Financial Performance - Total revenues for the three months ended June 30, 2022, increased to $313.4 million, up 6.0% from $294.8 million in the same period of 2021[15] - Net income attributable to Hess Midstream LP for the three months ended June 30, 2022, was $22.0 million, a 100.0% increase from $11.0 million in the same period of 2021[15] - Total revenues for the six months ended June 30, 2022, reached $625.8 million, an increase of 7.5% from $583.6 million in the same period of 2021[46] - Consolidated net income for Q2 2022 was $151.8 million, with net income attributable to Hess Midstream LP at $22.0 million, or $0.51 per Class A share[102] - Net income attributable to Hess Midstream LP for the six months ended June 30, 2022, was $38.9 million, compared to $30.6 million in the same period of 2021[134] Revenue Sources - For the three months ended June 30, 2022, total revenues from contracts with customers were $313.0 million, an increase of 6.4% compared to $294.8 million for the same period in 2021[46] - Oil and gas gathering services generated $148.4 million in revenue for the three months ended June 30, 2022, up from $133.4 million in 2021, reflecting a year-over-year increase of 11.5%[46] - Processing and storage services revenue increased to $116.5 million for the three months ended June 30, 2022, compared to $105.3 million in 2021, representing a growth of 10.4%[46] - The company recognized a total of $57.7 million in MVC shortfall fees for the three months ended June 30, 2022, significantly higher than $18.7 million in the same period of 2021[46] Expenses and Costs - Operating and maintenance expenses for the six months ended June 30, 2022, were $134.3 million, compared to $123.4 million for the same period in 2021, reflecting an increase of 8.0%[15] - Total costs and expenses in Q2 2022 were $118.1 million, an increase from $109.2 million in Q2 2021, primarily due to higher depreciation and operating expenses[99] - Interest expense increased by $14.5 million in Q2 2022, primarily due to the issuance of $750.0 million and $400.0 million fixed-rate senior notes[99] Cash Flow and Investments - Cash flows from operating activities for the six months ended June 30, 2022, were $403.8 million, compared to $390.0 million for the same period in 2021, indicating a growth of 3.8%[22] - Net cash used in investing activities for the six months ended June 30, 2022, was $(110.7) million, compared to $(52.7) million for the same period in 2021[22] - Capital expenditures for the six months ended June 30, 2022, totaled $108.8 million, compared to $69.5 million for the same period in 2021, indicating a 56.5% increase[81] Debt and Financing - Long-term debt increased to $2,937.4 million as of June 30, 2022, up 15.5% from $2,543.5 million as of December 31, 2021[12] - The Partnership issued $400.0 million of 5.500% fixed-rate senior unsecured notes due 2030 on April 8, 2022, to repay borrowings under its revolving credit facility[55] - As of June 30, 2022, the Partnership had total debt with a carrying value of $2,937.4 million, with a fair value of approximately $2,691.7 million[65] Shareholder Returns - The distribution per Class A share for the second quarter of 2022 was $0.5559, an increase from $0.5042 in the second quarter of 2021[66] - A quarterly cash distribution of $0.5559 per Class A share was declared for the quarter ended June 30, 2022, marking a 1.2% increase from the previous quarter[85] Operational Updates - The company has long-term fee-based agreements with Hess, with minimum volume commitments set at 80% of Hess' nominations over a three-year rolling basis[37] - The new compressor stations are expected to provide an additional 85 MMcf/d of installed capacity in 2022, with future expansion potential up to 130 MMcf/d[93] - The company is focused on expanding its infrastructure to support growing production in the Bakken region, which is expected to drive future revenue growth[192] Market and Strategic Outlook - The management provided guidance for the upcoming quarter, projecting a revenue increase of approximately 10% year-over-year[195] - The company is exploring strategic partnerships and potential acquisitions to further enhance its market position and service offerings[193] - Hess Midstream LP's leadership reiterated confidence in the long-term growth prospects of the midstream sector, driven by increasing energy demand[195]

Hess Midstream LP (NYSE:HESM) Q2 2022 Earnings Conference Call July 27, 2022 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 Stephen McGee - JPMorgan Chase & Co. Douglas Irwin - Crédit Suisse Praneeth Satish - Wells Fargo Securities Michael Lapides - Goldman Sachs Group Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2022 Hess Midstream Con ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 or Commission File Number 001-39163 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Washington, D.C. 20549 Form 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1501 McKinney Street 77010 Houston, TX ...

Hess Midstream LP (NYSE:HESM) Q1 2022 Earnings Conference Call April 27, 2022 12:00 PM ET Company Participants Jennifer Gordon - VP, IR John Gatling - President & COO Jonathan Stein - CFO Conference Call Participants Doug Irwin - Credit Suisse Michael Lapides - Goldman Sachs Dan Walk - J.P. Morgan Operator Good day, ladies and gentlemen, and welcome to the First Quarter 2022 Hess Midstream Conference Call. My name is Livya and I will be your operator for today. At this time, all participants are in a listen ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A shares representing limited partner interests | HESM ...

Financial Data and Key Metrics Changes - Full year adjusted EBITDA for 2021 was $909 million, a 21% increase compared to 2020 and 4% above the midpoint of the original 2021 guidance [10][24] - Fourth quarter net income was $165 million, compared to $131 million for the third quarter, and adjusted EBITDA for the fourth quarter was $247 million, compared to $205 million for the third quarter [27] - For 2022, adjusted EBITDA is projected to be in the range of $970 million to $1 billion, representing an approximate 8% increase at the midpoint compared to 2021 [39] Business Line Data and Key Metrics Changes - Gas processing volumes averaged 330 million cubic feet per day in Q4 2021, with crude terminaling and water gathering volumes averaging 113,000 barrels of oil per day and 72,000 barrels of water per day respectively [12] - For 2022, gas processing volumes are expected to average between 330 million and 345 million cubic feet per day, an 11% growth compared to 2021 [15] - Crude terminaling volumes for 2022 are anticipated to average between 110,000 and 115,000 barrels of oil per day, while water gathering volumes are expected to average between 70,000 and 75,000 barrels of water per day [16] Market Data and Key Metrics Changes - Bakken net production averaged 159,000 barrels of oil equivalent per day in Q4 2021, reflecting increased drilling activity and strong development performance [13] - For 2022, Bakken net production is forecasted to average between 165,000 and 170,000 barrels of oil equivalent per day, a 6% to 9% increase over 2021 [14] Company Strategy and Development Direction - The company is focused on low-risk system expansion to capture volume growth through mid-decade, with gas gathering and processing expected to comprise approximately 75% of revenues [11] - The capital program for 2022 includes $235 million in expenditures, with $225 million allocated for expansion activities [18] - The company aims to maintain a disciplined capital allocation strategy while prioritizing returns to shareholders through increased distributions and share repurchases [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational infrastructure and commercial execution to capture increasing gas volume growth, expecting volumes to rise above minimum volume commitments (MVCs) in 2023 [11] - The company reiterated its commitment to sustainability, endorsing the World Bank's zero routine flaring initiative by 2030 and setting targets to eliminate routine flaring by the end of 2025 [14] Other Important Information - The company completed its nomination process with Hess, updating tariff rates for 2022 and ensuring downside protection through 2033 [32] - The company expects to have significant financial flexibility for potential incremental returns of capital beyond targeted distributions, with leverage projected to decline to approximately 2.6x adjusted EBITDA in 2022 [39] Q&A Session Summary Question: Guidance for 2022 and factors affecting it - Management explained that Q1 EBITDA guidance is influenced by lower volumes due to weather and slightly lower MVCs, with expectations for increasing revenue throughout the year [44] Question: Capital expenditures related to compression projects - The majority of the $135 million capital expenditure is for the completion of two compressor stations, with some pre-construction spending for a third station [46] Question: Opportunities in the Gulf of Mexico - Management indicated that Gulf of Mexico transactions are not an immediate priority, focusing instead on supporting Hess's development in the Bakken [51] Question: Capital spending for 2023 and 2024 - Management confirmed that infrastructure is in place to support 2024 volume projections, with no significant increases in capital spending expected [60]

Financial Performance - Total revenues for the three months ended September 30, 2021, were $303.9 million, an increase of 14.5% compared to $264.8 million for the same period in 2020[13]. - Net income for the three months ended September 30, 2021, was $131.1 million, up 13.5% from $115.8 million in the same period of 2020[17]. - Net income attributable to Hess Midstream LP for the three months ended September 30, 2021, was $9.9 million, representing a 76.8% increase from $5.6 million in the prior year[13]. - Basic earnings per Class A share for the three months ended September 30, 2021, were $0.39, compared to $0.31 for the same period in 2020, reflecting a 25.8% increase[13]. - Net income for the nine months ended September 30, 2021, was $452.7 million, an increase of 28.4% compared to $352.6 million in 2020[21]. - Total revenues for the nine months ended September 30, 2021, reached $887.5 million, compared to $825.1 million for the same period in 2020, reflecting a 7.6% growth[43]. - Revenues and other income for the nine months ended September 30, 2021, totaled $887.5 million, compared to $825.4 million in 2020, a 7.5% increase[77]. - Distributable cash flow for the three months ended September 30, 2021, was $171.5 million, a 9.6% increase from $156.2 million in the same period of 2020[148]. Assets and Liabilities - Total current assets increased to $151.5 million as of September 30, 2021, from $101.4 million as of December 31, 2020, marking a 49.4% growth[11]. - Long-term debt rose to $2,595.1 million as of September 30, 2021, compared to $1,900.1 million as of December 31, 2020, indicating a 36.7% increase[11]. - Total liabilities increased to $2,786.7 million as of September 30, 2021, from $2,048.5 million as of December 31, 2020, a rise of 36.0%[11]. - Total assets as of September 30, 2021, were $3,455.8 million, an increase from $3,374.5 million as of December 31, 2020[78]. - As of September 30, 2021, total debt was $2,612.6 million with a fair value of approximately $2,707.5 million[62]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $572.0 million from $467.2 million, reflecting a growth of 22.4% year-over-year[21]. - Cash flows from investing activities showed a net outflow of $120.0 million, a decrease from $245.9 million in the previous year, indicating reduced capital expenditures[21]. - Capital expenditures for the nine months ended September 30, 2021, were $128.6 million, compared to $202.2 million in 2020, a decrease of 36.3%[77]. - Expansion capital expenditures for the nine months ended September 30, 2021, were $119.0 million, down 39.1% from $195.7 million in the same period of 2020[168]. Revenue Sources - Approximately 100% of the company's revenues for the nine months ended September 30, 2021, were attributable to fee-based commercial agreements with Hess[41]. - The company has long-term fee-based agreements with Hess, with minimum volume commitments set at 80% of Hess' nominations[37]. - Total revenues from contracts with customers for Q3 2021 were $303.9 million, a 14.0% increase from $264.7 million in Q3 2020[43]. - Oil and gas gathering services revenue increased to $135.3 million in Q3 2021 from $118.7 million in Q3 2020, representing a 14.0% growth[43]. - Processing and storage services revenue rose to $111.1 million in Q3 2021, up from $90.1 million in Q3 2020, marking a 23.3% increase[43]. Expenses - Operating and maintenance expenses for the three months ended September 30, 2021, were $98.1 million, up from $83.9 million in the same period of 2020, a 16.5% increase[13]. - Total costs and expenses in Q3 2021 were $144.7 million, up from $127.6 million in Q3 2020, driven by higher operating and maintenance expenses[97]. - Interest expense increased by $4.8 million in Q3 2021, primarily due to the issuance of $750.0 million in fixed-rate senior notes[127]. - General and administrative expenses rose by $1.1 million in Q3 2021, mainly due to higher professional fees[127]. Debt and Financing - The partnership issued $750.0 million in fixed-rate senior notes at 4.250% due 2030 on August 5, 2021[52]. - The company completed a Class B unit repurchase transaction for $750.0 million, funded through the issuance of senior unsecured notes[33]. - The company maintained a total debt to EBITDA ratio of not greater than 5.00 to 1.00 as of September 30, 2021, in compliance with debt covenants[61]. - The company declared a distribution of $0.5104 per Class A share for Q3 2021, an increase from $0.4417 in Q3 2020[63]. Market and Operational Risks - The company highlighted risks related to the COVID-19 pandemic affecting operations and cash flow generation[33]. - The company emphasized the importance of compliance with government regulations and the potential impact of environmental legislation on operations[33]. - The company is exposed to market risks related to changes in interest rates, which may impact financial performance[175]. - Legal proceedings and risk factors that could materially affect the business are detailed in the Annual Report on Form 10-K[181].

Financial Data and Key Metrics Changes - For Q3 2021, net income was $131 million, down from $162 million in Q2 2021. Adjusted EBITDA for Q3 was $205 million, compared to $230 million in Q2 2021, primarily due to lower gas processing revenue and higher operating expenses [28][29][30] - The company expects full year 2021 adjusted EBITDA to be in the range of $895 million to $905 million, representing a 20% growth compared to full year 2020 results [34] Business Line Data and Key Metrics Changes - Gas processing volumes averaged 285 million cubic feet per day in Q3, below minimum volume commitment (MVC) levels. Crude terminaling volumes averaged 111,000 barrels of oil per day, and water gathering volumes averaged 75,000 barrels of water per day [11] - The company anticipates gas processing volumes to average approximately 300 million cubic feet per day for the full year 2021, and crude terminaling volumes to average approximately 120,000 barrels of oil per day [14] Market Data and Key Metrics Changes - Hess Corporation reported Bakken net production averaging 148,000 barrels of oil equivalent per day, exceeding guidance of 145,000 barrels per day, driven by the successful execution of the Tioga gas plant turnaround [12] - The company expects Bakken net production to average approximately 155,000 barrels of oil equivalent per day for the full year 2021 [13] Company Strategy and Development Direction - The company continues to execute its strategy by expanding infrastructure to meet customer needs and delivering strong operational performance [21] - The focus remains on the Bakken region, with plans to grow production and leverage strategic infrastructure to drive incremental volume growth [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to meet customer needs, with expectations for substantial organic growth in gas processing volumes in 2022 [18][38] - The company anticipates continued growth in adjusted EBITDA and free cash flow generation, with leverage expected to decline below the conservative target of 3 times adjusted EBITDA in 2022 [27][38] Other Important Information - The company completed a $750 million unit repurchase from sponsors, optimizing its capital structure and bringing leverage to approximately 3 times adjusted EBITDA [26] - The company maintained a distribution coverage of at least 1.4 times and targets annual distribution per Class A share growth of at least 5% through 2023 [27] Q&A Session Summary Question: Capital allocation and return of capital opportunities for 2022 - Management indicated that the financial strategy includes maintaining an optimized capital structure and utilizing free cash flow for buybacks and increased dividends [42][43] Question: Upstream activity and Gulf of Mexico long cycle assets - Management stated that the Gulf transaction is not an immediate priority, focusing instead on building out the business in the Bakken [45][46] Question: Midstream consolidation and M&A opportunities - The company is primarily focused on bolt-on opportunities in the Bakken to strengthen its infrastructure, rather than active M&A [51][52] Question: Expansion capital expenditures for 2022 - Management expects capital expenditures to increase slightly in 2022, primarily to support Hess's development plan [66][68] Question: Ethane recovery outlook in the Bakken - Management expressed confidence in their ability to take advantage of ethane prices due to the high-quality asset at the Tioga gas plant [77][78] Question: Future processing capacity needs in the basin - Management believes there will be a need for more processing capacity in the future, depending on Hess's plans and third-party activity [85][87]

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 ...