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]

Hess Midstream Investor Relations Presentation January 2020 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding Hess Midstream LP ("HESM" or "Hess Midstream"). These forward-looking statements relate to, among other things, the business and operations of HESM and its subsidiaries and include expectations, estimates and projections concerning the business and operations, financial priorities and strategic plans of ...

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 ...

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