Hess Midstream LP(US:HESM)2020-01-09 19:51Financial Performance and Growth - Hess Midstream has an ~$8 billion enterprise value midstream platform[4] - The company targets 15% DPS growth through 2021 with 1.2x coverage[8] - The company anticipates ~25% Adjusted EBITDA growth from 2019 to 2021[14, 40] - The company projects ~5x increase in free cash flow generation from 2019 to 2021[14, 41] - The company expects 2020 Adjusted EBITDA to be in the range of $710 million to $750 million[46, 53] Operational Highlights and Capital Allocation - Hess expects Bakken net production to grow to ~200 MBoe/d by 2021[19] - The company plans to expand processing capacity from 350 MMcf/d to 500 MMcf/d by mid-2021[30, 31] - The company's 2020 capital program is $350 million[31, 32] Commercial Contracts and Structure - The company operates with 100% fee-based contracts to minimize commodity price exposure[33] - The company utilizes minimum volume commitments (MVCs) to provide downside protection[34] - The company's structure is a 1099 security with broader investor appeal[12, 57]