Hess Midstream LP (NYSE:HESM) Q1 2023 Earnings Conference Call April 26, 2023 12:00 PM ET

Company Participants

Jennifer Gordon - Director, IR

John Gatling - President & COO

Jonathan Stein - CFO

Conference Call Participants

Douglas Irwin - Citigroup

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2023 Hess Midstream Conference Call. My name is Gigi, and I will be your operator for today. [Operator Instructions].

I would now like to turn the conference over to Jennifer Gordon, Vice President of Investor Relations. Please proceed.

Jennifer Gordon

Thank you, Gigi. 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 Factors section of Hess Midstream's filings with the SEC. Also on today's conference call, we may discuss certain non-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.

John Gatling

Thanks, Jennifer. Good afternoon, everyone, and welcome to Hess Midstream's First Quarter 2023 Conference Call. Today, I'll discuss our first quarter performance, which demonstrates a continued focus on the safe execution of our operational strategy while simultaneously advancing our financial priorities. I will also review Hess Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance.

In the first quarter, we successfully advanced 2 key priorities: First, to organically grow our business in a safe, efficient and cost-effective manner; and second, to return available capital to our shareholders. Our focused gas capture investments continue to drive increasing volumes through our systems while supporting Hess' commitment to achieving zero routine flaring by the end of 2025. Additionally, in the first quarter, we executed an accretive buyback and increased our distribution, leveraging our strong financial position. We remain focused on executing our operational and financial priorities and are well positioned for growth as reflected in our guidance through 2025.