Hess Midstream LP

Good day, ladies and gentlemen, and welcome to the third quarter 2025 HESS Midstream Conference Call. My name is Gigi, and I'll be your operator for today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that 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, Gigi. Good morning, everyone, and thank you for participating in our third 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 Jonathan Stein, Chief Executive Officer, and Mike Chadwick, Chief Financial Officer. I'll now turn the call over to Jonathan Stein.

thanks jennifer welcome everyone to our third quarter 2025 earnings call today i have some brief opening comments and we'll review our operations and then i'll hand the call over to mike to review our financials in the third quarter we continue to execute our operational priorities and deliver our financial strategy that prioritizes return of capital to shareholders we delivered strong operational performance with gas throughputs increasing from the second quarter despite the impact of localized flooding in August. Third quarter results benefited from an increase in third-party volumes as our customers navigated northern border pipeline maintenance towards the end of the quarter. This provides upside to our results and is a good reminder of the strategic nature of our midstream assets in the Bakken. We also executed a $100 million share and unit repurchase in the third quarter. It increased our distribution by 2.4%, or approximately 10% on an annualized basis per Class A share. That included our targeted 5% annual increase per Class A share and a distribution-level increase following a repurchase that retains our total distributed cash on a lower share and unit count. During the quarter, throughput volumes averaged 462 million cubic feet per day for gas processing, 130,000 barrels of oil per day for crude terminaling, and 137,000 barrels of water per day for water gathering. Throughputs increased approximately 3% in gas gathering and processing compared with the second quarter. We expect fourth quarter volumes to be relatively flat with the third quarter on lower expected third-party volumes as announced in a September guidance update into lawful winter weather contingency and planned maintenance at the Little Missouri 4 gas plant. Turning to Hess Midstream's capital program, In the third quarter, we safely completed and brought online the first of two new compressor stations for the year and expect completion of the second compressor station in the fourth quarter. As announced in September, we have suspended activities on the Kappa gas plant and removed the project from our forward plan. As a result, full year 2025 capital expenditures are now expected to total approximately $270 million. We remain committed to our ongoing strategy, which prioritizes ongoing return of capital to our shareholders for both excess free cash flow after distribution and leverage capacity relative to our long-term leverage target of three times adjusted EBITDA. As we noted in our recent guidance update, with the removal of the CAPA gas plant from our forward plan, we expect significantly lower capital going forward, providing additional free cash flow to support our return of capital framework. Looking forward, we will release guidance for 2026, and our 2028 MVCs after our budget process concludes in December. With that, I'll hand the call over to Mike to review our financial performance for the third quarter and guidance for the fourth quarter.