Hess Midstream LP

Good day ladies and gentlemen and welcome to the second quarter 2026 HES Midstream conference call. My name is Kevin 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'll be a question and answer session. To ask a question during the session you 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 like to turn the conference over to Jennifer Gordon, Vice President of Investor Relations. Please proceed.

Thank you, Kevin. Good morning, everyone, and thank you for participating in our second quarter earnings conference call. Our earnings release was issued this morning and appears on our website, www.testmidstream.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 the actual results to differ from those expressed or implied in such statements. These risks include those set forth in the risk factors section of HES-MISstream's filings of 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 second quarter 2026 earnings call. Today, I will discuss our second quarter performance and outlook for the remainder of the year, and then I'll hand the call over to Mike to review our financials. In the second quarter, we continue to execute our operational priorities and deliver our financial strategies. We completed planned maintenance at TGP on time and under budget. Our plan for the third quarter includes maintenance at LM4 and completing maintenance work that has now shifted to the second half of the year. Complementing our operational execution, we continue to find efficiencies across our assets on both synergies and improved performance. During the quarter, We also delivered on our financial strategy by strengthening our balance sheet and increasing our distribution in line with our continued prioritization of shareholder returns. HESS Midstream remains a leader in shareholder returns, and we reiterate our 2026 adjusted fee cash flow guidance of $910 to $960 million, or a 20% increase year over year at the midpoint. Turning to our results, during the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminaling, and 121,000 barrels of water per day for water gathering. Compared to the first quarter, throughput volumes were flat to lower on oil, but higher in gas as the maintenance of TGP was offset by the capture of additional third-party volume. Consistent with our annual guidance, We continue to expect volumes to grow in the second half of the year. Turning to HES Midstream's capital program, in the second quarter, capital expenditures were $31 million as we continue to execute our program, including completion of Greenfield High Pressure Gathering Pipeline infrastructure. We expect our capital spend to be higher in the third quarter, in line with planned activity. In summary, we remain focused on executing safe and reliable operations Thanks, Jonathan, and good morning, everyone.