Hess Midstream LP (NYSE:HESM) Q3 2022 Earnings Conference Call October 26, 2022 12:00 PM ET

Company Participants

Jennifer Gordon - Vice President, Investor Relations

John Gatling - President & Chief Operating Officer

Jonathan Stein - Chief Financial Officer

Conference Call Participants

Michael Lapides - Goldman Sachs

Stephen McGee - JPMorgan

Operator

Good day, ladies and gentlemen, and welcome to the Third Quarter 2022 Hess Midstream Conference Call. My name is Shannon, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this 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.

Jennifer Gordon

Thank you, Shannon. Good afternoon, 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 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 and our transcript of today's prepared remarks.

With me today are John Gatling, President and Chief Operating Officer; and Jonathan Stein, Chief Financial Officer. In case, there are audio issues, we will be posting transcripts of each speaker's prepared remarks on www.hessmidstream.com following their presentation.

I'll now turn the call over to John Gatling.

John Gatling

Thanks, Jennifer. Good afternoon, everyone, and welcome to Hess Midstream's third quarter 2022 conference call. Today, I'll review the progress we're making on executing our strategy, discuss our operating performance and capital program, and review Hess Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance.

Beginning with Hess Upstream's results, today Hess reported third quarter Bakken net production of 166,000 barrels of oil equivalent per day, which was above their guidance range of 155,000 to 160,000 barrels of oil equivalent per day, reflecting strong execution and recovery following challenging weather conditions in the first half of the year. Hess anticipates fourth quarter Bakken net production to be in the range of 165,000 to 170,000 barrels of oil equivalent per day and full year 2022 Bakken net production to average approximately 155,000 barrels of oil equivalent per day, which is at the high end of Hess' previous guidance range of 150,000 to 155,000 barrels of oil equivalent per day.