Hess Midstream LP

Good day, ladies and gentlemen, and welcome to the first quarter 2025 HES Midstream Conference Call. My name is Kevin, and I'll be your operator for today. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised, today's conference is being recorded for replay purposes. I would now like to turn the conference over to Jennifer Gordon, Vice President of Investor Relations. Please proceed.

Thank you, Kevin. Good afternoon, everyone, and thank you for participating in our first quarter earnings conference call. Our earnings release was issued this morning and appears on our website, www.hessmidstream.com. Today's conference call contains projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to known and unknown risks and uncertainties, that may cause actual results to differ from those expressed or implied in such statements. These risks include those set forth in the risk factor section of HES Midstream's filings with the SEC. Also, on today's conference call, we may discuss certain GAAP financial measures. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the earnings release. With me today are John Gatling, President and Chief Operating Officer, and Jonathan Stein, Chief Financial Officer. I'll now turn the call over to John Gatling.

Thanks, Jennifer. Good afternoon, everyone, and welcome to HES Midstream's first quarter 2025 conference call. Today I'll discuss our first quarter performance and review HES Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance. In the first quarter, HESS Midstream delivered strong operating and financial performance despite challenging weather. Throughput volumes averaged 424 million cubic foot per day for gas processing, 125,000 barrels of oil per day for crude terminaling, and 126,000 barrels of water per day for water gathering. In line with our guidance, throughput volumes were down compared to the fourth quarter, reflecting lower production from HESS due to severe winter weather in January and February partially offset by higher third-party oil volumes and a strong recovery in March. Now turning to HESS upstream highlights. Earlier today, HESS reported first quarter net production for the Bakken averaged 195,000 barrels of oil equipment per day. HESS reiterated their plans to continue running a four-rig drilling program in 2025 and expects Bakken net production to be in the range of 210 to 215,000 barrels of oil equipment per day in the second quarter, up approximately 9% at the midpoint compared to the first quarter. Turning to HESS midstream guidance, we're reaffirming our previously announced full year 2025 financial and throughput guidance. In the second quarter, we expect volumes growth from the first quarter across our oil and gas systems, partially offset by higher seasonal maintenance activity. Turning to HESS midstream's capital program, Our multi-year projects continue as planned. In 2025, we remain focused on completion of two new compressor stations and their associated gathering systems, as well as starting civil construction on the CAPIT gas plant. Full-year 2025 capital expenditures remain unchanged and are expected to total approximately $300 million. In summary, we remain focused on executing our strategy of disciplined, low-risk investments to meet base and demand, while maintaining reliable operations and strong financial performance. We expect our growth strategy to generate sustainable cash flow and create opportunities to return additional capital to our shareholders. I'll now turn the call over to Jonathan to review our financial results and guidance.