[22] - On March 11, 2024, the Partnership repurchased 2,816,901 Class B Units for approximately $100.0 million, at a price of $35.50 per unit[34] - The Company declared a distribution of $0.6516 per Class A share for the first quarter of 2024, an increase from $0.6343 in the fourth quarter of 2023[63] - The company declared a quarterly cash distribution of $0.6516 per Class A Share, to be paid on May 14, 2024[144] Growth and Future Strategies - The company aims to optimize existing assets and expand throughput volumes through new interconnections with third-party pipelines[112] - Future growth strategies include capturing incremental throughput volumes and executing expansion projects to enhance operational capacity[112] - Capital expenditures in 2024 are focused on expanding compression capacity and gas capture capabilities, with new compressor stations expected to be operational in 2025[157] - The company expects all volumes to be above currently established minimum volume commitment levels in 2024, 2025, and 2026[134] Risks and Compliance - The company’s ability to generate sufficient cash flow to meet distribution levels is a key concern[28] - The company is exposed to market risks related to changes in interest rates, which have not materially changed from previous disclosures[167] - The company faces potential disruptions due to catastrophic events, including severe weather and cyber-attacks[28] - The company must comply with government regulations, which may require capital expenditures to maintain compliance[28] - There are risks associated with Hess' proposed merger with Chevron, including potential delays in regulatory approvals and integration challenges[179] - The anticipated benefits and synergies from the Chevron merger may not be realized within the expected timeframe[179]

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 ...